Rating: 5 Stars
Bottom Line:
Gas and Groceries Travel Redemption for PenFed Credit Union Members
TABLE OF CONTENTS
Card Details
| Regular APR: | 11.74 – 17.99% (Variable) |
| Intro APR (Purchases): | None |
| Intro APR (Balance transfers): | Transfers after March 31, 2020 no longer get 0% for 12 months |
| Rewards Rate: | 5X Points on gas at the pump 3x Points on groceries |
| Credit Needed: | (670 – 850) Excellent/Good |
| Annual Fee: | None |
| Card Brand: | Visa |
*See online credit card application for details on the terms and conditions.
Offer Highlights
- Click APPLY NOW to apply online
- Earn as you pay and get a little more with your everyday purchases. Rewards at the supermarket and the gas pump. That’s the platinum standard.
- 5X Points on gas at the pump
- 3x Points on groceries
- 1X Points on all other purchases
- $100 Statement Credit when you spend $1,500 in first 90 days
Is Platinum Rewards Visa Signature worth it?
Besides the unique shape, PenFed Platinum Rewards Visa Signature is a great card for people who spend a lot on gas and groceries. Cardholders earn 5X points on all gas purchases and 3X points on supermarket purchases. It also offers $100 Statement Credit when you spend $1,500 in the first 90 days. The points are worth almost 1 cent per point on hotel stays, and less in most cases on airline travel and then gift cards.
So, for example, if you were to spend $1,500 on gas and $3,000 on groceries, you would earn points worth almost $165 in hotel stays. If you are a member of Pentagon Federal Credit Union, PenFed, and you are open to redeeming points rather than getting cash back directly, then this is a great travel redemption card for you. Note that you can also redeem points for gift cards.
Pros
- $100 Statement Credit when you spend $1,500 in the first 90 days
- 5X points on all gas purchases
- 3X points on supermarket purchases
- No annual fee
- No foreign transaction fee
- Relatively low APR
Cons
- You may have to have military affiliation, or you may have to have affiliation with a partner association to join PenFed credit union and get this card. You might for example donate $10 to the American Red Cross, a PenFed partner association, and as long as you maintain $5 in your PenFed savings – this is called a share account at a credit union – you become eligible for Platinum Rewards Visa Signature. Financially it’s worth it but there are some steps to complete.
- Can?t redeem points for statement credit or cash deposit
Why 5 Stars?
Regular APR
The interest rate will be between 11.74 – 17.99%, varying a little bit based on the prime rate at the time. An interest rate below 18% is very good, and if you have good credit you might get an even lower rate.
5 Stars
Intro APR
There is no Intro APR on purchases and balance transfers after March 31, 2020 no longer get 0% for 12 months.
4 Stars
Fees
There’s no annual fee, no foreign transaction fee, an average 3% balance transfer fee, and no cash advance fee, which is exceptionally rare. The only downside is the 17.99% penalty APR, which is on the low side for a penalty APR, but still good to be aware of.
5 Stars
Perks
Besides the relatively easy to obtain $100 statement credit when you spend $1,500 in the first 90 days, you get 5x points on gas pump purchases and 3x points on grocery purchases.
5 Stars
Overall
It’s hard to beat free. With no annual fee and an easy $100 once you spend $1,500 in the first 90 days, PenFed members are in good hands with Platinum Rewards Visa Signature.
5 Stars
Fees
| Foreign Transaction Fee | None |
| Balance Transfer Fee | 3% per transaction |
| Cash Advance Fee | None |
| Penalty APR | 17.99% |
Benefits
| $0 Fraud Liability |
| Auto Rental Collision Damage Waiver |
| Baggage Delay Reimbursement |
| Concierge Service |
| Emergency Card Replacement |
| Emergency Cash Disbursement |
| Extended Warranty Protection |
| Lost Luggage Reimbursement |
| Travel Accident Insurance |
| Price Protection |
| Purchase Protection |
| Return Protection |
| Roadside Dispatch |
| Travel and Emergency Assistance |
| Trip Cancellation/Trip Interruption Reimbursement |
| Trip Delay Reimbursement |
Editorial Note: This content is not provided by the issuer. Any opinion, analyses, reviews, or recommendations expressed on this page are those of the author?s alone, and may not have been reviewed, approved or otherwise endorsed by the issuer.
Credit Cards Research:
Best Credit Cards for 2021
These are the best credit cards for 2021.
Best Credit Cards for Excellent Credit
If you have excellent credit, check out these cards. These are the best cards for excellent credit with travel rewards and cash bonuses.
Best Credit Cards to Pay off Debt
The fastest way to pay off credit card debt is by transferring a balance to a 0% APR credit card. These are the best balance transfer cards on the market.