PenFed Platinum Rewards Visa Signature Credit Card Review 2024: The Platinum Rewards Visa Signature® Card* offers an exceptional rewards rate, granting an unlimited 5 points per dollar spent on gas and electric vehicle charging stations, 3 points on groceries, restaurants, TV, radio, cable, and streaming services, and 1 point on all other purchases. While this may seem too good to be true, the value of 5 points per dollar may equate to 5 cents in cash back, making it an enticing rewards rate, especially considering the variety of redemption options available.
As a credit union, PenFed extends membership to everyone, albeit with a nominal $5 fee required to open a membership account, easily manageable during the application process.
It’s worth noting that the redemption options for the PenFed Platinum’s rewards program do not include cash back but encompass merchandise and services, travel, and gift cards. The worth of your rewards hinges on the specific redemption you select.
Though lacking major additional perks, the primary advantages of this card lie in its generous rewards on everyday expenditures, coupled with no annual fee or foreign transaction fees.
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KEY TERMS
Accepted Credit Scores: Excellent Credit, Good Credit
PenFed Platinum Rewards Annual Fee: $0
PenFed Platinum Rewards APR on Purchases:17.99% (V)
PenFed Platinum Rewards Balance Transfer: 0% intro APR for 12 months, 17.99% APR after that
Balance Transfer Fee:3%
PenFed Platinum Rewards Rewards
Earn rewards on your everyday purchases:
- Receive 5x Points on gas purchases made at the pump and at EV charging stations.
- Get 3x Points at supermarkets (including most Target and Walmart locations), restaurants, and for TV, radio, cable, and streaming services.
- Earn 1x Points on all other purchases.
Plus, enjoy a bonus of 15,000 Points when you spend $1,500 within the first 90 days.
Rewards Potential
To assess the rewards potential of the PenFed Platinum credit card, it’s crucial to analyze the typical annual credit card expenditures of an American household. Forbes Advisor relies on data sourced from multiple government agencies to establish baseline income and spending averages across different categories. According to this data, households at the 70th percentile of wage earners earn an annual income of $116,000 and have expenses totaling $36,177 that are eligible for credit card charges. These figures serve as the foundation for our spending projections.
| PenFed Credit Union Platinum Rewards Visa Signature® Card* Rewards Potential | |||
|---|---|---|---|
| Category | Earning Rate | Estimated Annual Spend | Estimated Annual Earnings |
| Gas | 5X | $2,479 | 12,395 points |
| Restaurants, grocery stores and on TV, radio and streaming services | 3X | $11,280 | 33,840 Points |
| All other purchases | 1X | $22,418 | 22,418 points |
| Total: 68,653 points | |||
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PenFed Platinum Rewards’ Additional Info
Enjoy a 0% introductory APR for 12 months on balance transfers made within the first 90 days after opening your account. Following this period, the APR for any outstanding balance and new balance transfers will be a fixed rate of 17.99%. Each balance transfer is subject to a 3% fee. Approval of this transaction is contingent upon credit approval. Please note that if you opt for a balance transfer, interest will be applied immediately to all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
Additional details:
- Annual Fee: $0
- Purchase Variable APR: 17.99%
PenFed Platinum Rewards Visa Signature Card Benefits
As a Visa Signature card, the PenFed Platinum offers the following perks:
- Cellphone Protection: Enjoy theft and damage coverage for your cellphone when your bill is paid with your credit card.
- Purchase Security: Receive replacement, repair, or reimbursement for eligible personal property items up to $500 per claim for 90 days from the purchase date due to covered reasons.
- Roadside Dispatch: Access convenient pay-per-use roadside assistance, including towing, tire change, jump start, lockout service, and more, available 24/7.
- Golf Discounts and Privileges: Join Troon Rewards for discounts on golf fees and merchandise at participating locations.
- Silvercar Discounts: Enjoy discounts on luxury Audi rentals through Silvercar.
- Sonoma Wine Country Benefits: Access year-round benefits and exclusive perks at over 50 select Sonoma County Visa Signature wineries.
- 24/7 Fraud Monitoring: Receive immediate alerts from PenFed regarding any detected suspicious activity.
- 24/7 Concierge: Utilize the Visa Signature concierge service for assistance at any time.
- $0 Fraud Liability: Cardholders are not held responsible for unauthorized charges.
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