PenFed Points

How much is a PenFed Point worth? 1.00 cent per point. $50 gift cards start at 5,000 points, though they are a bit limited.

Redemption Options.

• Gift Cards start at $50 for 5,000 points. Options are a bit more limited than other programs we’ve reviewed, but include enough popular destination that we feel comfortable not discounting PenFed Points’ value.
• Restaurants – Dave & Busters, Red Lobster, Olive Garden, Chili’s, Macaroni Grill, and Panera.
• Retailers – Borders, Foot Locker, Talbots, and Bath & Body Works.
• Travel – starts at 10,000 points for a $100 gift card. Participants include American Airlines, Avis, Budget, Carnival Cruises, Fairmont, Hertz, and Hyatt Hotels.

Expiration.

• Points expire 5 years after they are earned. Account must be in “good standing” to redeem points.

Check out the PenFed rewards website.