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PenFed Points

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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.


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

Check out the PenFed rewards website.

›› MORE: Reviews of major rewards programs