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PenFed Points

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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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