PenFed Platinum Rewards Visa Signature® Card
PenFed Platinum Rewards Visa Signature® Card
PenFed Platinum Rewards Visa Signature® Card
Card details
$100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening.
0% APR promo balance transfer rate for 12 months now through March 31, 2020. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99%. APR will vary w/the market based on Prime Rate. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on 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.
Rate and offers current as of October 1, 2019 and subject to change.
Earn 5 points on gas purchases at the pump. Fuel purchases for airplanes and boats do not receive cash back rewards.
Earn 3 points on supermarket purchases
Earn 1 point on all other purchases
No annual fee
No foreign transaction fees
No cash advance fee
Chip enabled for added security
Federally insured by NCUA
Variable rate as low As 11.74% APR
Rates, fees & offers
Annual fee
$0
Rewards rate
1x-5x
Bonus offer
$100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening.
Intro APR
0% promotional rate for 12 months on transfers made now through March 31, 2020
Ongoing APR
APR: 11.74% - 17.99% Variable APR
Penalty APR: Up to 17.99%, Variable
Balance transfer fee
3%
Foreign transaction fee
None
Recommended credit score
NerdWallet review
Rating details
3.2
Editor's overall rating
Pros and cons
Pros
No annual fee
Bonus cash back categories
No foreign transaction fee
Cons
Membership required
Can't redeem for cash
Inconsistent point value
The PenFed Platinum Rewards Visa Signature® Card earns one of the best rewards rates on gas you’ll find anywhere — an unlimited 5 points per dollar spent at the gas pump. And the $0 to boot.
In addition to free-flowing fuel rewards, the card also pays an unlimited 3 points per dollar on groceries and an unlimited 1 points per dollar on all other qualifying purchases.
Redemption options are limited, though. Points are redeemable only for travel, gift cards and merchandise. Cash back is not available.
Typically, travel redemptions yield the highest point value. Otherwise, you can generally expect a value of about 0.85 cents per point, which is less than what many other rewards cards offer.
You’ll also have to join PenFed’s credit union to apply. For more information about the PenFed Platinum Rewards Visa Signature® Card, check out our full review here.
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