PenFed Platinum Rewards Visa Signature® Credit Card
- New Acquisition Bonus: 15,000 points after $1,500 spend during first 3 months of card open date
- Earn 5x points for gas purchases at the pump and electric vehicle charging stations
- Earn 3x points for supermarket purchases, restaurants/dining, and cable, satellite and other pay television/radio/streaming services
- Earn 1x point on all other purchases
- Intro balance transfer rate only applies to transfers completed by March 31, 2022
- Points are redeemed for merchandise, travel and gift cards, not cash back.
- 1x point per dollar spent on most purchases.
PenFed is the Pentagon Federal Credit Union, and it enjoys a strong following among former and current members of the armed forces. But since no military service is required, anyone can become a member and apply for this rewards card that offers 5x points for gas purchases at the pump and electric vehicle charging stations, and 3x points for supermarket purchases, restaurants/dining, and cable, satellite and other pay television/radio/streaming services. This makes it an ideal card for your everyday purchases, rather than travel and entertainment. Additional benefits include 12 months of 0% APR financing on balance transfers and 15,000 points after $1,500 spend during first 3 months of card open date.
Reward points can be redeemed for gift cards, travel or merchandise, and this card also includes a complimentary 24/7 concierge service. But this card also stands out for having very few fees. There’s no annual fee, no cash advance fee and no foreign transaction fee imposed on purchases made outside of the United States. However, it does have a 3% balance transfer fee. This card also offers standard interest rates that are less than many other competing rewards cards, and even the cash advance rate and penalty interest rate is just 17.99%, far below that of most other cards.
