Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
The PenFed Platinum Rewards Visa Signature® Card packs a lot of value into a no-annual-fee credit card. It offers a generous intro APR for balance transfers and a low ongoing APR. Plus, you'll earn a strong return on gas, EV charging, groceries and dining.
If you're considering whether this rewards credit card is right for you, CNBC Select details the PenFed Platinum Rewards Card's benefits, rewards and fees to help you decide.
PenFed Platinum Rewards Visa Signature® Card
Rewards
5X points on gas purchases at the pump and electrical vehicle charging stations, 3X points on purchases at the supermarket (including most Target and Walmart locations†), restaurants, and TV, radio, cable, streaming services
Welcome bonus
15,000 points when you spend $1,500 in first 90 days
Annual fee
$0
Intro APR
0% introductory APR for 12 months on balance transfers made in the first 60 days after account opening.*
Regular APR
17.99% variable on purchases; 17.99% non-variable on balance transfers
Balance transfer fee
3%
Foreign transaction fee
None
Credit needed
Good/Excellent
Terms apply.
Pros
- High 5X points on gas at the pump and 3X on supermarket purchases
- No bonus category activations
- Good special financing offer on balance transfers
Cons
- 3% balance transfer fee
*0% introductory APR for 12 months on balance transfers made in the first 60 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. 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.
PenFed Platinum Rewards Card review
Welcome bonus
The PenFed Platinum Rewards Visa Signature® Card has a welcome bonus of 15,000 points which you'll earn after you spend $1,500 in the first 90 days. The value of the points can vary depending on how you redeem them, and PenFed doesn't publish values. However, online reports suggest that you'll typically receive less than one cent per point in value. That means you'll likely receive less than $150 in value from this welcome offer.
Benefits and perks
The PenFed Platinum Rewards Visa Signature® Card offers a range of insurance perks, including:
- Cell phone protection
- Purchase security
- Travel accident insurance
- Roadside dispatch
- Travel and emergency assistance services
You can also take advantage of certain Visa benefits, such as the Visa Signature Concierge and Visa Signature Hotels.
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
How to earn and redeem rewards
Earning points
The PenFed Platinum Rewards Visa Signature® Card earns rewards at the following rates:
- 5X on gas (paid at the pump) and EV charging
- 3X at supermarkets (including most Target and Walmart locations)
- 3X at restaurants
- 3X on TV, radio, cable and streaming services
- 1X points on all other purchases
Including most Walmart and Target locations in the supermarket category is a standout feature, as many other grocery credit cards explicitly exclude Walmart and Target from earning bonus rewards.
Redeeming points
You can redeem PenFed points for travel, gift cards and merchandise. You also have the option to partially pay with points if you don't have enough points to fully cover merchandise or travel.
There are no options to redeem points for cash back, direct deposit or statement credits. This makes the rewards program less flexible than many other credit cards. PenFed doesn't publish point values, but users report receiving less than one cent per point in value.
Rates and fees
The PenFed Platinum Rewards Visa Signature® Card offers an intro 0% APR for 12 months on balance transfers made in the first 60 days after account opening. After that, the ongoing APR is a variable 17.99%, which is lower than many of the top credit cards. The balance transfer fee is 3% of each transaction.
There is no annual fee and no foreign transaction fees.
Card comparison
PenFed Platinum Rewards Visa Signature® Card vs. Wells Fargo Autograph® Card
The Wells Fargo Autograph® Card offers generous bonus spending categories and lets you transfer points to airline and hotel partners, which is rare for a credit card with no annual fee.
- Excellent bonus rewards across travel and everyday categories
- Get access to all Wells Fargo transfer partners, including Flying Blue (Air France/KLM) and Virgin Red
- Features an intro APR on purchases
- No foreign transaction fees
- Doesn't include travel credits or other valuable travel perks
- Lacks key travel protections, such as trip delay reimbursement and trip cancellation/interruption coverage
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value.
- Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.
- $0 annual fee.
- 0% intro APR for 12 months from account opening on purchases. 18.49%, 24.49%, or 28.49% variable APR thereafter.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Redeem your rewards points for travel, gift cards, or statement credits. Or shop at millions of online stores and redeem your rewards when you check out with PayPal.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Balance transfer fee
3% intro for 120 days from account opening, then up to 5%, min: $5
Foreign transaction fee
None
The Wells Fargo Autograph® Card is a rare no-annual-fee travel credit card that earns flexible rewards, which means you can transfer points to any of Wells Fargo's travel partners. This increases the usefulness of the rewards and can dramatically increase their value.
Even if you don't want to redeem rewards for travel, you can easily redeem rewards for statement credits or direct deposits into eligible Wells Fargo accounts at a value of one cent per point. The points you earn with the Wells Fargo Autograph are easier to use and more valuable. Although the Wells Fargo Autograph only earns 3X points at gas stations (compared to the PenFed Platinum Rewards Card's 5X points) it's a more lucrative option for fuel spending.
Learn more: Wells Fargo Autograph® Card
PenFed Platinum Rewards Visa Signature® Card vs. Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card from American Express is a low-fee card with generous cash-back rewards and useful ongoing benefits, such as a monthly Disney Bundle credit. (Enrollment required for select benefits mentioned)
- High cash-back earnings for U.S. supermarkets and streaming services
- Intro-APR offer for purchases and balance transfers
- No annual fee for the first year
- It's less rewarding after the first year because of the annual fee
- Bonus rewards for U.S. supermarkets are capped
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply and find out your welcome offer. As High As $300 cash back* after you spend $3,000 in purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply, and if approved: 1. Find out your offer amount 2. Accept the Card with your offer 3. Spend $3,000 in 6 months 4. Receive the cash back. *Cash back is received in the form of Reward Dollars that can be redeemed for a statement credit or at Amazon.com checkout.
- $0 intro annual fee for the first year, then $95.
- Enjoy 0% intro APR on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.49%-28.49%.
- Plan It®: Buy now, pay later with Plan It. Split purchases of $100 or more into equal monthly installments with a fixed fee so you don't have the pressure of paying all at once. Simply select the purchase in your online account or the American Express® App to see your plan options. Plus, you'll still earn rewards on purchases the way you usually do.
- Earn 6% cash back at U.S. supermarkets on up to $6,000 per year in eligible purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at eligible U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more) purchases and 1% cash back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
- Get up to a $10 monthly statement credit after using your enrolled Blue Cash Preferred® Card for a subscription purchase, including a bundle subscription purchase, at DisneyPlus.com, Hulu.com, or Stream.ESPN.com U.S. websites. Subject to auto-renewal.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7% of each transaction after conversion to US dollars
The Blue Cash Preferred® Card from American Express is an amazing cash-back card for everyday expenses, including groceries, gas and streaming subscriptions. It has a straightforward cash-back program where you earn reward dollars you can redeem as statement credits.
The Blue Cash Preferred has a $95 annual fee after the first year (see rates and fees), but you can largely offset this with a single card perk. Every year, you can receive up to $120 in Disney Bundle credit (receive $10 back per month after purchasing an eligible auto-renewing Disney Bundle subscription) (Enrollment required). When you also consider that this card has purchase protection*, return protection* and extended warranty protection*, it's easy to justify the annual fee.
Learn more: Blue Cash Preferred® Card from American Express
*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
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Is the PenFed Platinum Rewards Card right for you?
The PenFed Platinum Rewards Visa Signature® Card is a rewarding, no-annual-fee credit union card. If you want a card with a strong return on gas and EV charging purchases and potentially save money by taking advantage of an intro APR balance transfer offer, this is a good option to consider. It has a relatively low ongoing APR, and the balance transfer fee is less than many competitors.
However, the rewards you earn with this card are less valuable than those of many other no-annual-fee rewards cards. You can't redeem them for statement credits or cash back, which makes the rewards program more complicated than other options.
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For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.
