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PenFed Platinum Rewards Visa Signature® Card review
A no-annual-fee credit card that lets you earn more points on gas and groceries.
- Get this card if you spend a lot on gas and groceries.
- Pick something else if you want a low intro APR on purchases.
- Apply with a good to excellent credit score of 670 or higher.
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$150
Welcome offer
Up to 5x
Points
$0
Annual fee
14.49% to 17.99%
Purchase APR (variable)
Details
| Annual fee | $0 |
|---|---|
| Welcome offer | 15,000 Bonus Points when you spend $1,500 in the first 90 days |
| Rewards | 5x points on gas at the pump, 3x points on groceries and 1x points on all other purchases |
| Purchase APR | 14.49% to 17.99% variable |
| Balance transfer APR | 17.99% |
| Minimum Credit Score | 670 |
| Issuer | Visa |
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment Dukovski is a cryptocurrency and investments writer who has written over 700 articles to help readers find and compare the best financial options. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange and stock market trading.
Expert review
The PenFed Platinum Rewards Visa Signature® Card is a strong rewards card for earning points on gas and groceries. It comes with a $0 annual fee, a variable APR of 14.49% to 17.99%, and earns 5x points back on gas, 3x points on grocery purchases and 1x points back on all other purchases. These points are worth roughly 1 cent each on average, though their value can go up or down depending on what you redeem them on.
The card offers a few other perks on top of rewards: it comes with a signup bonus of 15,000 bonus points after you spend $1,500 within your first 90 days of account opening. And like other PenFed credit cards, it also comes with a intro balance transfer offer for the first from account opening. Finally, you get access to several Visa Signature benefits, such as discounts at eligible retailers and access to the Visa Luxury Hotel collection.
The PenFed Platinum Rewards Visa Signature® Card is otherwise a rather straightforward product. It best shines as a gas rewards credit card, as there are better grocery reward cards on the market. If this is something that appeals to you and you’re a PenFed member, this is a more than solid option.
How to apply for the PenFed Platinum Rewards Visa Signature® Card?
Apply with a good to excellent credit score of 670 or higher for a better chance of approval. To apply, you need to be at least 18 years old, a US citizen or permanent resident and a member of the PenFed Credit Union. Because PenFed automates conditional approval online, you may hear a decision on your application within minutes. If there are issues with your application, it could take a few days to a few weeks to hear back. On approval, you’ll get your card within 10 business days by mail.
- Select Apply now.
- Select the PenFed Platinum Rewards Visa Signature® Card from the list and choose Apply Now.
- Complete the form with the required information.
- Review your application and submit it.
Am I eligible for PenFed membership?
The Pentagon Federal Credit Union welcomes military-affiliated individuals as members. Previously, anyone could join the union by becoming a member of the Voices for America’s Troops or National Military Family Association with a one-time $17 donation.
This requirement is no longer active, meaning you can become a PenFed member without joining the associations and making a donation.
PenFed Platinum Rewards Visa Signature® Card benefits
- Signup bonus. Earn $150 in statement credit after you spend $1,500 on purchases in the first 90 days of card membership. It’s not the most generous bonus, but it’s relatively easy to get.
- Earn points. Earn 5x points on gas when you pay at the pump, 3x points at supermarkets and 1x points on all other purchases. Redeem points for gift cards, shopping or travel bookings.
- Intro APR period on balance transfers. Enjoy a intro APR period on balance transfers for the first when you make the transfer before September 30, 2022. Keep in mind that you’ll still pay a 3% fee for transfers. You’ll also start being charged interest on purchases and balance transfers for any account balance that is unpaid each month. After the intro period, your APR reverts to a variable to .
- $0 annual fee. Pay no annual fee to earn rewards with the PenFed Platinum Rewards Visa Signature® Card.
- No foreign transaction fee. Use your card while traveling abroad without paying transaction fees on top of your purchase. Other cards charge a fee equal to 3% of your transaction or more.
- No cash advance fee. This is a rare rewards card that doesn’t charge a fee on cash advances. You might pay up to 5% on each cash advance with other cards.
- Visa Signature® benefits. Get complimentary breakfast, room upgrades and VIP status at properties within the Visa Signature Luxury Hotel Collection. Also enjoy complimentary Visa concierge service for tickets, booking or dining reservations and more.
- Travel insurance and roadside assistance. Use your card to pay for a car rental, and you’re protected against theft, damage and accidental death and dismemberment when traveling. Also get access to medical, legal and other emergency services way from home, including 24/7 access to roadside dispatch for emergency towing, battery changes or locksmith services.
PenFed Platinum Rewards Visa Signature® Card drawbacks
- No intro APR for purchases. The PenFed Platinum Rewards Visa Signature® Card doesn’t offer an intro APR period on purchases. From the start, you’ll get an 14.49% to 17.99% variable APR, depending on your creditworthiness.
- Balance transfer limitations. The intro APR on balance transfers is valid only for transfers you make until September 30, 2022. The intro period ends after , and then you pay a variable APR of to on any unpaid balances or new transfers. Balance transfers also come with a fee equal to 3% of each transaction.
- Avoid late payments. You’ll pay a fee of up to $28 on late payments. And if you don’t pay at least your monthly statement’s minimum, you may be stuck with a 17.99% variable penalty APR. Other cards apply penalty APRs of 30% for 12 months or more after a single late payment.
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PenFed Platinum Rewards Visa Signature® Card reviews and complaints.
Reviewers through the Better Business Bureau (BBB) complain of long wait times for customer support. As of August 2021, The Pentagon Federal Credit Union earns an A+ from the BBB, though PenFed is not accredited with the BBB.
Bottom line
The PenFed Platinum Rewards Visa Signature® Card is a strong gas rewards card that can help you earn points toward travel, shopping or gift cards. You can also take advantage of the solid grocery rewards and low intro APR on debt you transfer from other cards.
If you’re looking for a card with more perks or more robust earning categories, compare other rewards cards to find features and benefits that better align with your spending habits.
