The PenFed Platinum Rewards Visa Signature Card has an introductory offer of: $100 bonus cash when $1,500 is spent within the first 90 days of having your account open. Even though this isn’t the best welcome bonus there is to offer, it is still a good card to have since it comes with no annual fees. See our list for no annual fee credit card offers like the Chase Freedom Unlimited.
PenFed Platinum Rewards is a decent credit card to have if you want an everyday rewards card. This card will offer you 5x points for gas, 3x points for groceries, and 1x points for ever other purchase. The Blue Cash Everyday Card from American Express also gives you cash back offers for gas.
However, you would need to join Pentagon Federal Credit Union (PenFed) to be able to qualify for this credit card offer (more on that later). If you aren’t with the military and want an easy application process, then you should consider getting a different credit card elsewhere.
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PenFed Platinum Rewards Card Quick Facts
|Bonus Available||Receive $100 as statement credit when at least $1,500 is spent within the first 90 days of opening your account.|
|Ongoing Rewards/Benefits||Earn 5x points for each $1 used for gas at the pump.
Gain 3x points for each $1 used for groceries.
Get 1x points for each $1 used for other expenses.
|Foreign Transaction Fees?||No|
*If interested see our list of Penfed bonus promotion offers*
- No annual fee
- Welcome bonus
- High earning potential
- No foreign transaction fees
- Good-Excellent credit needed to qualify
- Membership required
- Limited redemption options
Editor’s Alternate Pick
The Chase Freedom Unlimited® Card offers a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Earn unlimited 1.5% cash back on all purchases.
In addition, you can earn:
• 5% cash back on grocery store purchases (not including Target or Walmart purchases) on up to $12,000 spent in the first year.
• 5% on travel purchased through Chase,
• 3% on dining at restaurants and drugstores, and
• Unlimited 1.5% cash back on all other purchases.
There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open.
This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM.
PenFed Platinum Rewards Card $100 Bonus Cash Offer
Make use of the PenFed Platinum Rewards card’s introductory offer of: $100 as statement credit. You must charge your card with a minimum of $1,500 in the first 90 days of having your account open to be able to qualify for this credit card offer.
Here are some ideas on meeting the spending requirement:
|• Plastiq: Plastiq allows you to pay for expenses that you generally won’t be able to with your card like rent, tuition, auto lease, mortgage payment, and more. There’s a 2.5% processing fee for using your credit card. However, this’ll be worth the card bonus you’ll get. There’s also a referral program where you can earn “Fee-Free Dollars” to use towards processing fees. See our Plastiq review.|
|• Fund Checking accounts with your card: Many banks will allow you to fund the opening deposit with a credit card. Consider opening Checking accounts that also offer a sign-up bonus. This way, you can work towards bonuses from two different sources. Big banks like Chase, HSBC, Huntington, and TD Bank have great offers and allow credit card funding. You can generally fund anywhere from $50 to $1,000 towards the opening deposit with a credit card, depending on the bank.|
|• Buy gift cards: Consider buying gift cards with your credit card that you can then spend later at your leisure. Individual merchant cards (restaurants, gas stations, supermarkets, etc.) generally don’t have purchase fees, so this is a plus. On the other hand, American Express and Visa gift cards will have purchase fees. Amazon gift cards are a great idea as you can shop for almost anything there with no purchase fees either. Unfortunately, Citi credit cards tend to code gift card purchases as Cash Advances and there’ll be a fee. Call in to customer service and lower your Cash Advance limit to $0 before purchasing gift cards. You can also buy discounted gift cards as well from Raise or find gift cards on eBay.|
|• Everyday spending & bills: Always using your credit card for everyday spending, such as for dining, gas, groceries, etc. You can also use your credit card to pay for things like insurance bills, property taxes and income taxes. However, you’ll have to consider the convenience fees.|
Earning PenFed Platinum Rewards
This PenFed Platinum Rewards credit card will offer you:
- 5x points on gas purchases at the pump
- 3x points on supermarket purchases
- 1x points on all other purchases
There aren’t any caps for the amount of points that you can gain. However, your points expire in 5 years after you’ve received them so be sure to use them before then.
Redeeming PenFed Platinum Rewards
Compared to other point based credit cards, the value of your rewards will depend on how you chose to use them. Typically, each PenFed Platinum Rewards point will be worth about $0.01. This will be equal to the industry average.
Redeeming your points, you will be presented with several choices such as:
- Gift cards
For you to receive the best value for your PenFed Platinum Rewards points, then you should redeem them towards award traveling.
PenFed Platinum Rewards Card Eligibility
When applying for a PenFed Platinum Rewards credit card, you would have to join the PenFed credit union. If you want to qualify for this card, you would have to meet at least one of the qualifications listed below such as:
- If you are retired, honorably discharged or currently serving the U.S. military.
- Are you are an employee of a qualifying organization?
- Do you belong to a qualifying association or organization?
- If you are an employee of the U.S. government.
- Living or working in an eligible location.
- You are a family member or housemate of someone who is eligible.
However, if you don’t apply for any of the qualifications above, then you can either join National Military Family Association or Voices for America’s Troops. If you do join those organizations, there will be a small fee to pay to be able to apply for them.
Visit penfed.org for more information
If you normally spend a decent amount of money on gas and groceries, the PenFed Platinum Rewards credit card is a great card to own. Even though you have to be a member of the credit union to be able to sign up for this card, it’s a simple process and super cheap. There is no need to have a membership to be able to join for this credit card.
In other words, this PenFed Power Cash Rewards credit card will offer you a competitive flat rate cash back for all expenses. These rewards will be easier to gain.
(Visit PenFed Rewards for more information)
What’s the Competition?
There are some of PenFed Platinum Rewards Visa signature credit card’s top competitors listed below.
The Chase Freedom FlexSM offers a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.
• 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
• 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate.
• 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases.
You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. You'll be able to new 5% categories each quarter!
This card has no annual fee.
The Capital One® Quicksilver® Cash Rewards Card offers a one-time $200 cash bonus after spending $500 on purchases within 3 months from account opening.
You'll be able to earn an unlimited 1.5% cash back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards.
This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card.
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