Many of the top credit cards these days have a certain rewards category where they really shine. The PenFed Platinum Rewards Visa Signature® Card is one of the best gas rewards cards we've found -- especially when you consider it has no annual fee. On top of that, the card has multiple everyday bonus categories that make it a solid option for a one-card wallet.
But there are a few places the card falls behind the competition, and some aspects that are overly complicated. Read more about all the pros and cons in our full PenFed Platinum Rewards Visa Signature® Card review.
Ratings Methodology
PenFed Platinum Rewards Visa Signature® Card
Rating image, 3.50 out of 5 stars.
3.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 3.50 out of 5 stars.
3.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit ScoreFalling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR
Purchases: N/A
Balance Transfers: 0%, 12 months
Regular APR
16.49% - 17.99%, variable
Rewards5x points on gas and EV charging stations, 3x points at supermarkets, restaurants, and TV, radio, cable, streaming services, 1x points on other purchases
1x-5x points
Annual Fee
None
Welcome Offer15,000 bonus points when you spend $1,500 in first 90 days
15,000 points
This is one of the better cards for rewards on gas purchases, and the extra bonus categories are a nice touch. But the welcome offer is somewhat lackluster. Plus, everything from applying for the card to using the intro APR offer is overly complicated compared to other cards.
- Purchase rewards
- Sign-up bonus
- No annual fee
- No foreign transaction fee
- No intro APR on purchases
- Confusing APR offer on transfers
- Must be a PenFed member
- Get Rewarded on Everyday Purchases
- 5x Points on gas paid at the pump and EV charging stations
- 3x Points at the supermarket (including most Target and Walmart locations), restaurants, and TV, radio, cable, streaming services
- 1x Points on all other purchases
- 15,000 Bonus Points when you spend $1,500 in first 90 days
- 0% Balance Transfers Promo APR for 12 months, 3% fee applies to each transaction. Subject to credit approval.
- Balance Transfers Promo APR for 12 months, 3% fee applies to each transaction. After that, the APR for the unpaid balance and any new balance transfers applies.
- Annual Fee: $0
- Purchase Variable APR: 16.49% - 17.99%
The information for the PenFed Platinum Rewards Visa Signature® Card has been collected independently by The Ascent. The card details on this page have not been reviewed or provided by the card issuer.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
Chase Freedom Unlimited® Apply Now for Chase Freedom Unlimited® OnChase'sSecure Website. | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Up to $300 cash backEarn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash backEnjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases | Intro:0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular:20.49% - 29.24% Variable | Apply Now for Chase Freedom Unlimited® OnChase'sSecure Website. |
Discover it® Cash Back | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Discover will match all the cash back you've earned at the end of your first year.N/A | 1% - 5% CashbackEarn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. | Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular:18.24% - 28.24% Variable APR | |
Capital One Venture Rewards Credit Card | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 75,000 Miles75,000 Miles once you spend $4,000 on purchases within 3 months from account opening | 2X-5X milesEarn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. | Intro: Purchases: N/A Balance Transfers: N/A Regular:19.99% - 29.99% (Variable) |
Full PenFed Platinum Rewards Visa Card review
This credit card is a good fit for: Road warriors who want a good rate on gas rewards but don't want to pay an annual fee to get it.
Top perks
This card has a lot of perks, starting with rewards that cover multiple bonus categories.
Earn up to 5x points per dollar on purchases
The PenFed Platinum Rewards Visa Signature® Card earns the following rewards points on purchases:
- 5x points per $1 on gas paid at the pump and EV charging stations
- 3x points per $1 at supermarkets
- 3x points per $1 at restaurants
- 3x points per $1on cable and streaming services
- 1x point per $1 on other purchases
These categories include most everyday purchases, so the PenFed Platinum Rewards Visa Signature® Card could be an option for a one-card wallet. That said, you'll find better rates on many of these categories with other cards, so rewards maximizers may see less value.
The points work like many other programs, offering a selection of redemption options in a separate rewards portal. You can choose from things like statement credits, gift cards, and travel. The per-point value you get from your PenFed rewards varies significantly depending on how you choose to redeem them.
Learn more: Best Gas Credit Cards
Sign-up bonus
The PenFed Platinum Rewards Visa Signature® Card comes with a sign-up bonus for new cardholders. You can earn an extra 15,000 bonus points when you spend $1,500 in first 90 days of account opening.
It's hard to put a solid value on this bonus, as the per-point redemption values vary. However, similar no annual fee cash back credit cards have bonuses worth $200 (and with only a third of the spending requirement). So you'd need to get at least $0.013 per point on your PenFed rewards for the PenFed Platinum Rewards Visa Signature® Card's bonus to be competitive.
No annual fee
This is a nice perk that means there's no annual fee just for keeping your account open. If you're looking for a simple one-card wallet option, having no fee makes the PenFed Platinum Rewards Visa Signature® Card an even better option. But it's also ideal for folks who are just into this card for the gas rewards. You can use the card once or twice a month at the pump and not have to worry about whether you're getting your money's worth.
No foreign transaction fees
The PenFed Platinum Rewards Visa Signature® Card has no foreign transaction fees, which is great news if you plan on using your card while traveling. Foreign transaction fees are extra fees tacked onto purchases made either in a foreign currency or that route through foreign banks. This could be something you buy abroad, or just something you purchase from an overseas vendor online.
Given that the typical everyday rewards cards can charge up to 3% in foreign transaction fees, this is an area where the PenFed Platinum Rewards Visa Signature® Card actually goes above and beyond its main competition.
What could be improved
This card has a few downsides worth noting, including an extra hoop you'll need to jump through to apply.
No 0% intro APR offer for new purchases
Although the PenFed Platinum Rewards Visa Signature® Card has an intro APR deal for balance transfers, new purchases aren't eligible for the 0% intro APR offer. This makes the PenFed Platinum Rewards Visa Signature® Card a decent option if you already have some credit card debt. But you'll want to look elsewhere if you have a large purchase coming up and you want to save on interest fees. You can scroll through our other credit card reviews to find tons of great rewards cards that have long 0% intro APR offers on new purchases.
Intro APR offer on balance transfers is full of traps
In most cases, an intro APR offer on balance transfers would be considered a pro. But when it comes to the PenFed Platinum Rewards Visa Signature® Card, the fine print makes it potentially dangerous if you don't know all the rules ahead of time.
At first glance, it looks like you can get 12 months of 0% APR on transferred balances. However, there are some caveats you need to note carefully.
For one thing, transfers must be made within a specific time frame to be eligible for the reduced interest rate. Transfers made after the set date are subject to the go-to balance transfer APR.
The trickiest part, however, has to do with the fact that there's no intro APR on purchases. Because of this, any new purchases you make with the card will be charged interest immediately. The only way to avoid this is to pay the full account balance -- including any transferred balances -- by the due date each month.
In other words, if you're going to use this card to take advantage of the balance transfer offer, be sure you don't need it to make any new purchases. Stick to another card until you pay off that balance transfer in full.
Must be a PenFed member to apply
Since PenFed is a credit union, you'll need to be a member to open any of its accounts, including the PenFed Platinum Rewards Visa Signature® Card. Fortunately, you don't need to meet any specific military requirements to join. While PenFed originated as a credit union specifically for military members, it's now open to all U.S. citizens and permanent residents.
You simply need to open a PenFed savings account with a minimum balance of $5 to become a member. Even better, you can join PenFed during the application process for the PenFed Platinum Rewards Visa Signature® Card.
Rewards points have limited value
The value you get from your points seems to vary considerably. If you're looking for cash back or gift cards, expect a low value of just $0.0085 per point -- less than a cent each. That makes the 5x points per $1 worth just 4.25% cash back. And the 3x on supermarket purchases is worth just 2.55% cash back. While the gas rate is still competitive, the 2.55% on groceries is pretty easy to beat with other grocery rewards cards.
Some travel redemptions can get you better results (there are reports of $0.017 per point for certain bookings). But that requires booking your travel through PenFed. This means you'll miss out on the perks and rewards you'd get from booking directly with the airline or hotel. You're also subject to whatever prices you can find in the PenFed portal, which may or may not compare to direct bookings or other third-party booking sites.
Additionally, you can't transfer the points to try to maximize your return. Some of the most popular credit card rewards points offer the option to transfer points to hotel and airline loyalty programs, which can unlock huge per-point value. For example, if you transfer Chase Ultimate Rewards points to a partner airline, smart redemption could net $0.03 per point or more.
Suggested credit score
PenFed advertises the PenFed Platinum Rewards Visa Signature® Card for applicants with good to excellent credit. This typically covers a FICO® Score of 670 or higher. That said, your entire credit history, not just your scores, will be taken into account when you apply.
The PenFed Platinum Rewards Visa Card is right for you if:
- You use a lot of gas or take a lot of road trips.
- You prioritize gas rewards over other popular categories such as dining or groceries.
- You don't mind signing up to become a PenFed member to get the card, if you aren't a member already.
Read more: Best Credit Cards
Our credit card methodology
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
FAQs
Points earned with the PenFed Platinum Rewards Visa Signature® Card transfer at different rates depending on the redemption option chosen. Typically, each point is worth about $0.0085 . So you'd need about 118 points for $1 in cash back rewards.
Yes, you can set up for your points to be redeemed automatically each month as a statement credit to your credit card or deposited directly into your PenFed account.
Our Credit Cards Experts
By:Brittney Myers
Writer
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
By:Steven Porrello
Writer
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact CheckedNathan Alderman
Fact checker
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
