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PenFed Platinum Rewards Visa® Card Review

The PenFed Platinum Rewards Visa®Card is a points-based credit card with particularly high rewards for gas purchases. Additional benefits may be relatively limited, but high bonus point rates and diverse redemption options may make it worth it. Apply Here

Cliff Brody

Cliff Brody

Rewards Credit Cards Expert

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Updated: February 4, 2014

The Good

Diverse reward redemption options:

Because the PenFed Platinum Rewards card is a points-based credit card, available ways to redeem your rewards are much more diverse. Points earned on the PenFed Platinum card can be redeemed for airline travel, hotels, car rentals, gift cards, and other merchandise. Getting cash back is always nice, but if you prefer applying points to other things, the PenFed Platinum card is a good choice.

Strong bonuses for gas and other purchases:

The PenFed Platinum Rewards card offers five points for every dollar spent on gas purchases. For those with long commutes or who travel often, these points can add up very quickly. In addition to the bonuses associated with gas purchases, cardholders will also receive three points for every dollar spent at grocery stores, and one point for all other purchases.

Unlimited rewards:

Many rewards cards will place limits on the number of rewards you can earn, especially when it comes to gas purchases, but the PenFed Platinum card allows you to earn an unlimited number of points. Having the ability to earn unlimited points is obviously a superior option, especially if you plan on using your rewards card on a regular basis.

No foreign transactions fees:

When you travel internationally with the PenFed Platinum Rewards card, you won't have to worry about pesky transaction fees on foreign currency. Some of the top rewards credit cards will charge a fee for every foreign transaction. Although these fees may appear to be fairly minimal, they can definitely add up and result in an unexpectedly high charge on your account.

The Bad

Limited additional benefits:

Although the PenFed Platinum Rewards card does come with benefits like car rental insurance, travel insurance, and fraud liability, compared to some of the other top rewards credit cards, the benefits are lacking. If benefits like roadside assistance, lost luggage insurance, and emergency support are particularly important to your circumstances, you will likely be able to find a rewards credit card that is a better fit.

Points expire:

Although the PenFed Platinum Rewards card does offer unlimited points, it is important to be aware that these points expire. Points will expire five years from the end of the month in which you earned them. In addition, if you close your account, or if you default on the credit card agreement, you will lose access to your points.

The Details

Rates and Fees
Annual Fee $0
Cash Advance Fee None
Cash Advance Rate (APR) 9.99% until June 2014, varies thereafter
Foreign Currency Transaction Fee None
Introductory Rate (APR) 9.99% for 16 months
Standard Rate (APR) Varies
Penalty Fees
Default Penalty Rate (APR) 17.99%
Late Payment Fee Up to $10 - $25 (depending on balance)
Minimum Interest Charge None
Over-Limit Fee None
Returned Payment Fee Up to $25
Balance Transfers
Introductory Balance Transfer Rate (APR) 0% for 18 months
Standard Balance Transfer Fee $10 or 3% per transfer ($250 maximum)
Standard Balance Transfer Rate (APR) 9.99%
Additional Rewards for Dining None
Additional Rewards for Gas 5 points per $1
Additional Rewards for Groceries 3 points per $1
Additional Rewards for Shopping None
Additional Rewards for Travel None
Bonus Points Offered None
Rewards Earnings for All Purchases 1 point per $1
Sign-Up Bonus None
Type of Reward Points



Read Less
  • Offers Companion Reward - The airline credit card offers a companion airfare reward.
  • Additional 2:1 Rewards Categories - The credit card offers 2:1 rewards or more for at least one additional purchase category - like dining, travel, gas, groceries, shopping, or other.
  • No Blackout Dates - There are no blackout travel dates for your points, miles, or cash back rewards.
  • Unlimited Rewards - You can accumulate an unlimited amount of points, miles, or cash back rewards with your credit card.
  • 2:1 Rewards or More - The credit card offers 2 Points, 2% Cash Back, or 2 Miles or more for every dollar spent.
  • Bonus Points Offered - The credit card offers bonus points you can earn throughout the year.
  • No Expiration - Your rewards points, miles, or cash back rewards will never expire.
  • Sign-Up Bonus - The credit card offers a sign-up bonus reward.


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Reward Redemption

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Balance Transfers

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Insurance Coverage

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