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%
Rewards
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

FEATURES

Title
  • 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.

  • Early Boarding You receive priority boarding benefits as an owner of the credit card.

  • First Bag Free Your first checked bag is free.

  • In-Flight Spending Bonus You receive a discount or additional bonus points on all in-flight expenditures.

  • 24/7 Live Service You can speak with a live representative at any time of day about your credit card.

  • Fraud Liability The credit card offers fraud liability protection.

  • Emergency Support The credit card offers emergency support.

  • Exclusive Events You have access to exclusive events with the credit card.

  • Partner Point Transfer You can exchange your points for equal value with participating partners of the credit card, like hotels or airlines.

  • Price Protection You will be reimbursed the difference of any purchase made within a certain time period if you find a lower advertised price.

  • Purchase Security You will receive a refund for any item that a retailer doesn't accept as a return within a certain time period.

  • Book in Someone Else's Name You can use your airline rewards to book a trip in someone else's name.

  • Redeem for Airline Travel Rewards can be redeemed for airline travel.

  • Redeem for Car Rental Rewards can be redeemed for car rental.

  • Redeem for Cash Back Rewards can be redeemed as cash back or statement credit.

  • Redeem for Gift Cards Rewards can be redeemed for gift cards.

  • Redeem for Merchandise Rewards can be redeemed for merchandise.

  • Redeem Online You can redeem your points, miles, or cash back rewards online.

  • Redeem on Other Airlines Rewards can be redeemed for airline travel on other airlines.

  • Redeem for Hotel Rewards can be redeemed for hotel stays.

  • Redeem for Other Rewards can be redeemed for other categories, such as magazine subscriptions or charity donations.

  • Apply By Phone You can complete the credit card application process via phone.

  • Apply Online You can complete the entire credit card application process online.

  • Instant Approval You can get instant approval for the credit card.

  • Apply In Person You can apply for the credit card live in person.

  • Introductory Balance Transfer Rate (APR) The credit card offers an introductory balance transfer rate (APR).

  • Transfer from Credit Cards You can transfer a balance from another credit card.

  • No Introductory Balance Transfer Fee The credit card doesn't charge a percentage fee on the new balance transferred to the card.

  • Transfer from Loans You can transfer a balance from a loan to the credit card.

  • Car Rental Insurance The credit card offers car rental insurance.

  • Travel Insurance The credit card offers travel insurance.

  • Extended Warranty The credit card offers an extended warranty on purchases.

  • Flight Insurance The credit card offers flight insurance.

  • Lost Luggage Insurance The credit card offers lost luggage insurance.

  • Roadside Assistance The credit card offers roadside assistance.

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