PenFed Platinum Rewards Visa Signature Card review 2023: Generous rewards but few redemption options

The PenFed Platinum Rewards Visa Signature® Card * The information for the PenFed Platinum Rewards Visa Signature® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. requires an-easy-to-get membership to Pentagon Federal Credit Union and earns strong rewards. But we hear a sad trombone for the redemption options and lackluster perks.

PenFed Platinum Rewards Cardbasics

• Annual fee: $0.
• Welcome bonus: 15,000 points after spending $1,500 on purchases in the first 90 days of account opening.
• Rewards: 5 points per $1 spent on gas and EV charging stations, 3 points per $1 spent at supermarkets (including most Target and Walmart locations), restaurants, and TV, radio, cable, streaming services and 1 point per $1 spent on all other purchases.
• APR: 0% intro APR for 12 months on balance transfers made in the first 90 days from account opening, then a non-variable APR of 17.99% applies to balance transfers. There is a balance transfer fee of 3% per transaction. A 17.99% variable APR applies for purchases.
• Recommended credit score: Good to excellent.
• Other benefits: 24/7 Visa Signature® Concierge service; Discounts at select Sonoma Country wineries; Discounts on Silvercar Audi rentals; Golf course benefits.

PenFed Platinum Rewards Card review

The PenFed Platinum Rewards Card offers salute-worthy rewards on everyday spending including gas and EV charging stations, grocery spending and dining out. Most Target and Walmart locations are eligible for the elevated rewards rate on grocery spending, which is a plus as most competing cards exclude big box retailers from that category. 

There’s no need to activate rewards or keep track of rotating categories, and there are no caps on points, so this card offers an easy-to-use rewards program with high earnings potential.

But there are some significant downsides. Points expire after five years, which isn’t typical of rewards cards. And there’s no option to exchange points for cash or redeem rewards with a statement credit. You also can’t transfer points to any partner programs.

Instead, you have to select from available rewards like merchandise, gift cards and hotel stays or airline tickets, making it hard to predict how much value you’ll get out of the card.

If you’re planning to take the PenFed Platinum Rewards Card outside the U.S., you’ll appreciate that it doesn’t charge foreign transaction fees. Still, this may not be the best card for anyone who’s often on the move because it doesn’t provide any major travel perks like airport lounge access or travel cancellation insurance.

Notbaly, you have to join PenFed’s credit union to apply. Anyone is eligible for membership, but it requires opening a savings account with PenFed and depositing at least $5. If you want to skip this step, look to a different card.

Pros

• Generous rewards for commuters: Earn a top rewards rate on gas or EV charging.
• Solid earnings on food and at-home entertainment: The card also offers ample points back at supermarkets, restaurants and on cable or streaming services.
• Light on fees: The card doesn’t charge an annual fee or foreign transaction fees.

Cons

• Limited redemption possibilities: You can’t redeem points for cash or a statement credit.
• Few standout perks: While the card offers some discounts, most benefits are fairly basic.
• Points expire: You have five years to redeem your points before they’re gone for good.

PenFed Platinum Rewards Card rewards

The PenFed Platinum Rewards Visa Signature Card earns:

• 5 points per $1 spent on gas and EV charging stations.
  
• 3 points per $1 spent at supermarkets (including most Target and Walmart locations), restaurants, and TV, radio, cable, streaming services.
  
• 1 point per $1 spent on all other purchases.

The card offers a welcome bonus of 15,000 points after spending $1,500 on purchases in the first 90 days of account opening.

Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has around $25,087 in annual expenses that can be charged to a credit card. Here’s how our sample household’s rewards could break down:

Our sample cardholder would earn 52,063 rewards points in a year. Cardholders can redeem points for merchandise, travel or gift cards and the value of points could vary depending on the redemption method. Cardholders can also donate points to charity. There’s no option to transfer points or to exchange them for a statement credit or cash back. 

The card doesn’t cap the number of points cardholders can earn, but points expire after five years or when the account is closed.

PenFed Platinum Rewards Card APR

The PenFed Platinum Rewards Visa Signature Card offers a 0% intro APR for 12 months on balance transfers made in the first 90 days from account opening, then a non-variable APR of 17.99% applies to balance transfers. There is a balance transfer fee of 3% per transaction. A 17.99% variable APR applies for purchases.

A balance transfer can help you knock out debt faster. Here’s how to do one.

PenFed Platinum Rewards Card perks

Cardholders can enjoy the following benefits:

• Purchase protection up to $500 per claim for 90 days from date of purchase.
• Pay-per-use Roadside Dispatch® available 24/7.
• Travel accident insurance.
• 24/7 Visa Signature® Concierge service.
• Emergency assistance when away from home.
• Upgrades at participating hotels.
• Offers on entertainment and events.
• Discounts at select Sonoma County wineries.
• Discounts on Silvercar Audi rentals.
• Silver Status and discounts on golf fees and lessons through Troon Rewards® (enrollment required).

How the PenFed Platinum Rewards Card compares to other rewards cards 

The PenFed Platinum Rewards Visa Signature® Card * The information for the PenFed Platinum Rewards Visa Signature® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is one of several rewards cards focused on everyday spending. Here’s how it compares to a few competitors.

PenFed Platinum Rewards Visa Signature Card vs. Blue Cash Preferred® Card from American Express

The Blue Cash Preferred® Card from American Express (terms apply, rates & fees) earns 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations, 3% cash back on transit and 1% cash back on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. 

Large families and people who eat at home often might prefer the Blue Cash Preferred’s stronger rewards at U.S. supermarkets, while the PenFed Platinum Rewards Card’s higher earnings rate on gas might be better for those with long commutes. 

A major advantage of the Blue Cash Preferred Card is that cardholders can redeem rewards as statement credits. The Blue Cash Preferred Card also carries a $0 intro annual fee for the first year, then $95 annual fee, so you have to consider whether you’ll spend enough with the card to recoup that cost.

PenFed Platinum Rewards Visa Signature Card vs. Citi Custom Cash® Card

The Citi Custom Cash Card earns 5% cash back on purchases in a top eligible spend category each billing cycle, up to the first $500 spent each month and 1% cash back on all other purchases. The eligible categories include restaurants, grocery stores, gas stations, select travel, select transit, select streaming entertainment, drugstores and more.

This card may be less appealing than the PenFed Platinum Rewards for those who make varied purchases because the top rewards rate is limited to one category per month. But unlike the PenFed card, it comes with a wider range of redemption options, including statement credits and direct deposit.

PenFed Platinum Rewards Visa Signature Card vs. Chase Freedom Flex℠ * The information for the Chase Freedom Flex℠ has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

The Chase Freedom Flex earns 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back on dining and drugstores and 1% cash back on all other purchases. In contrast to the PenFed Platinum Rewards Card, rewards don’t expire. 

The Chase Freedom Flex is likely a better choice for travelers thanks to the generous rewards rate on travel spending and some additional travel-focused benefits such as trip cancellation insurance, purchase protection, extended warranty coverage and cellphone protection. 

Citi Custom Cash® Card

Rates & Fees / Terms Apply

Apply Now

On Citi’s Secure Website

Welcome Bonus

Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.

$200 cash back

Annual Fee

$0

Regular APR

19.24% – 29.24% (Variable)

Credit Score

Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.

Fair, Good, Excellent

5% cash back on up to $500 in purchases in your top eligible spend category each billing cycle. All other purchases will earn 1% cash back.

Editor’s Take

Pros

• No annual fees.
• Easy-to-redeem cash-back rewards.
• Introductory APR period.

Cons

• Charges foreign transaction fees.
• There’s a balance transfer fee.
• Limited cash-back reward categories.

The Citi Custom Cash Card is an ideal choice for those who spend a lot in at least one or more of the bonus spending categories offered on the card, which includes restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs and live entertainment.

Card Details

• Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou^® Points, which can be redeemed for $200 cash back.
• 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 19.24% – 29.24%, based on your creditworthiness.
• Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
• No rotating bonus categories to sign up for – as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
• No Annual Fee
• Citi will only issue one Citi Custom Cash® Card account per person.

PenFed Platinum Rewards Visa Signature Card is right for you if:

• You regularly pay for gas or EV charging and food with a credit card.
• You don’t need robust travel benefits.
• You’re willing to redeem rewards for merchandise, travel or gift cards.

^{For rates and fees for the Blue Cash Preferred® Card from American Express please visit this page.}