PenFed Platinum Rewards Visa Signature® Card
- Best for: PenFed members whose biggest card spending is gas, EV charging, groceries, and dining out
- Gas Rate: 5 points per dollar on gas bought at the pump and on EV charging; no cap
- What Sets It Apart: Uncapped 5 points per dollar on gas and EV charging with no annual fee; most Target and Walmart stores earn the 3-point supermarket rate
- Cost: $0 annual fee; 17.99% variable interest rate (APR); no foreign transaction fee; $5 savings deposit to join PenFed
- Features: 3 points per dollar at supermarkets, restaurants, and TV and streaming services; 1 on everything else; 15,000 points after $1,500 in purchases in the first 90 days; cell phone protection
- Pros: No cap on any earning rate; no annual or foreign transaction fee; APR under the average for bank credit cards
- Cons: No cash back; gas paid for inside the station and EV charging at home earn 1 point per dollar; points expire after five years
Get the PenFed Platinum Rewards Visa Signature® Card if gas or EV charging is one of your biggest expenses and you’re willing to join PenFed. It pays 5 points per dollar on gas at the pump and on EV charging, with no cap or annual fee, but its points go to gift cards and travel, not cash.
PenFed Credit Union issues the card to its members, and anyone can apply to join by opening a savings account with $5. Its bonus categories cover driving, groceries, and dining out rather than travel.
Key Features
- No annual fee and no foreign transaction fee
- 5 points per dollar on gas bought at the pump and on EV charging, 3 at supermarkets, restaurants, and TV and streaming services, and 1 on everything else, with no caps
- A welcome bonus of 15,000 points after $1,500 in purchases in the first 90 days
- Points for gift cards, travel, and merchandise; PenFed values points from its travel card, redeemed the same ways, at 0.85 to 1 cent each
- 17.99% variable interest rate (APR) on purchases
Pros
- No spending cap on the top rate for gas and EV charging
- Purchases at most Target and Walmart stores earn the 3-point supermarket rate
- A 17.99% APR, under the 22.36% average the Federal Reserve reported for bank credit card accounts charged interest in August
- Cell phone protection up to $500 a claim, after a $50 deductible, when you pay your phone bill with the card
Cons
- Gas earns 5 points per dollar only when paid for at the pump, and EV charging only at charging stations, not on your home electric bill
- No cash back or statement credits, and points expire after five years
- PenFed’s newer Defender Rewards card pays the same rates, plus 3 points per dollar at sporting goods stores and military exchanges
- No travel credits, such as the airline fee credit on PenFed’s Pathfinder Rewards travel card
It suits PenFed members who spend heavily on gas, EV charging, and groceries, since even at 0.85 cent a point, 5 and 3 points per dollar return 4.25% and 2.55%, more than a flat 2% card. Everything else earns 1 point per dollar here, less than the 1.5% cash back on PenFed’s Power Cash Rewards card, or 2% for members with a PenFed checking account or military service.
Learn more about the PenFed Platinum Rewards Visa Signature® Card or see how it compares to the best gas credit cards.
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