PenFed Platinum Rewards Credit Card Review: Worth It?

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The card_name is a no annual fee card offering nice rewards on gas stations, EV charging, supermarkets, streaming, restaurants, and more.

The card also offers no foreign transaction fees, purchase protection, and a Visa Signature benefits.

This article will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let’s dive right in.

No Annual Fee


  • Earn bonus_miles_full.
  • 5X Points at Gas Stations and EV Charging
  • 3X Points on Supermarkets, Restaurants, and Streaming
  • No Foreign Transaction Fees
  • No Annual Fee

Click Here to Learn How to Apply

Welcome Bonus

The PenFed Platinum Rewards Card currently offers the following welcome bonus:

Earn bonus_miles_full.

You are required to become a PenFed credit union member to apply for the card, but it’s a fairly easy process by opening a PenFed savings account with a $5 deposit.

Earning Points

The PenFed Platinum Rewards Card earns points at the following rates:

  • 5 points per dollar on gas paid at the pump and EV charging stations;
  • 3 points per dollar at the supermarket (including most Target and Walmart locations);
  • 3 points per dollar on restaurants;
  • 3 points per dollar on TV, radio, cable, streaming services; and 
  • 1 point per dollar on all other purchases.

Points are worth about 0.85 cents each, so 5x points equals about 4.25% back, 3x points equals about 2.55% back, and 1x points equals about 0.85% back.

No Annual Fee

The PenFed Platinum Card has no annual fee.

Card Benefits and Perks

Below are the benefits and perks of the PenFed Platinum Rewards Card:

0% Intro APR on Balance Transfers

This card offers 0% Intro APR for 12 months on balance transfers. After that, a reg_apr,reg_apr_type APR applies. There is also a 3% balance transfer fee.

No Foreign Transaction Fees

This card has no foreign transaction fees on purchases outside the U.S., which is helpful if you travel internationally to help you avoid paying a 3% fee on those international purchases.

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Purchase Protection

Purchase protection can save you a lot of money if you bought an eligible item that is damaged or stolen within 90-days.

For example, if accidentally dropped your new phone or laptop and broke the screen, you could file a claim to get it replaced if it was purchased within the last 90 days.

Visa Signature Benefits

This card also comes with Visa Signature benefits, which include:

Shipt– You can get groceries, household essentials, and other items delivery as soon as one hour with a free Shipt membership, which includes free same-day delivery on orders $35+.

Silvercar Discount– Visa Signature cardholders receive a 10% to 15% discount on car rentals with Silvercar, which rents only Audi vehicles. 

Discounts at Avis and Budget– Book your next road trip with your Visa Signature card to receive up to 25% off base rates on qualifying rentals from Avis and Budget. Your card can also unlock complimentary upgrades (when available), waived Additional Driver Fee and 10% saving on XM Satellite radio during rental.

Sonoma County Wine Benefits– Visa Signature cardholders enjoy special benefits at more than 50 wineries including BOGO wine tasting, savings on wine purchases in tasting room, preferred pricing on non-wine purchases over $50, and $1 Ground Shipping on the purchase of 3 or more bottles.

Emergency Card Replacement– Visa can work with your bank to expedite the replacement of your card and ship it globally within 24 to 72 hours.

Emergency Cash Disbursement– In case of emergency, Visa can arrange a wire cash transfer to your local Western Union within 2 hours of approval from your bank.

NortonLifeLock: ID Navigator Powered by NortonLifeLock provides you with the tools to help keep you informed of potential threats to your identity so you can act quickly.

Skillshare Discount– Get a free three months access to thousands of courses with a Skillshare membership plus 20% off an annual membership.

Troon Golf Rewards– Your Visa Signature card entitles you to automatic Silver Status when you sign up for Troon Rewards, for 10% saving on golf fees, merchandise and lessons at over 150 golf courses across the United States and world. 

Sofar Sounds– Cardholders receive unlimited access to the exclusive 7 day advance presale window for select Sofar shows, and one FREE ticket per show with purchase of one or more tickets.

Pros and Cons

Here’s a quick overview of this card’s advantages and disadvantages:


  •  Extra rewards at gas stations and EV charging.
  • No foreign transaction fees and no annual fee.
  • Intro APR offer on balance transfers.


  • Bad return for everyday (non-bonus) spending.

Alternatives to the PenFed Platinum

Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.

Citi® Double Cash Card

Better for Everyday Spending

2% Cash Back & No Annual Fee
Citi® Double Cash Card
  • 2% Cash Back (1% on Purchases, 1% When You Pay)
  • 0% Intro APR on Balance Transfers for 18 months. After That, reg_apr,reg_apr_type.
  • No Annual Fee
Our Review Learn More
Non-Affiliate Link

The Citi® Double Cash Card – 18 month BT offer boasts a strong 2% rewards rate on purchases, where you get 1% back when you buy and 1% when you pay. 

This zero-annual-fee card offers a solid earning potential as long as you pay your balance on time, and it provides a simple way to rack up points with no bonus categories to track. 

You can also boost your rewards by also holding the Citi Premier® Card (review), which allows you to transfer points to airline and hotel programs. This combination effectively allows you to earn 2 airline miles per dollar on all spending with the Citi Double Cash.

Bilt Mastercard®

Better for Travel

No Annual Fee
Bilt Mastercard®
  • Pay Rent Without Fees and Earn 1 Point Per Dollar on Rent (up to 100,000 Points Per Calendar Year)
  • No Annual Fee
  • 3x Points on Dining
  • 2x Points on Travel
  • Transfer Rewards to Airlines and Hotels
  • Cell Phone, Primary Rental Car, and Trip Delay Insurance
Learn More Our Review

Bilt Mastercard® is a no-annual-fee credit card that allows you to pay rent without a transaction fee and earn 1 point per dollar on rent (up to 50,000 points per calendar year).

You also earn 3x points on dining, 2x points on travel, and 1x points everywhere else.

The Bilt Rewards card also has great benefits for a no-annual fee card, including cell phone insurance, primary rental car insurance, 90-day purchase protection, trip delay insurance, trip cancellation insurance, and no foreign transaction fees. 

Plus, you can transfer your points to airline and hotel partners such as United Airlines, American Airlines, and World of Hyatt. Or redeem the points for travel or at Amazon.

Is the PenFed Platinum Card Worth It?

The PenFed Platinum Rewards Card is a decent option for no annual fee if you frequently spend at gas stations/EV charging, restaurants, supermarkets, and streaming. 

But it’s not a great option for everyday spending with only 1x points. 

No Annual Fee


  • Earn bonus_miles_full.
  • 5X Points at Gas Stations and EV Charging
  • 3X Points on Supermarkets, Restaurants, and Streaming
  • No Foreign Transaction Fees
  • No Annual Fee

Click Here to Learn How to Apply

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