The PenFed Platinum Rewards card has no annual fee and offers 5x points on gas, 3x points on groceries, or 1x points everywhere else.
But the only reason you should consider the Platinum Rewards card is if you spend a significant amount of money at gas stations each year due to the 5x points (about 4.25% cash back).
Platium Rewards Card Information
Application Link: PenFed Platinum Rewards Visa Signature.
Current Sign Up Bonus: $150 cash bonus.
Recommended Bonus: At least a $100 cash bonus.
Annual Fee: No annual fee.
- 5x points on gas (equivalent to 4.25% cash back).
- 3x on groceries (equivalent to 2.55% cash back).
- 1x points everywhere else (equivalent to 0.85% cash back).
Platinum Rewards Card Benefits
No Foreign Transaction Fees: You can use your Platinum Rewards card anywhere in the world without paying foreign transaction fees, which are typically 3%.