The Penfed Platinum Rewards Visa Signature credit card is primarily for gas and electric vehicle charging. It can be alright for other categories, but isn’t the best option outside of gas. If you want to maximize your cash back, other credit cards are needed to supplement the Platinum Rewards. Its sign-up bonus is also lower than some competing cards.
FEATURES AT A GLANCE
- No annual fee
- No foreign transaction fees
- 5x points on gas and/or electric vehicle charging
- 3x points on groceries (may include Target and Walmart)
- 3x points on restaurants/dining
- 3x points on TV, radio, cable, and streaming services
- 1x points on everything else
SIGN UP BONUS
You can earn 15,000 points after spending $1,500 in the first 90 days of being a cardmember. The value of this bonus varies depending on how you redeem the points, but it’s worth a minimum of $127.50. If you find good redemption options (which is rare) the bonus can be worth up to $150. At $127.50, the sign-up bonus is 8.5% RoS (Return on Spend), while at $150 it’s a 10% RoS. An ideal introductory bonus would be 15-20% or higher.
There’s also a 0% APR balance transfer offer, but there’s a 3% fee to do the transfer.
OTHER BENEFITS OF THE PLATINUM REWARDS CARD
- Visa Signature benefits, including:
- Emergency Card Replacement and Emergency Cash Disbursement
- Purchase Security (90 day coverage, $500 per claim)
- Roadside Dispatch ($70 standard pre-negotiated rate)
- Travel Accident Insurance ($250,000 coverage)
- Travel and Emergency Assistance Services
- 24/7 Visa Signature Concierge
For more perks, instead try the Penfed Pathfinder Rewards Visa Signature.
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 670+
As a Visa Signature card, you’ll need to be eligible for a credit line of at least $5,000.
The main hurdle used to be getting PenFed Credit Union membership, but they opened to the public in recent years. The Penfed Platinum Rewards should be easy to get for most people. We aren’t aware of any current significant restrictions.
MAXIMIZING REWARDS WITH THE PLATINUM REWARDS CARD
PenFed says “Your points will vary in value based on redemptions but will always be valued at a minimum of $0.0085. Some point redemptions will be worth up to $0.01.” You may have to shop around for the best available deals.
Penfed points are unlimited and expire after 5 years.
If you always get the 0.85 cpp (Cents Per Point) value, the cash back rates are:
- 4.25% cash back on gas and electric vehicle charging
- 2.55% cash back on groceries (may include Target and Walmart)
- 2.55% cash back on restaurants/dining
- 2.55% cash back on TV, radio, cable, and streaming services
- 0.85% cash back on everything else
ALTERNATIVES TO THE PLATINUM REWARDS
As a credit card for gas or electric vehicle charging, the Penfed Platinum is great. Although it isn’t the #1 card, it’s easily in the top 5. The closest competitors for unlimited cash back on gas are the Abound Credit Union Visa Platinum (5%) and Citi Custom Cash (5%).
For groceries, dining, and streaming/entertainment, the Penfed Platinum is less useful. Getting 2.55% cash back is slightly better than an everyday card like Alliant Cashback Visa or the Penfed Power Cash, but there are superior alternatives.
Better grocery cards include the Citi Custom Cash (5%) and Capital One SavorOne (3%). Click here to see our top 5 grocery list. We’d also recommend the SavorOne for dining and streaming purchases, since it earns 3% cash back on four spending categories. For even more cash back on dining and streaming, we’d recommend the US Bank Altitude Go Visa or Cardless Boston Celtics Mastercard.
Lastly, 0.85% cash back on “everything else” is one of the worst rates available anywhere. About 20 cards give at least 2% cash back on non-category purchases. Even Penfed’s other cards are better than Platinum Rewards.
CONCLUSION
For unlimited 4.25+% cash back on gas and EV charging, the Penfed Platinum Rewards is a solid credit card. Everywhere else though, it has questionable utility. If points didn’t vary in value, and were always $0.01, it’d be easier to recommend this card. Unfortunately, other cards can easily get 3-5% cash back on most spending categories. If Penfed is always at 0.85% or 2.55% then it’s a subpar rate. There isn’t any reason to get Platinum Rewards specifically for food/streaming when better options exist. Still, 2.55% is reasonable for anyone who doesn’t want to carry multiple cards. It’s not far off from a standard 3% card.
We rate the Platinum Rewards card 3 out of 5 stars. ⭐⭐⭐
Note: This review was last updated in April 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to benefit from our personalized consulting services!