Gasoline and electrical energy costs fluctuate from week to week and month to month. However even when costs aren’t making new highs, transportation accounts for a good portion of the standard family’s finances. With limitless 5x factors on eligible fuel paid on the pump and EV charging purchases, the PenFed Platinum Rewards Visa Signature® Card may also help tamp down transportation prices with out painful life-style adjustments. Broad 3x factors classes make it an awesome bank card for folk who dine out, purchase groceries, and watch or take heed to streaming content material — which is nearly everybody.
So it’s fairly possible that the PenFed Platinum Rewards Visa card deserves a spot in your pockets. Discover out what to anticipate from this card and resolve whether or not it’s a great match in your spending habits.
What Is the PenFed Platinum Rewards Visa Signature® Card?
The PenFed Platinum Rewards Visa Signature Card is a rewards bank card for Pentagon Federal Credit score Union members. Although not technically a cash-back bank card, its factors program makes use of a flexible loyalty foreign money that may be redeemed for reward playing cards, journey, merchandise, and extra.
The PenFed Platinum Rewards Visa card earns 5 factors per $1 spent (a 5% return) on eligible fuel paid on the pump and EV charging purchases, plus 3 factors per $1 spent on eligible restaurant, grocery retailer, and TV, radio, cable, and streaming service purchases. A beneficiant sign-up bonus and 12-month introductory 0% APR provide for qualifying steadiness transfers spherical out the advantages.
0% introductory APR for 12 months on steadiness transfers made within the first 90 days after account opening. After that, the APR for the unpaid steadiness and any new steadiness transfers will likely be a non-variable price of 17.99%. A 3% steadiness switch price applies to every switch. This transaction is topic to credit score approval. For those who reap the benefits of this steadiness switch, you’ll instantly be charged curiosity on all purchases made along with your bank card until you pay the whole account steadiness, together with steadiness transfers, in full every month by the cost due date.
The PenFed Platinum Rewards Visa is solely for PenFed members. Fortuitously, anyone can become a PenFed member, which wasn’t all the time the case.
What Units the PenFed Platinum Rewards Visa Signature Card Aside
The PenFed Platinum Rewards Visa isn’t your typical factors bank card. Three issues particularly assist it stand out from superficially comparable playing cards:
- 3x Grocery Class Contains Most Goal and Walmart Places. For those who do most of your grocery purchasing at superstores like Goal or Walmart, this can be a game-changer. Most factors bank cards particularly exclude Goal and Walmart from grocery store bonus factors.
- Very Good 0% Introductory APR Steadiness Switch Promotion. The PenFed Platinum Rewards Visa card doesn’t fairly make the minimize for our greatest steadiness switch bank cards listing, but it surely nonetheless has a reasonably good introductory deal for folks with high-interest bank card debt: 0% introductory APR for 12 months on eligible transfers made within the first 90 days of account opening.
- No Annual Fee. This definitely isn’t distinctive and even uncommon for the factors bank card class writ giant, however it’s notable given how beneficiant the PenFed Platinum Rewards Visa’s factors program is. This card’s closest opponents usually cost annual charges.
Key Options of the PenFed Platinum Rewards Visa Signature Card
These are an important options of the PenFed Platinum factors Visa card, starting with qualification necessities.
Membership Necessities: Who Qualifies for the PenFed Platinum Rewards Visa Signature Card?
PenFed as soon as restricted its membership to army service members and their households, however that’s not the case. Anybody can be part of PenFed by finishing a easy membership software and opening an account with a $5 minimal deposit.
When you’ve established PenFed membership and opened your membership account, you’re free to use for a PenFed Platinum Rewards Visa card. Credit score qualification is required.
The PenFed Platinum Rewards Visa card’s common factors program has three tiers. All provide limitless incomes potential:
- 5 factors per $1 spent (5x factors) on eligible fuel paid on the pump and EV charging purchases
- 3 factors per $1 spent (3x factors) on eligible restaurant and grocery store purchases, plus eligible TV/radio/cable/streaming service purchases
- 1 level per $1 spent (1x factors) on all different eligible purchases
Not like most factors bank cards, the PenFed Platinum Rewards Visa card consists of most Goal and Walmart places in its supermarkets class. So in case you commonly store for groceries at one among these superstores, you may earn factors on the full bonus price.
You may redeem your amassed factors in your selection of:
- Visa digital reward playing cards for same-day supply
- Present playing cards from a wide range of prime retailers and retail manufacturers, together with Amazon, Goal, Starbucks, and extra — over 300 manufacturers in all
- Journey (by way of PenFed’s catalog)
- Basic merchandise in classes similar to electronics, style, meals and wine, magnificence, youngsters’s objects, sporting items, home goods, workplace provides, and baggage
Introductory Steadiness Switch Provide
Steadiness transfers made inside the first 90 days of account opening qualify for 0% introductory APR for 12 months from account opening. There’s a 3% price related to every switch. Simply you’ll want to repay transferred balances in full earlier than the 0% APR interval expires.
This card has no annual fee or fee for foreign transactions. A 3% price applies to all steadiness transfers.
Different Options and Advantages
The PenFed Platinum Rewards Visa card has another notable options and advantages, together with:
- Faucet-to-pay performance
- Click on-to-pay performance
- Digital pockets compatibility (Apple Pay, Google Pay, Samsung Pay)
Benefits of the PenFed Platinum Rewards Visa Signature Card
These are the highest benefits of the PenFed Platinum Rewards Visa card. Be aware the beneficiant 5x and 3x factors classes, the lengthy 0% introductory APR steadiness switch promotion, and the dearth of an annual fee, amongst different promoting factors.
- Limitless 5x Rewards on Eligible Fuel Paid on the Pump and EV Charging Purchases. The PenFed Platinum Rewards Visa card delivers limitless 5x factors on eligible pay-at-the-pump fuel and EV charging purchases. No different card on my radar can match that price of return in these classes.
- Broad, Limitless 3x Rewards Classes. This card earns limitless 3x factors on eligible restaurant and grocery store purchases, together with most Goal and Walmart places. You’ll additionally earn limitless 3x factors on eligible TV, radio, cable, and streaming service purchases. Many competing no-annual-fee playing cards cap 3x factors at a reasonable month-to-month spend price.
- Beneficiant Steadiness Switch Promotion. This card has a robust 0% introductory APR promotion for steadiness transfers: 12 months from account opening for transfers made inside the first 90 days. Simply pay a 3% steadiness switch price (and you’ll want to repay your total steadiness in time to keep away from curiosity).
- No Annual Price or International Transaction Price. This card has no annual fee or foreign transaction fee, so it prices nothing to maintain in your pockets and received’t ding you in case you use or overseas or with abroad retailers.
Disadvantages of the PenFed Platinum Rewards Visa Signature Card
The PenFed Platinum Rewards Visa card isn’t good. Take into account these potential drawbacks earlier than you apply.
- Can’t Redeem for Assertion Credit or Financial institution Account Deposits. The PenFed Platinum Rewards Visa card presents a number of methods to redeem your factors, together with for good-as-cash reward playing cards. However the easiest choices — assertion credit or deposits straight into your checking account — aren’t out there. That is inconvenient, if manageable.
- Should Be a PenFed Member First. You have to be a PenFed member to qualify for this card (credit score qualification can be required). This isn’t the dealbreaker it as soon as was as a result of PenFed membership is now open to all, but it surely nonetheless requires an additional step (opening a PenFed account) earlier than you apply.
How the PenFed Platinum Rewards Visa Signature Card Stacks Up
Undecided the PenFed Platinum Rewards Visa card is your best option in your spending wants? Earlier than you apply, see the way it compares to a card that has lengthy topped our listing of one of the best fuel bank cards: the U.S. Financial institution Altitude Join Visa Signature Card.
|PenFed Platinum Rewards||U.S. Financial institution Altitude Join|
|5x Factors||Fuel paid on the pump and EV charging; limitless||Pay as you go accommodations and automotive leases booked by means of Altitude Rewards Middle|
|4x Factors||None||Fuel, EV charging, and different journey; limitless|
|3x Factors||Eating places, grocery shops, TV/cable/radio/streaming; limitless||None|
|2x Factors||None||Grocery shops, eating places, streaming; limitless|
|Intro APR provide||0% introductory APR for 12 months on steadiness transfers||None|
|Annual Price||$0||$95 after the primary yr|
I’d advocate the PenFed Platinum Rewards Visa Signature® Card to anybody who drives typically, buys groceries, dines out greater than as soon as in a blue moon, and/or consumes unique audio-visual content material. In different phrases, I’d advocate this card to only about everybody.
Is it good? No; no bank card is. When redeeming bank card factors, I desire assertion credit to reward playing cards. And also you do must be a PenFed member to use. However these are minor quibbles within the grand scheme of issues. Total, the PenFed Platinum Rewards Visa is a superb bank card.
PenFed is insured by NCUA.