PenFed Platinum Rewards Visa Signature Card review: Earn a 15,000-point bonus and up to 5x on purchases for no annual fee

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The no-annual-fee PenFed Platinum Rewards Visa Signature® Card is a good choice for Pentagon Federal (PenFed) Credit Union members (anyone can join) who want to earn up to 5x points on eligible purchases with no caps. However, there are plenty of other no-annual-fee cards on the market that earn more valuable rewards, so you should consider all your options before applying. 

Review: Is the PenFed Platinum Rewards Visa Signature the best card for you? 

If you're looking for a no-annual-fee rewards credit card that earns unlimited points on all purchases, the PenFed Platinum Rewards Visa Signature® Card is a good option. To be eligible to apply, you'll need to be a PenFed member, but anyone can open an account with a $5 minimum deposit.

It earns up to 5x points on purchases in common spending categories, including gas, restaurants, and supermarkets. Plus, you'll get flexible redemption options and decent benefits. With this card, you can earn PenFed Platinum Rewards Visa Signature® Card. 

However, the value per point varies depending on how you redeem your rewards — often, they're worth less than 1 cent each. That's a poor rate of return compared to similar no-annual-fee cards, like the Wells Fargo Autograph℠ Card or Chase Freedom Unlimited®, which easily allow you to redeem rewards for 1 cent apiece. 

The PenFed Platinum Rewards Visa Signature® Card comes with a  PenFed Platinum Rewards Visa Signature® Card (then a PenFed Platinum Rewards Visa Signature® Card APR), which makes it a decent option for folks looking to pay off credit card debt without incurring high interest charges. The 0% intro APR deal doesn't apply to new purchases, so if you're needing to pay off a larger purchase over multiple billing cycles, this isn't the right card for you. 

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

How to earn rewards from PenFed Platinum Rewards credit card

The PenFed Platinum Rewards Visa Signature® Card earns points in multiple spending categories, with no caps: 

• 5x points on gas paid at the pump and EV charging stations (excluding fuel purchases for airplanes and boats)
• 3x points at the supermarket (includes most Target and Walmart locations and military commissaries)
• 3x points at restaurants, TV, radio, cable, and streaming services
• 1x points on all other purchases

Keep in mind, that your PenFed account has to be in good standing in order to earn points on purchases. Another important thing to note is that your rewards do eventually expire after five years after being awarded (or if your account is closed). So if you're trying to save up points over a long period of time, perhaps consider a credit card with non-expiring rewards.

How to use rewards from PenFed Platinum Rewards Visa Signature Card

You can redeem rewards for travel, merchandise, E-gift cards, experiences, charity donations, and at the Apple Store. The value per point you'll receive varies widely; typically, you'll get the highest rate of return when you redeem for travel (1 cent per point or more), and less when you use them for shopping or gift cards.

To use your points, sign into your PenFed account and find your options under "Redeem Rewards". The catalog allows you to shop for electronics, sporting goods, children's items, household items, luggage, office supplies, and more. Plus, there are over 300 gift card brands to choose from (both digital and physical options).

If you need to find more information on rewards, you can log into the PenFed site or mobile app to view your balance, redeem points, or view Program Terms and Conditions (bottom of the Rewards page). You can also call the Rewards hotline at 800-581-7786. 

PenFed Platinum Rewards Visa Signature benefits and features

Emergency card replacement and cash disbursement

In the case of an emergency, you'll have access to card replacement and disbursement services 24/7. 

Entertainment access, upgrades, and savings

When you use your PenFed card to pay for eligible entertainment services, you can get preferred event access, upgrades, and savings. 

$0 liability policy

You won't be held responsible for unauthorized purchases on a lost or stolen PenFed card. You have to immediately notify PenFed of any unauthorized use. You can submit a claim at 800-247-5626.

Fine wine and food access and savings

You'll get year-round benefits on culinary items when you use your PenFed Platinum Rewards Visa Signature® Card, such as special access and savings at more than 50 Sonoma Country wineries. 

Lost/stolen card reporting

You'll receive access to a 24/7 worldwide service to report a lost or stolen Visa Card. 

Purchase security

You can receive replacement, repairs, or reimbursements on eligible net purchases bought with your PenFed Platinum Rewards Visa Signature® Card for up to $500 per claim for ninety days from the date of purchase. This service covers personal property damaged by occurrences, such as fire, lightning, vandalism, theft, and more. You must submit a claim to receive this benefit.

Roadside Dispatch

You can get 24/7 pay-per-use roadside assistance for towing, tire changes, jump starts, lockout services, and more. 

Shopping discounts

When you use your PenFed Platinum Rewards Visa Signature® Card at select retailers, you can access discounts at certain stores and online merchants. 

Sports and golf benefits

The PenFed Platinum Rewards Visa Signature® Card gets you offers on golf experiences, event tickets, and other sports events. You'll also be able to save on premium ground transportation with Silvercar Audi rentals and gold benefits at over 95 courses worldwide with Troon Rewards.

Visa Signature Luxury Hotel Collection

The PenFed Platinum Rewards Visa Signature® Card gives cardholders access to worldwide travel benefits, including special offers and upgrades at over 900 properties from the Visa Signature Luxury Hotel Collection.  

Travel accident insurance

The PenFed Platinum Rewards Visa Signature® Card gives you coverage in case of accidental death or dismemberment when you charge your entire travel fare with your eligible PenFed card. 

Travel and emergency assistance service

You can receive help with medical, legal, and travel services while traveling by calling the 24-hour Benefit Administrator at 800-397-9010. Spouses and children of the primary cardholder are eligible to receive these services as well. Remember that you are still responsible for the cost of any actual medical, legal, transportation, cash advances, or other provided services. 

Visa Signature Concierge

You can call the 24/7 Visa concierge service at 800-953-7392 for assistance on travel bookings, obtaining popular sports and entertainment tickets, restaurant reservations, golf tee booking, and more. 

Fees and costs

The PenFed Platinum Rewards Visa Signature® Card has a PenFed Platinum Rewards Visa Signature® Card (then a PenFed Platinum Rewards Visa Signature® Card APR). It also doesn't charge a foreign transaction fee, which means it's a good card to travel internationally with. 

There is a balance transfer fee, a late payment fee (up to $28), and a returned payment fee (up to $25). 

Platinum Rewards Visa Signature vs other PenFed credit cards

PenFed Platinum Rewards vs other no-annual-fee rewards credit cards

PenFed Platinum Rewards frequently asked questions (FAQ)

Is the PenFed Platinum Rewards Visa worth it?

The PenFed Platinum Rewards Visa Signature® Card is a solid option for PenFed Credit Union members who want to earn unlimited rewards on all purchases without paying an annual fee. However, its strong rewards earning is offset by the value of the points — often less than 1 cent each.

There are plenty of other cards that don't require credit union membership that offer high earning and redemption rates, benefits, and welcome bonuses. Be sure to review all the top rewards credit card options before applying. 

What credit score do you need for the Platinum Rewards Visa Signature?

You need at least good to excellent credit to be eligible for the PenFed Platinum Rewards Visa Signature® Card, which means a FICO score of 670. If your current credit score is too low to qualify, you can look at some of the best credit cards for fair or average credit. 

Do rewards earned with the PenFed Platinum Rewards card expire? 

Rewards points will expire five years after they are awarded. So if you're saving up points, make sure to keep track of when you earn them so you can use them before they expire. Your points will also expire if your account is closed.