Should you’re spending plenty of money on getting from right here to there, the PenFed Platinum Rewards Visa Signature® Card* could make the journey extra rewarding. The cardboard presents 5x factors for gasoline on the pump and electrical automobile charging stations.

The 5x payout goes head-to-head with a number of the greatest gasoline bank cards — and your incomes potential is not restricted to your time behind the wheel. You may additionally earn 3x factors on nearly all the things you eat; the bonus payout applies to supermarkets — together with most Goal and Walmart areas — and eating places. Plus, you may earn 3x factors on TV, cable, radio and streaming companies. All different purchases qualify for 1x level per greenback spent.

Different notable perks embrace a 15,000-point welcome bonus provide after spending $1,500 within the first 90 days and a 0% 12-month introductory APR for stability transfers (then 17.99% APR). All these perks include a price ticket price celebrating: This card has no annual charge and you will not pay international transaction charges in case you’re touring outdoors the US. 

There’s one catch: To use for this card, you need to even be a PenFed Credit score Union member. Signing up is straightforward, although. Membership is open to everybody, and to get began, you could deposit $5 into your new PenFed checking account. It is price noting that PenFed presents a number of the greatest CD charges out there, free checking accounts and different instruments that may be a terrific match in case you want a brand new place to stash your money. However in case you’re not fascinated about establishing a brand new checking account, there are different rewarding bank cards with a wider vary of redemption choices and extra clearly outlined level valuations to contemplate.

On this article

• Rewards​
• Rewards redemption​
• Welcome bonus​
• Introductory stability switch APR​
• Different perks and options​
• Different playing cards​
• FAQs​

Rewards

The PenFed Platinum Rewards Visa Signature delivers the largest rewards for the exercise chances are you’ll do every day — driving. You may earn 5x factors on gasoline paid for on the pump — do not pay contained in the station if you wish to be sure you rack up the additional factors. Should you drive an electrical automobile, you may additionally qualify for 5x factors on EV charging station purchases.

That is additionally a terrific card to have when shopping for groceries at grocery shops or eating out at eating places, since you may earn 3x factors for every. This payout construction places the PenFed Platinum in the identical class as one of many greatest restaurant bank cards: the U.S. Financial institution Altitude® Go Visa Signature® Card, which earns 4x factors on eating and restaurant supply however a smaller payout on gasoline stations (2x factors). 

You may additionally earn 3x factors in these classes with the PenFed card: cable, TV, radio and streaming companies. All different purchases qualify for 1x level per greenback. 

Whereas the 5x and 3x bonus classes appear headline-worthy, there’s a large query mark round factors values with this card. CNET reached out to PenFed to get the purpose valuations for this card however has thus far acquired no response. This system’s phrases and situations fail to spell out a transparent cash-equivalent valuation. And, with no choice to convert your factors to money again, it is troublesome to estimate the precise worth of this card.

Rewards redemption

As you stockpile factors with a PenFed Platinum Rewards, you may have a spread of the way to money them in — reserving journey, getting present playing cards from a spread of retailers, purchasing within the credit score union’s rewards portal, utilizing them on the Apple Retailer or donating them to charity. Nevertheless, the shortage of a easy and easy cash-back redemption is a giant draw back for this card. Some cardholders want the convenience of assertion credit or money deposits into their financial institution accounts. If that is you, this card is not the suitable decide. You are higher off with a cash-back bank card as a substitute.

Welcome bonus

The PenFed Platinum Rewards Visa Signature comes with a welcome bonus provide: Spend $1,500 within the first 90 days, and you will get 15,000 bonus factors in your account. Whereas it is nice to see a card with no annual charge include an additional upside, this provide pales compared to the greatest sign-up bonuses out there proper now. For instance, cardholders who open the Chase Freedom Flex℠* can rating a $200 bonus once they spend $500 within the first three months. Should you’re prepared to attend a bit longer, the Uncover it® Money Again* additionally presents a probably profitable end-of-year payday by matching your full money again out of your first yr of incomes rewards.

Introductory stability switch APR

Should you’re carrying a large chunk of debt on one other bank card, the PenFed Platinum Rewards Visa Signature’s introductory stability switch provide could make a significant distinction in managing your cash. You may need to make the switch throughout the first 90 days of opening the cardboard and pay a 3% stability switch charge (an ordinary charge amongst prime stability switch playing cards) to lock in an introductory 0% APR for 12 months (then 17.99% APR). Should you’re occupied with profiting from this provide, although, you must have a agency technique in place for paying off that debt in full throughout the 12-month interval.

Different perks and options

Since this card is a part of the Visa Signature lineup, you may get some further perks which will turn out to be useful in sure conditions. Once you’re touring, you’ll rating complimentary breakfast and room upgrades at lodges (when out there) which can be a part of the Visa Signature Luxurious Lodge Assortment. The gathering contains greater than 900 properties like The Pierre in New York, the Shangri-La in Vancouver and the St. Regis in Bali. Plus, you may have entry to the Visa Signature Concierge to assist organize your plans wherever you go.

Moreover, you get buy safety for sure gadgets that you just purchase utilizing the cardboard. For instance, in case you purchase an iPad that will get stolen, you may be capable of get reimbursed. There are plenty of sure caveats that apply to buy safety, although, so this is not a standalone motive to get this card.

Different playing cards

Citi Customized Money℠ Card

The Citi Customized Money Card adjusts to your spending habits to present you 5% money again on the primary $500 of purchases every billing cycle (then 1%) in your highest eligible spending class. So, for instance, in case you spend $500 on gasoline stations in Might and $500 in June, you might earn $25 in money again every billing cycle. Whereas the $500-per-billing cycle restrict is a downside, it might probably nonetheless add as much as $300 in money again every year. Plus, you may earn the usual 1% money again on all of your different purchases.

The Customized Money Card additionally has a welcome bonus of $200 whenever you spend $1,500 on the cardboard throughout the first six months after you open it (fulfilled as 20,000 ThankYou factors that may be redeemed for $200 money again) — a really accessible spending threshold. And similar to the PenFed card, there isn’t any annual charge. Nevertheless, in case you plan on touring outdoors the US, the PenFed card will be the higher decide: The Citi Customized Money Card has a 3% international transaction charge. 

Costco Wherever Visa® Card by Citi

Should you’re fascinated about gasoline and restaurant rewards and likewise love to buy at Costco, the Costco Wherever Visa Card by Citi* could also be properly definitely worth the $60 annual Costco membership charge. The cardboard has comparable bonus classes to the PenFed Platinum Rewards Visa Signature Card: 4% money again on eligible gasoline and EV charging purchases as much as $7,000 per yr (then 1%), 3% money again on restaurant and eligible journey spending, 2% money again on purchases at Costco and at Costco.com and 1% money again on all the things else.

Whereas the 4% money again on gas appears to be like decrease than the 5x level payout with the PenFed card, the flexibility to redeem these rewards for money again is sweet, and the $7,000 most is not a lot to fret about until you drive considerably greater than the typical American. Plus, for the reason that PenFed card’s rewards valuation is unclear, it is powerful to say if 5x factors is best than 4% money again on this case.

The primary downside of the Costco Wherever Visa in comparison with the PenFed Platinum Rewards Visa Signature is its lack of a welcome bonus.

FAQs

*All details about the Platinum Rewards Visa Signature Card, Chase Freedom Flex, Uncover it Money Again, and the Costco Wherever Visa Card by Citi has been collected independently by CNET and has not been reviewed by the issuer.

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