For a credit card that’ll reward you for everyday purchases such as gas and groceries, the PenFed Platinum Rewards Visa Signature® Card might be a good fit for you! If you sign up, you can earn a $100 statement credit bonus after spending $1,500 in purchase transactions within 90 days of account opening.
This may not be the best welcome bonus offer around, but it’s okay considering there is no annual fee. Another card that offers a welcome bonus with no annual fee is the Chase Freedom Unlimited card, and if you’re looking for more, check out our list of credit cards.
The PenFed Platinum Rewards card is a card that offers you 5x points on gas, 3x points on groceries and 1x points on everything else. Check out the Blue Cash Everyday Card from American Express that also offers cash back on gas.
However, you must join the Pentagon Federal Credit Union in order to qualify for this card. If you aren’t associated with the military and want a simpler application process, then the PenFed Credit Union cards won’t be a good fit for you.
Table of Contents
PenFed Platinum Rewards Card Summary
|Bonus Available||Get $100 as statement credit when you spend $1,500 in the first 90 days of account opening.|
|Ongoing Rewards/Benefits||5x points for every $1 spent on gas at the pump.
3x points for every $1 spent on groceries.
1x points for every $1 spent on all other purchases.
|Foreign Transaction Fees||No|
Recommended Free Credit Score (Get Free Score)
690 – 850 (Good-Excellent)
- No annual fee
- Welcome bonus
- High earning potential
- No foreign transaction fees
- Good-Excellent credit needed to qualify
- Membership required
- Limited redemption options
Editor’s Alternate Pick
The Chase Freedom Unlimited® Card offers a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Earn unlimited 1.5% cash back on all purchases.
In addition, you can earn:
• 5% cash back on grocery store purchases (not including Target or Walmart purchases) on up to $12,000 spent in the first year.
• 5% on travel purchased through Chase,
• 3% on dining at restaurants and drugstores, and
• Unlimited 1.5% cash back on all other purchases.
There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open.
This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM.
PenFed Platinum Rewards Card $100 Bonus Cash Offer
Use the PenFed Platinum Rewards card’s introductory offer of $100 as statement credit. To get this, you will need to spend $1,500 within the first 90 days of account opening.
Here are some ideas on how to meet the spending requirement:
|• Plastiq - Using Plastiq allows you to pay for your personal expenses such as rent, tuition, mortgage, auto lease etc. Although they charge a 2.5% processing fee for using your credit card, this will contribute to the card bonus that you will receive. There is also a referral program that allows you to earn "Free-Free Dollars" that goes towards processing fees as well.|
|• Funding Checking Accounts - When it comes to funding a checking account, opening your initial deposit with a credit card is the usual way to go about it. However, if you want to have more opportunities, you should open a checking account that offers a sign-up bonus. This allows you to work towards bonuses from not one but two different sources instead. Banks like Chase, Huntington Bank, TD Bank and BBVA offers credit card funding, and for your opening deposit, you can often fund anywhere from $50-$1000 with a credit card, depending on the bank.|
|• Gift Card Purchases With Using a Credit Card - Another way to acquire the bonus is using your credit card to purchase gift cards. Buying a a gift card or an individual merchant card typically do not require a purchase fee and are used towards leisure, so gift cards are ideal. However, gift cards such as a Visa or American Express do incur purchase fees because they can be spent anywhere, but gift cards that are specifically for a certain online shopping site such as Amazon or eBay don't.|
|As for a Citi Credit Card, you should call customer service and ask them to lower your Cash Advance limit to $0 before making any purchases because Citi tends to read gift card purchases as a Cash Advance.
Ideally, you should do this with any card just to be safe. Lastly, there is such thing as a discounted gift card which can be purchased on Raise or eBay. If you use a credit card often for everyday purchases, it can build your credit score that will contribute towards paying for things such as bills and taxes.
Earning PenFed Platinum Rewards
The PenFed Platinum Rewards card offers:
- 5x points on gas purchases at the pump
- 3x points on supermarket purchases
- 1x points on all other purchases
Note: Military commissaries also count as supermarkets.
There is no cap on the number of points you can earn, however your points expire after five years.
Redeeming PenFed Platinum Rewards
Similar to other points-based cards, the value of your rewards points will depend on how you use them. On average, each PenFed Platinum Rewards point is worth $0.01. That is almost the same as the industry average for the value of points.
When you’re ready to redeem your points, you have a variety of options, including:
- Gift cards
For the best value for your PenFed Platinum Rewards points, use them for award travel.
PenFed Platinum Rewards Card Eligibility
To apply for the PenFed Platinum Rewards card, you must join the PenFed credit union. To qualify for this card, you must meet one of the following requirements:
- You are retired, honorably discharged or currently serving the U.S. military.
- You are an employee of a qualifying organization.
- You belong to a qualifying association or organization.
- You are an employee of the U.S. government.
- You live or work in an eligible location.
- You are a family member or housemate of someone who is eligible.
If you do not fit any of these requirements, you can always join the National Military Family Association or Voices for America’s Troops to qualify. Anyone can join, but there maybe be some small fees.
To get the PenFed Platinum Rewards Visa Signature Card, you must apply and be a member of the PendFed credit union. Membership is open to members of the military and uniformed services, employees of many different defense related organizations, their family members, and even members of the same household of an eligible person.
If you don’t qualify, you can still join a qualifying organization for a minimal cost by becoming a member of Voices for America’s Troops for a one time cost of $15.
For a card that offers a competitive, flat-rate cash back for all your purchases, you can check out the PenFed Power Cash Rewards card. Review our complete list of credit card bonus promotions.
(Click here to apply for PenFed Platinum Rewards)
What’s The Competition?
The Chase Freedom FlexSM offers a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.
• 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
• 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate.
• 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases.
You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. You'll be able to new 5% categories each quarter!
This card has no annual fee.
The Capital One® Quicksilver® Cash Rewards Card offers a one-time $200 cash bonus after spending $500 on purchases within 3 months from account opening.
You'll be able to earn an unlimited 1.5% cash back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards.
This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card.
The Blue Cash Everyday® Card from American Express offers $200 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
You'll earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%), 2% cash back at U.S. gas stations and at select U.S. department stores, and 1% back on other purchases.
There are no annual fees with this card (See Rates & Fees).
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