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.
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|The Platinum Card® from American Express 100K Points*||Capital One Venture Rewards Credit Card 60K Points*|
|American Express® Gold Card 60K Points*||Citi CustomSM Cash Card $200 Bonus*|
|Chase Freedom Flex $200 Bonus*||Chase Freedom Unlimited Card $200 Bonus*|
|Blue Cash Preferred® Card from American Express $300 Welcome Offer*||Blue Cash Everyday® Card from American Express $200 Welcome Offer*|
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|U.S. Bank Altitude® Go Visa Signature® Card $200 Bonus*||Capital One Quicksilver Cash Rewards Card $200 Bonus*|
|Power Cash Rewards Visa Signature® $100 Bonus*||*Must make minimum spending requirement to earn bonus|
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.
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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|
(Click here to apply for PenFed Platinum Rewards)
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:
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.