PenFed Platinum Rewards Visa Signature card review

The PenFed Platinum Rewards Visa Signature® Card has a welcome bonus of 15,000 points which you’ll earn after you spend $1,500 in the first 90 days. The value of the points can vary depending on how you redeem them, and PenFed doesn’t publish values. However, online reports suggest that you’ll typically receive less than one cent per point in value. That means you’ll likely receive less than $150 in value from this welcome offer.

Earning points

The PenFed Platinum Rewards Visa Signature® Card earns rewards at the following rates:

• 5X on gas (paid at the pump) and EV charging
• 3X at supermarkets (including most Target and Walmart locations)
• 3X at restaurants
• 3X on TV, radio, cable and streaming services
• 1X points on all other purchases

Including most Walmart and Target locations in the supermarket category is a standout feature, as many other grocery credit cards explicitly exclude Walmart and Target from earning bonus rewards.

Redeeming points

You can redeem PenFed points for travel, gift cards and merchandise. You also have the option to partially pay with points if you don’t have enough points to fully cover merchandise or travel.

There are no options to redeem points for cash back, direct deposit or statement credits. This makes the rewards program less flexible than many other credit cards. PenFed doesn’t publish point values, but users report receiving less than one cent per point in value.

The Wells Fargo Autograph℠ Card is a rare no-annual-fee travel credit card that earns flexible rewards, which means you can transfer points to any of Wells Fargo’s travel partners. This increases the usefulness of the rewards and can dramatically increase their value.

Even if you don’t want to redeem rewards for travel, you can easily redeem rewards for statement credits or direct deposits into eligible Wells Fargo accounts at a value of one cent per point. The points you earn with the Wells Fargo Autograph are easier to use and more valuable. Although the Wells Fargo Autograph only earns 3X points on gas (compared to the PenFed Platinum Rewards Card’s 5X points) it’s a more lucrative option for fuel spending.

Learn more: Wells Fargo Autograph℠ Card

PenFed Platinum Rewards Visa Signature® Card vs. Blue Cash Preferred® Card from American Express

The Blue Cash Preferred® Card from American Express is an amazing cash-back card for everyday expenses, including groceries, gas and streaming subscriptions. It has a straightforward cash-back program where you earn reward dollars you can redeem as statement credits.

The Blue Cash Preferred has a $95 annual fee after the first year (see rates and fees), but you can largely offset this with a single card perk. Every year, you can receive up to $84 in Disney Bundle credit (receive $7 back per month after spending $9.99+ on an eligible auto-renewing Disney Bundle subscription) (Enrollment required). When you also consider that this card has purchase protection*, return protection* and extended warranty protection*, it’s easy to justify the annual fee.

Learn more: Blue Cash Preferred® Card from American Express

*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

Compare savings accounts

The PenFed Platinum Rewards Visa Signature® Card is a rewarding, no-annual-fee credit union card. If you want a card with a strong return on gas and EV charging purchases and potentially save money by taking advantage of an intro APR balance transfer offer, this is a good option to consider. It has a relatively low ongoing APR, and the balance transfer fee is less than many competitors.

However, the rewards you earn with this card are less valuable than those of many other no-annual-fee rewards cards. You can’t redeem them for statement credits or cash back, which makes the rewards program more complicated than other options.

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For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.