Credit Cards
PenFed Platinum Rewards Visa Signature® Card review
Read our in-depth review to see if the PenFed Platinum Rewards Visa Signature® Card is right for you. This credit card offers cash back, rewards points and some attractive travel benefits.
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by Aline Barbosa
PenFed Platinum Rewards Visa Signature® Card: Earn more rewards for your money!
If you’re in the market for a solid rewards card, you might be interested in this PenFed Platinum Rewards Visa Signature® Card review.
How to apply for PenFed Platinum Rewards Visa Card
Learn how the PenFed Platinum Rewards Visa Signature® Card application process works and start earning rewards on purchases today!
To get this card, you need to join the Pentagon Federal Credit Union, but doing so is an easy task.
- Credit Score: To qualify for the PenFed Platinum, you’ll need an excellent score.
- APR: New cardholders can enjoy a 0% intro APR for 12 months (after that period, a non-variable 17.99% applies). The APR on purchases varies according to creditworthiness between 16.49% and 17.99%.
- Annual Fee: The PenFed Platinum has no annual fee.
- Fees: 3% balance transfer fee during the promotional period – per transaction. Up to $28 in late payment fees, up to $25 on return payment fees.
- Welcome bonus: 15,000 Bonus Points after spending at least $1,500 on your PenFed Platinum within the first 90 days of membership.
- Rewards: With the PenFed Platinum, you’ll earn 5 points on gas and EV stations, 3 points on TV, radio, streaming services and cable. 3 points at restaurants and supermarkets, and 1 point on all other purchases.
This is one of the few Platinum cards that doesn’t have an annual fee. Cardholders will also get a great rewards rate on daily purchases.
As an added bonus, the PenFed Platinum Rewards offers an introductory APR on balance transfers and a hefty sign up bonus.
So if you’re interested in learning more about this card’s features, keep reading our PenFed Platinum Rewards Visa Signature® Card review below.
PenFed Platinum Rewards Visa Signature® Card: how does it work?
The PenFed Platinum Rewards Visa Signature® Card is a great choice for consumers looking for a rewards credit card with no annual fee.
PenFed is a credit union, so you will need to become a member to apply for this card.
PenFed membership is open to anyone who joins one of their partner organizations, such as the National Military Family Association.
Once you become a member, you are eligible to apply for the PenFed Platinum as long as you meet their financial requirements.
The card has a fantastic rewards rate and a solid welcome offer. Redeeming these rewards is easy and you can get merchandise, gift cards and travel.
The card also offers standard Visa Signature benefits such as travel and car insurance and concierge services.
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Significant benefits and disadvantages you may find
If you have an excellent credit score and a solid income, this card can be quite beneficial to you. However, there are a few drawbacks you should know before applying.
See the pros and cons next in our PenFed Platinum Rewards Visa Signature® Card review.
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Benefits
- One of the few Platinum cards with no annual fee;
- Amazing rewards rate on things you spend money on regularly;
- Low introductory APR on balance transfers to help you financially;
- Great sign up bonus with a reasonable spending requirement;
- Visa Signature benefits and 24/7 fraud monitoring.
Disadvantages
- To apply for this card, you need to be a PenFed member;
- The PenFed Platinum Rewards is only available for people with an excellent score;
- There is no promotional APR offer on purchases;
- Charges a 3% fee per transaction on balance transfers.
Is a good credit score required for applicants?
PenFed uses your Equifax credit score when determining whether you qualify for the PenFed Platinum Rewards Visa Signature® Card.
So, applicants will need a score of 750 or higher to have a good chance of being approved.
PenFed also looks at your debt-to-income ratio and account history when making a decision, so it’s important to manage your finances responsibly in order to improve your chances of getting this card.
Learn how to apply and get a PenFed Platinum Rewards Visa Signature® Card
Now that you’ve read our PenFed Platinum Rewards Visa Signature® Card review, follow the link below to learn how to apply.
Once you’re a PenFed member, the process is easy and you can do it online. See below for more details.
How to apply for PenFed Platinum Rewards Visa Card
Learn how the PenFed Platinum Rewards Visa Signature® Card application process works and start earning rewards on purchases today!
Aline Barbosa
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