PenFed Platinum Rewards Credit Card Offering 15K-Point Welcome Bonus

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If you’re planning on packing up the car for a highly anticipated road trip this summer or commuting back to the office in the near future, consider a credit card that rewards you for the refueling.

Not only is the PenFed Platinum Rewards Visa Signature® Card the first choice by Select for the best gasoline rewards credit card (see our methodology below), it now also offers a welcome bonus: new cardholders can earn 15,000 points when they spend $ 1,500 in the first spend three months after opening an account. Points can be redeemed for gift cards, travel, and home appliance and electronics purchases.

Cardholders can benefit from the rewards program of this free card:

• Earn 5X points for buying gas at gas stations and EV charging stations (this is the highest rate of rewards we have found at gas stations)
• Earn 3X points for purchases in grocery stores, restaurants / hospitality and cable, satellite and other pay TV, radio and streaming services
• Earn 1X point on all other purchases

In addition to the generous rewards program, cardholders can benefit from 0% of the promotional credit transfer rate for transfers for 12 months, which are made from now until September 30, 2021.

Other benefits include rental car insurance from PenFed and no international transaction fees for purchases abroad.

PenFed Platinum Rewards Visa Signature® card

• reward

  5X points for gasoline purchases at the pump, 3X points for supermarket purchases, 1X points for all other purchases

• Welcome bonus

  15,000 points if you spend $ 1,500 in the first 90 days of opening your account

• annual fee

• Promotion APR

  Transfer rate of the promotional credit of 0% for 12 months on transfers made from now until September 30, 2021 *

• Regular annual interest

  13.49% to 17.99% variable for purchases; 17.99% not variable for balance transfers

• Transfer fee for the credit

• Foreign transaction fee

• Credit needed

* At the end of the promotional period, the APR for the unpaid credit and all new credit transfers is 17.99%. There is a final payment fee of 3% for each transfer. This transaction is subject to credit approval. If you make use of this credit transfer, you will be charged interest immediately on all purchases made on your credit card, unless you pay the entire balance, including credit transfers, in full each month by the due date.

PenFed rental car coverage

The PenFed Platinum Rewards Visa Signature Card comes with Visa Signature perks, including secondary car collision insurance (CDW) that reimburses cardholders for insured theft or damage, as well as applicable car rental company administration and usage fees and reasonable towing fees incurred while you are driving for the rental vehicle are responsible.

The coverage lasts for up to 15 consecutive days in your country of residence or 31 consecutive days outside the United States

How to join PenFed

PenFed is a credit union that offers a variety of credit cards, checking and savings accounts, mortgages, auto, personal and student loans.

PenFed is based in McLean, Virginia, but has 48 offices in 15 states.

Military affiliation is no longer required for PenFed membership, but you must be a member to receive the PenFed Platinum Rewards Visa Signature Card or any other PenFed credit card. You can become a member by opening a PenFed savings / stock account with a deposit of $ 5 and maintaining a balance of $ 5 to keep your PenFed membership active.

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Our methodology

To determine which cards offer the best value for fuel, Select analyzed 29 of the most popular credit cards from the largest banks, finance companies and credit unions, which allow anyone to participate in gas stations and offer bonus rewards. Bonus rewards mean that a cardholder earns 2% or 2 points per dollar in a given category. In this case gas stations.

We compared each card for a number of features including cash back rewards, welcome bonus, introductory and standard APR, balance transfer fee and overseas transaction fees, as well as factors such as required creditworthiness and customer ratings, if available. We have also considered additional perks, the application process and the ease with which the consumer can redeem points.

Select has teamed up with the location intelligence company Esri. The company’s data development team has provided the most current and comprehensive consumer spending data based on the 2019 Bureau of Labor Statistics consumer spending surveys. You can read more about their methodology here.

Esri’s data team created an example of an annual budget of approximately $ 22,126 for retail spending. The budget has six main categories: groceries ($ 5,174), gasoline ($ 2,218), dining out ($ 3,675), travel (2,244), utilities ($ 4,862), and general purchases ($ 3,953). General purchases include items such as household items, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.

Select uses this budget to estimate how much the average consumer would save over the course of a year, two, and five years trying to maximize their rewards potential by earning all of the welcome bonuses on offer and using the card on all applicable purchases. All total estimates of the premiums are net of the annual fee.

Note that the value of a point or mile varies from card to card and how you redeem it. In calculating the estimated returns, we have assumed that cardholders are redeeming points / miles for a typical maximum value of 1 cent per point or mile. (Extreme optimizers can potentially produce more value.)

Our final recommendations are heavily geared towards the highest 5 year returns as it is generally advisable to keep a credit card for years. This method also avoids giving cards with large welcome bonuses an unfair advantage.

Although the five-year estimates we included were derived from a budget equivalent to the spending of the average American, you can get a higher or lower return depending on your spending habits.

Note to editors: Opinions, analysis, reviews or recommendations expressed in this article are solely those of the Select editors and have not been reviewed, approved or otherwise endorsed by third parties.

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