PenFed Platinum Rewards Visa Signature® Card
PenFed Credit Union
No Annual Fee
Annual Fee
visaGoodcash-backno-annual-feepremium5 months ago
Welcome Offer
15,000 pts(≈ $150)Spend $1,500 within 3 months
OpenCard analysis
Is the PenFed Platinum Rewards Visa Signature Card right for you?
The PenFed Platinum Rewards Visa Signature is a no-annual-fee cash-back card from PenFed Credit Union. Its strongest everyday earning is 5% on Gas Stations, with 1% on most other purchases. With no fee, the question is simply whether 5% on Gas Stations beats what your current card earns there.
Who it's for
- ✓ People who spend steadily on Gas Stations, where it earns 5%
- ✓ Anyone who wants Gas Stations rewards without paying an annual fee
Who should skip it
- — Heavy spenders outside Gas Stations — everything else earns 1%
First-year value estimate
Welcome bonus
$150
Rewards on spending
$240
Annual fee (year 1)
−$0
Year 1, before credits
$390
Year two, without the welcome bonus: about $240 before credits ($240 in rewards minus the $0 fee).
Assumptions
- $3,000 a year in Gas Stations (5%) and $9,000 on everything else (1%) — $12,000 total, about $1,000 a month.
- Rewards valued at 1¢ per point or 1% cash back (cash-equivalent).
- Welcome bonus: 15,000 PenFed Platinum Rewards at 1¢ each (OpenCard valuation) ≈ $150.
- No annual fee in any year.
An illustration, not a promise of value. Change the spending to match yours; rewards are not cash until redeemed. Card data reviewed 2026-04-26.
How it compares
Blue Cash Everyday →
American Express, same $0 annual fee; earns 3% on gas.
AARP Essential Rewards Mastercard from Barclays →
Barclays, same $0 annual fee; earns 3% on gas stations and drugstores.
Navy Federal cashRewards →
Navy Federal Credit Union, same $0 annual fee; earns 2% on Gas Stations.
Rules and gotchas
- The welcome bonus requires $1,500 in 3 months — roughly $500 a month. That fits inside the $1,000 a month in our illustration.
Frequently asked questions
- Does the PenFed Platinum Rewards Visa Signature have an annual fee?
- No. Our record lists a $0 annual fee for the PenFed Platinum Rewards Visa Signature.
- What does the PenFed Platinum Rewards Visa Signature earn?
- 5% on Gas Stations, 3% on groceries, 3% on dining, and 1% on other purchases.
- Is the PenFed Platinum Rewards Visa Signature worth it in the first year?
- Using our illustration ($12,000 of yearly spending, $3,000 of it in Gas Stations), the first year comes out around $390 before credits, including a welcome bonus valued at $150. Year two drops to about $240 before credits.
- What credit do I need for the PenFed Platinum Rewards Visa Signature?
- Our record lists "Good" credit as the typical target for the PenFed Platinum Rewards Visa Signature. PenFed Credit Union makes the final decision based on its own criteria.
Earning Rates
5×Gas Stations5x points on gas stations
3×Groceries3x points on groceries
3×Dining3x points on dining out
1×All Other Purchases1x point on all other purchases
Other Benefits
Other Benefits
Cell phone protection
Up to $1,000 per year in cell phone protection when paying monthly wireless bill
Balance transfer intro APR
0% intro APR for 12 months on balance transfers
Insurance
Rental InsuranceSecondary
Purchase Protection
Extended Warranty
Sources
- https://www.penfed.org/credit-cards/platinum-rewards-visa
- https://www.cnbc.com/select/penfed-platinum-rewards-card-review/
Last Updated: Apr 26, 2026