PenFed Platinum Rewards Visa Signature® Card Review

PenFed Platinum Rewards Visa Signature® Card is a rewards credit card issued by PenFed Credit Union. If you're wondering whether PenFed Platinum Rewards Visa Signature® Card is the right card for you, read on. This is everything you need to know to make a good choice.

Key takeaways:

• Generous reward rate. You will get a a rewards rate of 5 points per dollar spent.
• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 12 months, which is the average period for 0% APR balance transfer cards.
• Signup bonus. Offers a signup bonus of $100 if you spend $1500 within 3 months.
• Competitive APRs. PenFed Platinum Rewards Visa Signature® Card has a variable purchase APR that ranges from 11.74% up to 17.99%.
• No annual fee. This is a great option for people looking for a low-maintenance rewards card. It gives you rewards on your purchases, but you don't have to pay an annual fee for the privilege.
• 3% Balance transfer fee. PenFed Platinum Rewards Visa Signature® Card charges a fee of up to 3% on balance transfers. For example, a balance of $1,000 could cost up to $30 in transfer fees.
• $0 foreign transaction fee. This card does not charge foreign transaction fees, which makes a great credit card to carry with you when traveling abroad.
• Gas rewards.
• Multiple credit card benefits. Includes generous credit card perks, such as rental insurance, emergency support, extended warranty protection on purchases, purchase protection, travel accident insurance, travel assistance, and fraud protection.
• Good or better credit required. You should probably try with another card if your credit score is below 700.

PenFed Platinum Rewards Visa Signature® Card Pros and Cons:

The Good

The Bad

Lower than average purchase APRs. 0% APR balance transfer intro rate on balance transfers for up to 12 months. No annual fee. Multiple credit card perks. Offers auto rental collision damage waiver. Extended warranty on purchases. Travel accident and travel assistance insurance. No foreign transaction fee. Cardholders can earn rewards on every purchase. Earn rewards on every purchase. PenFed Platinum Rewards Visa Signature® Card reports to multiple credit bureaus. Cardholders can earn rewards on their purchases.

Requires good to excellent credit. Charges a 3% balance transfer fee.

Is there a PenFed Platinum Rewards Visa Signature® Card cash back or rewards program?

PenFed Platinum Rewards Visa Signature® Card offers a rewards program to its customers.

PenFed Platinum Rewards Visa Signature® Card Rewards

Rewards rate (all purchases)	1%
Max rewards rate	5%
Annual rewards limit	N/A
Signup Bonus ($)	$100
Signup Bonus Spend Requirement	$1500
Signup Bonus Spend Period (months)	3 months

What are the PenFed Platinum Rewards Visa Signature® Card benefits?

PenFed Platinum Rewards Visa Signature® Card provides the following benefits:

• Auto Rental Collision Damage Waiver
• Emergency Support
• Extended Warranty Protection
• Zero fraud liability
• Travel Accident Insurance
• Travel Assistance
• ID Theft Protection
• Reports to major credit bureaus

What are the relevant APRs for PenFed Platinum Rewards Visa Signature® Card?

According to the Federal Reserve Board, the average interest rate is 15% for all credit cards and 17% for accounts that carry a balance. PenFed Platinum Rewards Visa Signature® Card has lower than average purchase APRs.

PenFed Platinum Rewards Visa Signature® Card has a variable purchase APR that ranges from 11.74% up to 17.99%. The card has a variable balance transfer APR that ranges from 11.74% up to 17.99%. It also has a variable cash advance APR that ranges from 11.74% up to 17.99%. Note that late payments are subject to an APR of 17.99% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What are the PenFed Platinum Rewards Visa Signature® Card fees?

The following fees apply to PenFed Platinum Rewards Visa Signature® Card:

• There is no overlimit fee

PenFed Platinum Rewards Visa Signature® Card Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$0
Foreign Transaction Fee	0%
Returned Payment Fee	up to $25
Late Payment Fee	$10 - $25

Does PenFed Platinum Rewards Visa Signature® Card report your account activity to credit bureaus?

PenFed Platinum Rewards Visa Signature® Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

How to apply for PenFed Platinum Rewards Visa Signature® Card

• Visit the PenFed Platinum Rewards Visa Signature® Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.
• If you're denied click here to find out why your application may have been rejected and what you can do about it.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.