PenFed Platinum Rewards Visa Signature® Card

PenFed Platinum Rewards Visa Signature® Card Review

This is a rewards card issued by PenFed Credit Union. If you're wondering whether PenFed Platinum Rewards Visa is the right card for you, read on.

Key Takeaways

• Generous reward rate. You can get a rewards rate of up to 5 reward 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.
• 15,000 Bonus Points when you spend $1,500 in first 90 days.
• High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR of 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 3% on balance transfers. For example, a balance of $1,000 could cost $30 in transfer fees.
• No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.
• Gas rewards. 5x points on eligible fuel purchases.
• Multiple credit card benefits. Includes generous credit card perks, such as access to a concierge, emergency support, identity theft protection, purchase protection, travel accident insurance, travel assistance, and fraud protection.
• Fair or better credit required. You will have good approval odds if your credit score is above 650.

Pros & Cons of PenFed Platinum Rewards Visa

The Good	The Bad
0% APR balance transfer intro rate on balance transfers for up to 12 months. No annual fee. Multiple credit card perks. Access to a concierge. Identity Theft Protection. Travel accident and travel assistance insurance. No foreign transaction fee. Cardholders can earn rewards on their purchases. PenFed Platinum Rewards Visa Signature® Card reports to multiple credit bureaus.	Higher than average purchase APRs. Charges a 3% balance transfer fee.

PenFed Platinum Rewards Visa FAQ

Does PenFed Platinum Rewards Visa have a cash back or rewards program?

PenFed Platinum Rewards Visa is a rewards card.

PenFed Platinum Rewards Visa Rewards

Minimum rewards rate	1x
Max rewards rate	5x
Annual rewards limit	N/A
Signup Bonus ($)	N/A
Signup Bonus (Points/Miles)	15000
Signup Bonus Spend Requirement	$1500
Signup Bonus Spend Period (months)	3 months

What are the PenFed Platinum Rewards Visa benefits?

It provides the following benefits:

• Emergency Support
• Zero fraud liability
• Travel Accident Insurance
• Travel Assistance
• Reports to major credit bureaus

What are the relevant APRs for PenFed Platinum Rewards Visa?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has higher than average regular APRs.

PenFed Platinum Rewards Visa Signature® Card has a variable purchase APR of 17.99%. The card has a variable balance transfer APR of 17.99% . It also has a variable cash advance APR of 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 fees for PenFed Platinum Rewards Visa?

The following fees apply:

• There is no overlimit fee

PenFed Platinum Rewards Visa Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$0
Foreign Transaction Fee	0%
Returned Payment Fee	up to $25
Late Payment Fee	up to $28

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost rewards card.

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

Yes, 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 may help improve your credit.

How to apply for PenFed Platinum Rewards Visa

• Visit the PenFed Platinum Rewards Visa 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 your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.