The PenFed Platinum Rewards Visa Signature Card has an offer for $100 bonus cash when you spend $1,500 in the first 90 days. Although not the best welcome offer out there, it’s a decent one considering the card doesn’t come with an annual fee. For more no-annual-fee credit card offers such the Chase Freedom Unlimited® card offer, see our list.
PenFed Platinum Rewards is worth a once over if you’re looking for an everyday rewards card. It offer 5x points on gas, 3x points on groceries and 1x points on everything else. The Blue Cash Everyday® Card from American Express also offers cash back on gas.
But there’s a catch. You need to join Pentagon Federal Credit Union (PenFed) in order to qualify (more on that later). Not associated with the military? Want a simple application process? Then PenFed credit cards won’t be a good fit.
PenFed Platinum Rewards Card $100 Bonus Cash Offer
Take advantage of the PenFed Platinum Rewards card’s introductory offer: $100 as statement credit. To qualify, charge at least $1,500 to your card within the first 90 days of opening your account.
Here are some ideas on meeting the spending requirement.
Earning PenFed Platinum Rewards
The PenFed Platinum Rewards card offers:
- 5x points on gas purchases at the pump
- 3x points on supermarket purchases
- 1x points on all other purchases
*Military commissaries count as supermarkets
There is no cap on the number of points you can earn, but your points do expire after five years.
Redeeming PenFed Platinum Rewards
Like many other points-based cards, the value of your rewards depends on how you use them. On average, each PenFed Platinum Rewards point is worth $0.01. That’s on par with the industry average.
When you’re ready to redeem your points, you have a variety of options, including:
- Gift cards
To get the best value for your PenFed Platinum Rewards points, use them for award travel.
PenFed Platinum Rewards Card Eligibility
Before you can apply for the PenFed Platinum Rewards card, you’re required to join the PenFed credit union. To qualify, you must meet one of the following requirements:
- You are retired, honorably discharged or currently serving the U.S. military.
- You are an employee of a qualifying organization.
- You belong to a qualifying association or organization.
- You are an employee of the U.S. government.
- You live or work in an eligible location.
- You are a family member or housemate of someone who is eligible.
*Visit penfed.org for more details
If you don’t fit into any of the above requirements, you can join either National Military Family Association or Voices for America’s Troops to qualify. Anyone can join, but minimal fees do apply.
If you spend a lot on gas and groceries, the PenFed Platinum Rewards card should be at the top of your list. Although you have to be a member of the credit union in order to apply, it’s easy and cheap to join. So membership shouldn’t be a deterrent.
Looking for simpler rewards? The PenFed Power Cash Rewards card offers a competitive, flat-rate cash back for all your purchases.
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