Discover the many ways how you can save money on gas with this PenFed Platinum Rewards Visa Signature® Card review.

Spend as much as you want at the pump and earn 5X points for every dollar, with no annual fee, when you use your PenFed Platinum Rewards card.

There is a zero-liability policy, click-to-pay functionality, chip security, and tap-to-pay capabilities on each and every card.

But the Platinum Rewards, however, has all PenFed’s features focused on a specific target audience: commuters, rideshare drivers, and other road workers.

With this card, you can earn unlimited fuel rewards and three points per dollar on groceries, plus unlimited points on all other purchases.

Still, there are a few caveats to consider. Cashback is not an option, and the value of the points you earn may be lower than with competing cards’ reward systems.

Note that PenFed’s membership is a prerequisite for application.

Also, you can find a rewards calculator on their credit card webpage. On this page, you can find out the number of reward points you will be able to earn.

Now that you know more about this card, check out its pros and cons in the topics below!

The first pro is that, although you need to be a member to have any of PenFed’s credit cards, there are no membership fees. As well as, this card has no annual fee.

Secondly, during your first twelve months, you will be able to enjoy a 0% introductory APR, but only on balance transfers.

Another welcoming bonus is 15,000 points after $1,500 spent on purchases during the first ninety months.

Lastly, the PenFed Platinum Rewards offers high rewards rate and bonus categories.

Well, the first con is that the introductory APR is not valid for purchases. Regarding the fees, unfortunately, you will be charged a fee on balance transfers.

And, finally, to enjoy all its pros, a, you must be a member, and b, your credit score will need to be good or excellent.

To qualify for PenFed Platinum Rewards, your credit score must be 750 or higher. So, you will need great credit to qualify for this card.

Remember that the issuer will consider more than just your credit score when making a decision on your application. The outcome will also depend on other factors, including income and debts.

If you want to increase your credit limit, you will have the best luck if you have made all of your payments on time, in full, or if your credit score and/or income have improved.

Read our detailed guide on applying for this card in our post below if you are considering it after reading our PenFed Platinum Rewards Visa Signature® Card review!