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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.

Now that you have concluded that the PenFed Platinum Rewards Visa Signature® Card might be right for you find some useful information below.

To submit an application, you must first become a PenFed member. So, keep this in mind. It is not up for discussion.

Yes. Simply put, you need to be a Pentagon Federal Credit Union member to use its financial services.

But have no fear. Because anyone can sign up. You can apply for a PenFed Platinum Rewards Visa Signature® Card if you are willing to go through some extra hoops.

Your current relationship with PenFed will determine the application process for obtaining financial products offered by PenFed, as mentioned above.

This means that even if you are not a current member, you will have no trouble becoming one shortly. However, membership applications must be submitted before any credit card applications can be processed.

As a result, non-members who are interested in this rewards-filled credit card must first submit an application and deposit $5 into a PenFed savings account.

Afterward, they will initiate membership during the application process.

If you are a member, the application process will move much more quicker for you. This is because they pre-complete certain fields in your application for you.

Those who are already members can do so simply by signing into their accounts at PenFed.org. It’s a breeze, and you can do it whenever and wherever you like.

Accounts can be opened for minor children of PenFed members by adding them as members in their own right.

They can open a checking account in addition to their regular share account. To open a checking account, you must first fill out an application.

The child must be under the age of 16 and have a parent or legal guardian listed as a co-owner. Simply complete the Membership Application’s joint section to accomplish this.

There is a lack of detail concerning potential alternative uses. In the case of memberships and credit card payments, no.

However, they will have no problems using their credit cards with a digital wallet. You can simply add your credit card information to your electronic wallet.

Below is a comparison of two reward credit cards. Notice that, although both have no annual fee and demand good credit histories, the rewards and welcoming bonuses differ slightly.

If you think the Bank of America® Unlimited Cash Rewards card is the best option for your finances, check out our post below to learn about the application process!