PenFed Platinum Rewards
No annual fee · 1x on everything else · no foreign transaction fees
Terms verified 2026-09-02 against issuer terms · welcome offer re-checked 2026-10-23
Earn rates · how we got this
| Category | Rate | Cap |
|---|---|---|
| Gas | 5x 4.3¢ per $1 |
uncapped |
| EV charging | 5x 4.3¢ per $1 |
uncapped |
| Groceries | 3x 2.6¢ per $1 |
uncapped |
| Dining | 3x 2.6¢ per $1 |
uncapped |
| Streaming | 3x 2.6¢ per $1 |
uncapped |
| Everything else | 1x 0.9¢ per $1 |
uncapped |
Signup bonus: 15,000 points after $1,500 in 3 months. We never count unearned bonuses in savings math — a bonus you don't clear is worth zero. Bonus figure confirmed on the issuer's page 2026-10-23.
Non-cash perks
- Membership required (PenFed: open to anyone who joins the credit union)
- PenFed points are worth roughly 0.85 cents each on typical travel/gift card redemptions
- No foreign transaction fees
Does the fee earn out? · how we got this
No annual fee, so every point earned is pure upside. The question is only whether its rates beat the other cards already in your wallet — which depends on your spending, not the card.
Check the current offer on the issuer's site → Where a card link will appear once available — no link on this page pays us today.
Who this card is not for
Every point below is a term the issuer prints, read off this card's own row in our database — not an opinion about the card. One thing on this card rules out a kind of spender:
- Spending outside its bonus categories. Everything else earns 1x, worth about 0.9¢ per dollar at our value for PenFed points — less than the 1¢ a plain cash-back card pays on the same dollar. This card only wins where its bonus categories do.
Compared head-to-head
- PenFed Platinum Rewards vs Chase Sapphire Preferred — which earns more?
- PenFed Platinum Rewards vs Blue Cash Preferred Card from American Express — which earns more?
- PenFed Platinum Rewards vs Capital One Savor — which earns more?
- PenFed Platinum Rewards vs AAA Daily Advantage Visa Signature — which earns more?
- PenFed Platinum Rewards vs AAA Travel Advantage Visa Signature — which earns more?
- PenFed Platinum Rewards vs Everyday Rewards+ (Elan) — which earns more?
- PenFed Platinum Rewards vs Wyndham Rewards Earner Plus Card — which earns more?
- PenFed Platinum Rewards vs Wells Fargo Autograph — which earns more?
Comparing cards in the same currency? See the best cards that earn PenFed points →
More from PenFed
Which card should this spending actually be on? The demo re-scores a year of realistic spending against every card in a wallet — free, no signup. See it on sample data →
Verified 2026-09-02 against issuer terms · sources: www.penfed.org. Spot an error? Tell us.