PenFed Visa Platinum Rewards Card Review

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Annual Fee: See Terms*
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Saving money in this unstable American economy can be tough right now. With a shaky job market and rising gas prices, it is important to save money wherever you can. Thankfully, the PenFed Visa Platinum Gas / Cash Rewards Card takes both into consideration.

If you think that it is tough to save money in this day and age, you may not be aware of all the tools at your disposal. There are many different ways that you can save money if you just know where to look. For instance, no matter what happens in your life in the movement of the economy, you will still need to buy things like gas and groceries. Well, the PenFed Visa Platinum Gas / Cash Rewards Card can help you.

CashBack / Gas Rewards

Many credit cards offer you cashback rewards options. This gives you rebates on your credit card statement instead of other gifts or certificates towards particular merchandise. Typically, you earn these rewards at a percentage of or around 1%, but this Pentagon Federal Credit Union Card lets you earn up to more cashback on fuel purchases. Yes, this card rewards you for putting gas in your tank and driving to work (or school, or the store, or wherever you need to go). You will also get the standard cashback on everything else you buy with the card.

Your Cash Rewards are always credited every month, which means that the more you use your card the more you will save immediately! It is not often that you get to reap your credit card rewards so quickly so being able to take advantage of your cash savings at the end of every month is something to think about. There are no special restrictions on your cashback rewards, but you do have to use them every month.

Interest Rates

Of course, the PenFed Visa Platinum Rewards credit card also charges interest on your purchases, which is nothing unique to any credit card. However, you could possibly take advantage of a low introductory rate on balance transfers if you apply soon. This could provide you with:

  • A low APR for all balance transfers
  • The low rate will remain for the life of their balances you transfer
  • Waiver of balance transfer fees

Low balance transfers rates are always good, even if they are introductory. Thankfully, though, the low interest rate for this card will last until your balances are paid off so transfer the balances from your higher rate cards immediately and you will start saving money just as quickly. This can make it much easier to pay down your balances, reduce your credit liability and improve your ability to stay in good standing.

The standard annual percentage rate for this card is also quite attractive. It's among the best available for standard rates, but you should keep in mind that the rate it is now is based on the current market Prime Rate standard. This means that while it might change in time, it will always reflect a similar comparison to the Prime Rate.

You should also know that if your monthly payment is not received within 60 days of its due date, your annual percentage will, more than likely, increase. This is known as the non-variable Penalty APR, which will always be greater than your prime rate.

Card Fees

Like most other credit cards, the PenFed Visa Platinum Gas / Cash Rewards Card does have a few fees associated to it. Thankfully, there is no annual fee, no over credit limit fee, and no cash advance fee, but you will notice:

  • A minimum transaction fee on all balance transfers
  • A very small transaction fee for foreign exchange (charged against the current US dollar amount)
  • Late payment fees (which will change depending on your balance)
  • A returned payment fee if your monthly payment check does not clear and is returned to you.

Final Word

The PenFed Visa Platinum Rewards Card gives you many convenient options for saving money, which is certainly something that is very desirable right now. Use your card for things like gas and groceries and you could get cash rebates. It's that simple.

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