PenFed Platinum Rewards Visa Signature 2021 credit card review – Forbes Advisor


PenFed Platinum Rewards Visa Signature® card vs. Citi® Double Cash Card

The Citi® Double Cash card with no annual fee offers 2% cash back rewards, which equals 1% cash back when a purchase is made and an additional 1% cash back when the purchase is paid. This lump sum earning system may be simpler, but will mainly be much more beneficial for those who wish to redeem rewards for cash and not have to redeem points for a complicated and undisclosed amount on merchandise, travel or cards- specific gifts.

Citi Double Cash charges an overseas transaction fee, but also offers a longer introductory APR on balance transfers than PenFed Platinum.

PenFed Platinum Rewards Visa Signature® card vs. US Bank Altitude® Connect Visa Signature® card

Another card offering petrol as a bonus category is the US Bank Altitude® Connect Visa Signature® card, which although it charges an annual fee of $ 0 annual launch fee for the first 12 months, after that $ 95. It also has the following reward rate: 4 points per dollar on travel and at gas stations, 2 points per dollar at grocery stores, grocery delivery, restaurant and streaming services, and 1 point per dollar on all other qualifying purchases.

With a point redemption value of one cent per point, the Altitude Connect also has an explicit definition of the value of monetary points, unlike the PenFed Platinum Rewards card.

While the annual fee may be unpleasant for some, the other benefits of the card are richer than those of the PenFed Platinum. Altitude Connect offers statement credit for TSA PreCheck or Global Entry application fees and protection against cell phone damage and theft. Altitude Connect also offers a solid welcome bonus: 50,000 bonus points when you spend $ 3,000 on qualifying purchases within the first 120 days of opening the account.

PenFed Platinum Rewards Visa Signature® card vs Chase Freedom Flex℠

Another no-annual fee card with a tiered rewards structure is the Chase Freedom Flex℠, which earns 5% cash back on qualifying purchases in rotating categories, 5% on trips purchased through Chase Ultimate Rewards ®, 3% on restaurants and pharmacies. , and 1% on all other purchases. It also offers an introductory APR of 0% for 15 months from account opening on purchases and balance transfers, then a variable APR of 14.99 to 24.74% applies. An introductory balance transfer fee of $ 5 or 3% of the amount of each transfer, whichever is greater in the first 60 days, after that either $ 5 or 5% of the amount of each transfer, depending on the higher of the two.

The Chase Freedom Flex also offers a range of perks and perks that the PenFed Platinum Rewards card does not, including purchase protection, extended warranty protection, trip interruption or cancellation protection, and protection of mobile phones. Cardholders who also have a Chase Ultimate Rewards premium card like the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve® can get even more value on the points earned by the Freedom Flex.


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