The Platinum Rewards earns 5.0X on travel, 3.0X on dining, 1.0X on all_purchases with a $0 annual fee.
Our Verdict
The Platinum Rewards is a points rewards card from PenFed that carries a no annual fee on the visa network. At its core it earns 1.0X Honors Points on everyday purchases, making it straightforward for cardholders who want predictable, consistent returns.
Points enthusiasts will find the most flexibility with the Platinum Rewards. Honors Points can be redeemed for travel, gift cards, statement credits, or transferred to loyalty partners. Cardholders who maximize transfer partners often extract 1.5–2+ cents per point, well above face value.
With no annual fee, there is virtually no downside to keeping this card long-term even as a backup. It adds to your credit history and earns rewards at zero ongoing cost.
Apply for the Platinum Rewards →Rewards Structure
Fee Analysis
The Platinum Rewards has no annual fee, making it an excellent choice for anyone who wants rewards without a yearly cost. There is no break-even spending threshold to worry about — every dollar of rewards is pure value.
Where This Card Earns Bonus Rewards
| Category | MCC Code | Bonus Rate | Example Merchants |
|---|---|---|---|
| Travel | 4112 Passenger Railways | 5x | Amtrak, Deutsche Bahn, Eurostar, Loco2 |
| Travel | 4121 Taxicabs and Limousines | 5x | Alto, Arro, Bolt, Cabify |
| Travel | 4131 Bus Lines, Including Charters, Tour Buses | 5x | Barriere Bus Lines, BoltBus, Coach USA, FlixBus |
| Travel | 4511 Airlines, Air Carriers ( not listed elsewhere) | 5x | Aegean Airlines, Aer Lingus, Aeromexico, Air Arabia |
| Travel | 4722 Travel Agencies and Tour Operations | 5x | AAA, AAA Travel, Agoda, Airbnb |
| Travel | 7011 Lodging – Hotels, Motels, Resorts, Central Reservation Services (not elsewhere classified) | 5x | 21c Museum Hotels, 25hours Hotels, AC Hotels by Marriott, Alila |
Click any MCC code or merchant name to see all cards that earn bonus rewards there.
Strengths and Weaknesses
Strengths
- 5X top earn rate on bonus categories
- No foreign transaction fees
- No annual fee
Weaknesses
- 1X base rate on non-bonus spending
How to Apply
You can apply for the Platinum Rewards directly through PenFed's website. The application takes about 5 minutes and requires your Social Security number, annual income, and housing payment information. Most applicants receive an instant decision.
Before applying, check if you are pre-approved on PenFed's website — a pre-approval uses a soft pull and does not affect your credit score.