How does the PenFed Platinum Rewards travel insurance work?

Yes, you can use your PenFed Platinum Rewards card anywhere Visa is accepted. That means almost anywhere they take credit cards as a payment method.

This card even comes with a 0% foreign transaction fee, so you won’t be charged extra when purchasing something in another currency.

Yes, the PenFed Platinum Rewards Card has a grace period of at least 25 days, lasting from the end of each billing cycle until the payment due date. If cardholders pay their PenFed Platinum Rewards Card statement balance in full every month, PenFed will not charge any interest.

Keep in mind that you are not required to pay the entire balance by the due date. But if you decide to pay less than the full amount due, you will lose the grace period. The remaining PenFed Platinum Rewards Card balance and any new purchases will then start to accrue interest that compounds daily. To get a credit card grace period back, you will need to pay the statement balance in full for two consecutive months. ... read full answer

It’s also important to note that grace periods do not apply to cash advances or balance transfers.

To cancel a PenFed Platinum Rewards credit card, call customer service at 1 (800) 247-5626 and ask a customer service rep to cancel your card account. Cardholders can also cancel an account in person at a PenFed branch, or by mail.

Be aware that if there’s a balance remaining on the canceled account, you will still need to make at least the minimum payment every month until the balance is paid in full. In addition, you will forfeit any unused points, so be sure to redeem them before you cancel the card. You will also need to update the payment method for any recurring charges linked to your PenFed Platinum Rewards card.... read full answer

How to Cancel a PenFed Platinum Rewards Credit Card

By phone

Call customer service at 1 (800) 247-5626. Then, follow the prompts to speak to a customer service representative, and let them know you want to cancel. The representative may offer you a retention bonus to keep you on as a customer, but you can simply decline the offer and proceed with canceling the account.

In person

Click the branch locator tool link on the PenFed website or mobile app for a list of PenFed branch locations. Enter your address or ZIP code to find a branch in your area.

By mail

Send your written request to cancel the card to:

Pentagon Federal Credit Union
PO Box 456
Alexandria, VA 22313-0456

It’s important to know that when you cancel a PenFed Platinum Rewards card, you may see a decrease in your credit score, depending on the card’s credit limit and how long you’ve had the card. You can get an idea of how much a canceled credit card will affect your credit score by using WalletHub’s free credit score simulator.