Pros
- No limit to the amount of rewards you can earn
- Points and cash back cards available
- High earning rates
Cons
- Rewards expire 5 years after you earn them
- No transfer partners
- Some redemption options not available to all cards
- Must be a PenFed member to qualify for any card
PenFed Rewards Program Review Summary
The PenFed Rewards Program is the 21th best credit card rewards program, according to WalletHub's latest comparison, receiving 75 points out of a possible 100. The PenFed Rewards Program features two credit cards with rewards points, the PenFed Platinum Rewards Visa Signature® Card and the PenFed Pathfinder® Rewards Visa Signature® Card. It also has one cash back card, the PenFed Power Cash Rewards Visa Signature® Card.
PenFed Rewards Program points are generally worth 0.85 cents to 0.87 cents apiece, depending on how you redeem. There are plenty of redemption options, from statement credits to travel to gift cards.
PenFed Rewards Program Review Scorecard
#20 for Earning Policies
#16 for Redemption Policies
#1 for Rewards Value per Point
#25 for Eligibility & Transparency
Best PenFed Rewards Program Credit Cards
- No Annual Fee: PenFed Platinum Rewards Visa Signature® CardPenFed Platinum Rewards Visa Signature® CardLearn MoreLearn Moreon issuer's website
- Big Bonus: PenFed Pathfinder® Rewards Visa Signature® CardPenFed Pathfinder® Rewards Visa Signature® CardLearn MoreLearn Moreon issuer's website
- Cash Back: PenFed Power Cash Rewards Visa Signature® CardPenFed Power Cash Rewards Visa Signature® CardLearn MoreLearn Moreon issuer's website
Summary: PenFed Rewards Program Scores by Review Category
| Category | Score |
|---|---|
| Earning Policies | 23/30 |
| Redemption Policies | 9/20 |
| Rewards Value per Point | 30/30 |
| Eligibility & Transparency | 13/20 |
| OVERALL | 75/100 |
How to Earn PenFed Rewards Program Rewards
Category Rating: 77% (23/30)
You will earn at least one rewards point or 1% cash back in return for every dollar you spend with a PenFed Rewards Program credit card. Choosing the right credit card and using it strategically can enable you to earn even more rewards, and there’s no limit on the amount of rewards you can earn.
Earning Restrictions: PenFed Honors Advantage members may earn more rewards on credit cards than regular cardholders. PenFed Honors Advantage requires a PenFed checking account or past/present military service. In addition, rewards will expire 5 years after you earn them.
How to Redeem PenFed Rewards Program Rewards
Category Rating: 46% (9/20)
The best way to redeem PenFed rewards is for travel because it gives you the most value per point. Below, you can learn more about all the different options to redeem your PenFed rewards.
Travel
You can use your rewards to book new travel through PenFed’s booking tool in your online account. You can book airfare, hotel stays, car rentals and more.
Cash Back
Cash back redemption can take the form of a statement credit, a deposit to a PenFed checking or savings account, or a transfer to another financial institution.
It's important to note that the PenFed Power Cash Rewards Visa Signature® Card only allows you to redeem your rewards for cash back. It’s also the only card that has a cash back redemption option.
Merchandise
PenFed allows you to purchase various types of items online with your PenFed rewards.
Gift Cards
You can use your rewards to get gift cards of various denominations from popular merchants.
Redemption Restrictions to Watch Out For:
- Certain redemption options limited to certain cards: The PenFed Platinum Rewards Visa Signature® Card and the PenFed Pathfinder® Rewards Visa Signature® Card do not allow you to redeem for cash back. The PenFed Power Cash Rewards Visa Signature® Card does not allow you to redeem for travel, gift cards or merchandise.
- Minimum redemption amount: On points cards, you must have a minimum of 1,000 points to redeem.
No transfer partners: The PenFed Rewards Program does not offer the ability to transfer points to the loyalty programs of any merchants.
PenFed Rewards Program Value
Category Rating: 100% (30/30)
PenFed Rewards Program points are worth 0.85 cents to 0.87 cents each, depending on how they’re redeemed. Cards that participate in the rewards program also offer different amounts of points for different types of purchases. Depending on the card, you may earn 1 - 5 points per $1 spent.
With the PenFed Power Cash Rewards Visa Signature® Card, $1 in rewards = $1 in cash back. You will earn 2% back on all purchases if you are a PenFed Honors Advantage member, or 1.5% if you are not.
PenFed Rewards Program Redemption Value
| Redemption Options | Value of 1 point |
|---|---|
| Travel | Info |
| Airline | 0.87 cent |
| Hotels | 0.87 cent |
| Car Rental | 0.87 cent |
| Average | 0.87 cent |
| Merchandise |
Info |
| Various Items | 0.85 cents |
| Average | 0.85 cents |
| Gift Cards | Info |
| Various Gift Cards | 0.85 cents |
| Average | 0.85 cents |
PenFed Rewards Program Eligibility & Transparency
Category Rating: 67% (13/20)
Most PenFed credit cards are in the credit union’s rewards program. However, the cards are split between offering points and cash back.
| Points Cards | Cash Back Cards |
| PenFed Platinum Rewards Visa Signature® Card
|
PenFed Power Cash Rewards Visa Signature® Card
|
Popular PenFed Rewards Program Credit Cards
| PenFed Credit Card | Annual Fee | Initial Bonus | Rewards Rate |
| PenFed Platinum Rewards Visa Signature® Card | $0 | 15,000 points | 1 - 5 points / $1 |
| PenFed Pathfinder® Rewards Visa Signature® Card | $95 | 50,000 points | 1.5 - 4 points / $1 |
| PenFed Power Cash Rewards Visa Signature® Card | $0 | $100 | 1.5 - 2% Cash Back |
For more information, check out the best PenFed Credit Union credit cards on WalletHub.
4 Tips for Getting the Most Out of the PenFed Rewards Program
- Pick the Right Card & Use it Wisely
Some PenFed Credit Union cards offer bonus rewards if you spend a certain amount within a few months of account opening. Others reward you more for purchases in certain spending categories. And some combine the two. Your job is to find a card that complements your particular needs.
- Redeem regularly
The whole point of earning credit card rewards is to enjoy the savings they provide. If you just leave your PenFed Rewards Program rewards sitting in your account unused, they won’t do you much good. Plus, if you don’t redeem them within 5 years, they will expire.
- Pay your bill in full every month
Paying interest at a credit card’s regular APR will end up costing you more than rewards save you. Paying in full monthly allows you to avoid interest charges.
- Redeem before closing your account
You will lose any PenFed Rewards Program rewards left unredeemed when you close your account.
PenFed Rewards Program vs. Chase Ultimate Rewards vs. NFCU Rewards
| Category | PenFed Rewards Program | Chase Ultimate Rewards | NFCU Rewards |
| WalletHub Rank | 21 | 7 | 12 |
| Average Point/Mile Value | 0.86 cents | 1.07 cents | 1 cent |
| Redemption Options Rank | 16 | 2 | 14 |
| Notable Rewards Card | PenFed Power Cash Rewards Visa Signature® Card | Chase Freedom Unlimited® | Navy Federal Credit Union GO REWARDS® Credit Card |
| Notable Travel Rewards Card | PenFed Pathfinder® Rewards Visa Signature® Card | Chase Sapphire Preferred® Card | Navy Federal Credit Union Visa Signature® Flagship Rewards Credit Card |
PenFed Rewards Program Review Methodology
This review of the PenFed Rewards Program is based on the same methodology as WalletHub’s annual study on the Best Credit Card Rewards Programs. Editor’s ratings reflect the sum of each program’s scores across the study’s four major categories, adjusted to a 5-point scale to create a representative distribution of ratings. The four major categories considered were: Earning Policies, Redemption Policies, Rewards Value per $1 Spent and Eligibility & Transparency.
WalletHub calculated PenFed Rewards Program point values by comparing the dollar value of redemption items against the number of points needed for each.