Full Review

The PenFed Platinum Rewards Visa Signature® Card is the best credit card for gas rewards on the market right now, giving cardholders 5 points for every $1 in fuel paid for at the pump. That's in addition to 3 points per $1 spent at supermarkets and 1 point per $1 on everything else – all with a $0 annual fee. New PenFed Platinum Rewards Visa cardholders who spend $1,500 within 90 days of opening an account also get a $100 initial bonus.

PenFed Platinum Rewards requires excellent credit for approval, which means you'll need a credit score of 750 or higher for good approval odds. You'll also need to join Pentagon Federal Credit Union, which anyone can qualify to do. This card is best for people who plan to pay their bill in full by the due date each month, but it does have a promotional balance transfer offer, too, albeit a fairly average one.

Below, you can find more information to help you decide whether or not it's a good idea to apply for the PenFed Platinum Rewards Visa Signature Card.

Highlights

• Annual Fee - $0

The PenFed Platinum Rewards Visa's $0 annual fee makes it about $20 per year cheaper than the average credit card offer.

• Initial Bonus - $100

New cardholders need to spend $1,500 within 90 days of opening an account to get the PenFed Platinum Card's $100 initial bonus, which is delivered as a statement credit. The average initial bonus on a credit card is about $200 or 22,000 points/miles, but many of the credit cards with the best sign-up bonuses have annual fees.

• Balance Transfer Offer - 0% for 12 months

The PenFed Platinum Visa's promotional balance transfer APR is accompanied by a 3% balance transfer fee. The average balance transfer card has a 3% fee and offers 0% for nearly 13 months.

It's also worth noting that if you take advantage of the PenFed Platinum Card's 0% balance transfer offer, any purchases you make will accrue interest until you pay your entire balance (including the transferred amount) in full. You may want to try the Island Approach in that case.

• Ongoing Rewards Rate - 1 - 5 points / $1

The PenFed Platinum Rewards Visa rewards cardholders with 5 points per $1 spent on gas purchased at the pump, 3 points per $1 spent at supermarkets, and 1 point per $1 spent on everything else. PenFed points are worth a bit less than 1 cent each, so those earning rates amount to as much as nearly 5% back. And by the way, that maximum earning rate only applies to fuel purchased for your automobile – not for a boat or airplane.

• Regular APR - 13.49% - 17.99% (V)

Compared to the average APR among credit card offers available right now (roughly 19%), the PenFed Platinum Visa's regular rate seems pretty good. It is likely to be above the average for credit cards that require excellent credit for approval (about 14%), however.

• Benefits – Visa Signature benefits & more

In addition to Visa Signature benefits such as rental car insurance, travel accident insurance and Visa Signature Concierge service, PenFed Platinum allows for contactless purchases, is compatible with major digital wallets, and lets you redeem for a range of items, among other perks. Redemption options include gift cards, travel and merchandise.

Of course, you'll have to join Pentagon Federal Credit Union to open a PenFed Platinum Visa account. You can join PenFed for free if you are a current or former member of the military or employee of certain government agencies. But if you don't qualify for free, you can make a donation to a military charity and get in that way.