PenFed · Visa

Annual fee

$95

Rewards

PenFed Rewards

Earn rates

• 4x travel — PenFed Honors Advantage members only (military service, or primary owner of a PenFed checking account). Page: "Honors Advantage members will earn an additional 2.5X points bonus on travel category purchases on top of their current 1.5X points (for a total of 4X points per dollar on travel category purchases)."
• 3x travel — Non-Honors-Advantage cardholders. Page: "All other cardholders will earn 1.5X points bonus on travel category purchases on top of their current 1.5X points (for a total of 3X points per dollar on travel category purchases)."
• 3x dining — PenFed Honors Advantage members only. Page: "Honors Advantage members will earn an additional 1.5X points bonus on dining category purchases on top of their current 1.5X points (for a total of 3X points per dollar on dining category purchases)."
• 2x dining — Non-Honors-Advantage cardholders. Page: "All other cardholders will earn .5X points bonus on dining category purchases on top of their current 1.5X points (for a total of 2X points per dollar on dining category purchases)."
• 1.5x other — Base rate, all purchases. Page: "All purchases earn 1.5X points." No cap: "Spending $100, $1,000, $10,000, or even more? You’ll get unlimited points."

Foreign transaction fee

None

Purchase APR

17.99%–17.99% variable

Typical credit

Good (~690–719), Excellent (~720+)

Issuer rules

• Credit union membership required: "To receive any advertised product, you must become a member of PenFed Credit Union which includes opening a $5 PenFed savings account."
• The $95 annual fee is waived for PenFed Honors Advantage members, not for the first year: "As a PenFed Pathfinder® Rewards cardholder, if you qualify for Honors Advantage (member of the military or Access America or Free Checking account holder) at the time of the application, we will waive the annual fee on your account. If you were not eligible at account opening, but subsequently become eligible, the annual fee will be waived on your next anniversary. If at any time, you fail to maintain the eligibility requirements, you will no longer be eligible for the waiver."
• Honors Advantage eligibility: "To be eligible to participate in the Honors Advantage program, you must qualify through either A. Military service of the primary (active duty, reserve, or retired) or B. Ownership of any existing open or newly established PenFed Credit Union checking account product. (PenCheck Limited accounts are NOT eligible). Member must be primary owner on both credit card and checking account to receive Honors Advantage bonus rewards."
• Free Checking route to Honors Advantage carries a balance/deposit test: "Members with a qualifying Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more in order to maintain Honors Advantage Eligibility."
• One signup bonus per account: "Each account is eligible for 1 bonus at account opening."
• Non-purchase transactions do not earn rewards: "Cash advances, cash-like transactions, credit card checks, balance transfers, and account fees are excluded from earning cash rewards."
• Points expire: "Points expire 5 years from the end of the month in which they are earned."
• Paper statement fee: "Cardholders may sign up for free electronic statement notification to avoid paying a $2.00 fee for mailed paper statements."
• Other stated fees on this card: "Cash advance fee" / "None", and "Balance transfer fee" / "3% per transaction2".

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