Platinum Rewards Visa Signature®

Yes, for the right spender. The Platinum Rewards Visa Signature® makes the most sense for someone who spends regularly on gas or EV charging and can also use the elevated rates on groceries, dining, and streaming. Since PenFed points are valued at about 1 cent each and the card has a $0 annual fee, the rewards are easy to understand and there is little downside to holding it if those categories line up with your budget.

The tradeoff is that this is a straightforward rewards card, not a perks card. There are no listed statement credits, travel benefits, or premium protections to add extra value, and the 1% rate on everything else is only average. If most of your spending falls outside its bonus categories, or if you want a card with stronger travel or shopping benefits, you will likely want to pair this with another card or look elsewhere.