PenFed Points

[fittiger]

For all of those with PenFeds rewards cards, how does teir rewards system work?

What can points be redeemed for? Cash, merchandise, travel? Can they be transferred to airlines/hotel rewards?

[bs6054]

For the platinum rewards program, there are gift card, merchandise and travel type rewards.  And there are the usual "special offers", e.g. today a $25 certificate to Chilis for 2,400 points.

But, more usefully for many, for 5,000 points you can get a $50 prepaid visa, so this cash equivalent is redeemed at 1 point for 1 cent, unlike some other programs.

[bs6054]

And on this program, the points cannot be transferred to partner programs.  I assume other rules apply on their travel type cards.

[fittiger]

So if I'm getting this as a secondary card, the Platinum Cash Rewards or Promise Visa would be my best bet?

[FutureBillionaire]

No.  The Platinum rewards card is much better.  You get 1 point per dollar spent.  The cash rewards only gives you a percentage of a point back for spending outside of gas stations. 

[bs6054]

And it also gives 3% off at supermarkets, equalling the Amex BCE.   It is also uncapped (so no $6K cap like with the BCP/BCE) and works abroad (I got 3% back at UK supermarkets last month)