The Platinum Rewards card is generally considered to be the superior product. PCR is 5% on gas, but only 0.25% on everything else. PR is 5% on gas, 3% on supermarkets, and 1% on everything else, plus a $250 signup bonus ($50 on first purchase, $200 after spending $1,000 in the first 3 months). The downside is that while PCR automatically credits your rewards each month on your statement, PR is on a redemption system where the cash equivalent (a PenFed prepaid VISA card) requires a minimum of $50 (5,000 pts.) to redeem. They do offer gift cards for smaller redemptions (commonly $25), and those will occasionally go on minor sales (like 2,400 for $25). There is also merchandise available, though it's generally a bit of a poor conversion ratio...
So, in short, the PR is generally superior if you don't mind dealing with the $50 minimum for cash-equivalent redemptions and the prepaid card redemption format.
That said, while PenFed is a fairly conservative lender, I was approved for a PR card with what I feel is a "thinner" profile than yours, so I don't personally see you as having any issue with it.
