New PenFed Defender Rewards Card Earns Up to 5X Points
PenFed Credit Union has announced a new credit card designed with military members and their families in mind. The PenFed Defender Rewards™ Visa Signature® Card is expected to launch this fall, and interested customers can currently join the waitlist for early updates.
The card will earn up to 5X points across several everyday and military-focused spending categories. However, PenFed has not yet disclosed important details such as the welcome bonus, and annual fee. Let’s go over what we know so far.
Earning Points
The PenFed Defender Rewards Card will earn:
- 5X points on gas purchased at the pump and at EV charging stations
- 3X points at grocery stores
- 3X points at restaurants
- 3X points on eligible streaming services
- 3X points at sporting goods stores
- 3X points at military commissaries and exchange stores
- 1X point on all other eligible purchases
Points are worth 0.85 cents each. PenFed says the card will include exclusive benefits for military members, although it has not yet revealed exactly what those benefits will be.
You can find more details here and join the waitlist. As mentioned above, we don’t know if there’s a welcome bonus, or annual fee.
Guru’s Wrap-Up
The earning structure looks promising with 5X on gas and EV charging and 3X across groceries, dining, streaming, sporting goods, commissaries, and military exchanges. However, with points being worth 0.85 cents each, that’s only 4.25% on gas and 2.55% on the other categories.
I guess a good welcome bonus might make this card attractive, and we also need to know if there’s an annual fee.
HT: MEAB
