Before the COVID pandemic, most credit cards offered the same bonus categories. They were all fighting over who would give the best rewards for travel and dining expenses. But then 2020 happened and cards pivoted to offer benefits they never offered before. Grocery spending and meal delivery services got almost universal love, along with Chase providing credits for Peloton if you were working out at home.
One of the only cards that offers decent rewards at grocery stores is the AMEX Gold Card but even that is limited to stand-alone stores and not superstores.
Not many cards offer great rewards for fuel expenses. Earning 3X points is usually the best you can do. But what if you’ve purchased an electric vehicle? How can you maximize your recharging expenses?
While looking through my junk mail, I discovered a card that pays 5X points for fuel expenses and for payments at EV charging stations. It also gives 3X rewards points at restaurants and grocery stores (including most Walmart and Target stores). It also pays 3X points for TV, cable, radio, and streaming services.
I don’t know any other card that pays a bonus for EV charging stations and for groceries purchased at Walmart and Target superstores. Would you be even more surprised if I told you this card has NO ANNUAL FEE and is offering a 15,000 point sign-up bonus?
I’ve had my eye on the Penfed Platinum Rewards card because of its 5X gas bonus and 3X at grocery stores. Seemingly under the radar, the card has added EV charging expenses to the 5X category and includes charges at Walmart and Target in the grocery category (maybe.). Adding 3X rewards for TV, cable radio and streaming services is an added bonus for a card with no annual fee.
Sure, this card isn’t without some drawbacks. You need to join the Penfed credit union to apply (a $5 dollar deposit in a savings account fulfills that requirement) and there are limited ways to cash out your points. Websites value Penfed points around 0.85 cents each, while admitting you may be able to redeem them for more than that.
I’m not saying this is the optimal card for anyone. However, it;s the first card to give reward points for the expense of recharging your electric vehicle and provides bonus points for people who buy their groceries at Walmart or Target.
While going after two target markets that don’t usually overlap, it’s nice to see a card that realizes there are several holes in the marketplace and is trying to fill the gap.
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1 comment
Citi Custom Cash includes EV charging as part of their Transportation category.