PenFed Targets Military Personnel With New Defender Rewards Visa

The new credit product arrives with a $0 annual fee and no foreign transaction charges, signaling an attempt to capture a larger share of the military banking market. Cardholders earn 5X points on gas and EV charging, while supermarkets, restaurants, streaming services, and sporting goods stores yield 3X points. All other purchases qualify for a baseline 1X point earning rate.

Ricardo Chamorro, executive vice president of consumer banking and growth at PenFed, stated that the card reflects the institution's longstanding mission to serve the military community since its 1935 founding. Beyond point accumulation, the card features an introductory offer of 15,000 bonus points for members who reach $1,500 in spending within the first 90 days. Applicants are also given a choice between two distinct card designs featuring military-themed imagery to further personalize the account.