[UPDATE: Some offers mentioned below have expired and/or are no longer available on our site. You can view the current offers from our partners in our credit card marketplace.]

One thing I've always liked about PenFed credit cards is that the benefits usually far outweigh the costs. This latest addition to their lineup is no exception.

This card is the replacement for the PenFed Platinum Rewards Visa Signature® Card, which was my pick for first runner-up for the Best Cash Back Credit Card in America last spring.

If you have the PenFed Platinum Cash Rewards Card, you can keep that card or switch over to the new version. But the new PenFed Platinum Rewards is a better deal, especially since the old card has decreased cash rewards from 1 percent to 0.25 percent on purchases other than gas.

Now, the cash rewards have been changed to points on the new card. So you can no longer get a statement credit, but you can redeem your points for gift cards, travel, merchandise and experiences.

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You can also redeem points for a Visa prepaid card. A spokesperson for PenFed confirmed that there are no fees associated with the Visa prepaid card.

You get a sign-up bonus. You can earn $100 if you spend $1,500 within the first 3 months.

Here are a few more highlights of the PenFed Platinum Rewards Card:

• 5 points per $1 spent on gas
• 3 points per $1 spent on supermarket purchases
• 1 point per $1 spent on all other purchases
• Variable APR 9.74%-17.99%
• No foreign transaction fees
• No annual fee

There's also a promotional 0% APR on balance transfers for 12 months. You do have to pay a 3 percent transfer fee.

Some credit cards issued by credit unions are notoriously hard to get unless you have a family member in the military. But you can join PenFed by giving a $20 donation to the National Military Association or $15 to Voices for America's Troops.