As the offers on cash back credit card continue to increase, consumers who use credits cards should make sure theirs is one that allows them to save the most amount of money possible. Whether it’s a great APR, a long introductory period or a top notch credit card rewards program, weigh the benefits and drawbacks of every credit card before applying. The best credit card that has been flying under the radar is the PenFed Platinum Cash Rewards Visa Card. After a careful review, it’s difficult to find a flaw.
- With the Plus Card earn 5% cash back on gasoline purchases paid at the pump** and avoid an annual fee.
- With the Standard Card earn 3% cash back on gasoline purchases paid at the pump** which includes an annual fee, first year $0 then after that $25.
Unlike many cash back credit cards, the PenFed Platinum Cash Rewards Visa Card includes no tiers and no limits to cash back. 5 percent cash back on gasoline purchases paid at the pump is the best you’ll find today. To qualify for the Plus version of the card and earn 5 percent on gas purchases paid at the pump and avoid an annual fee you must obtain a qualifying PenFed product like money market certificate or IRA, money market savings account, mortgage, personal line of credit, active checking account with direct deposit ($250 minimum). Otherwise you can still enjoy 3 percent cash back on gas purchases paid at the pump with the Standard version of the card, which also includes an introductory annual fee of $0 for the first year then $25 annually.
In addition to the rewards program, currently there is a promotional balance transfer rate of 4.99 percent introductory APR for balance transfers on the PenFed Platinum Cash Rewards Visa Card for 48 months on balance transfers made between July 01, 2014 through September 30, 2014. After September 30, 2014, the APR for new balance transfers will vary with the market based on the Prime Rate, and is currently 9.99 percent. A 3 percent balance transfer fee applies to each transfer. This transaction is subject to credit approval.
PenFed is a credit union, and in order to submit an application to be considered for this card, you must be a member of the Pentagon Federal Credit Union. Here is who qualifies to be a member of the credit union:
- Members of the United States Military or Uniformed Services
- Employed by the US Government
- Members of an eligible military association
- Family members of someone in the United States Military
- Employees or volunteers of the American Red Cross
- Employed by an eligible place of business
- Resides on a military base
- Makes a one-time donation of $15 to join Voices for America’s Troops
- Makes a one-time donation of $20 to join the National Military Family Association
Anyone interested in saving as much as possible when making credit card purchases should seriously consider the PenFed Platinum Cash Rewards Visa Card. Even though you may have to make a one time small donation, it’s going to a worthy cause. **Be sure to review the credit card application page for terms and conditions and any exclusions or limitations that apply.
Updated July 24, 2014 and originally published January 12, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.