Credit Cards

PenFed Platinum Cash Rewards Visa Card offers 5% cash back on gas paid at the pump

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Last updated on December 3, 2020 Comments: 15

Editor’s Note: Thank you for your interest, this offer expired and is no longer available, find here the active best credit cards for military members offers.

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.

First, the PenFed Platinum Cash Rewards Visa Card comes with a highly competitive rewards program. Cardholders can receive rewards in the form of cash back, and here is how those rewards break down:

  • 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.

Article comments

PenFed 5% gasoline card says:

Do you know it’s crazy it’s the year 2021 and I still have this card. I still get 5% back on gas all of this time. It’s grandfather, but if you were an existing customer do you still have it to this day

Anonymous says:

Dose my husband qualify if he is a veteran

Anonymous says:

Too bad PenFed is not offering 2% cashback on Superstores anymore after Feb 28. That is a bummer.

Anonymous says:

I keep saying I’ll get around to applying but I haven’t. My Amex is offering a 5% promotion on gas until March so I’ve been using that. Better get on this though.

Anonymous says:

Hmm, I’m intrigued. I’ve been with citi for a while but I may have to consider a different credit card now.

Anonymous says:

I have not had a credit card in years because they always seemed to have a drawback. I am pretty against credit cards but I may have to reconsider.

Anonymous says:

Thats a great deal on the card, and I didn’t know that there were a few one-time donation options for being eligible to apply for the card.

Anonymous says:

Well I just joined PENFED last week to take advantage of this card. I have good credit 710 range. They declined me due to too many inquiries in the last year…..I just bought a townhouse and have refinanced a vehicle in the last 7 months. They appear to be stingent but I will wait 6 months a reapply. It is worth the wait!

Anonymous says:

I heard you have to have really good credit to have this card. Can anyone tell me what credit score they have and what balance PenFed gave them for the card?

Anonymous says:

I have this card, it is excellent. This is the easiest rewards program ever, they just give it to you every month as a credit on your statement. Also they often run seasonal promotions (eg 3% cash back on purchases at electronics stores before christmas time), so that increases the cash back rate even more.

Anonymous says:

This is the only card I use and have done so for years. The other nice thing is that rather than accumulating points and requesting a check at certain dollar amounts, the savings are just subtracted from your bill each month.

Anonymous says:

That is a good deal! Cashback may be the card for the financially astute consumer.

Anonymous says:

Everytime I see a great offer for a rewards credit card, I regret being so irresponsible financially in the past. I can’t take advantage of these offers at this time, but my credit score has been steadily increasing so I hope in the next 2-3 years I will be able to take advantage of these type of offers.

Anonymous says:

I have PenFed Platinum Rewards Gas Card and I can say that I do like it but they require you to create a Regular Share account. This regular share account requires a minimum of $5 to open it. Once it is open, your Platinum Rewards Gas Card is available and I got a 20,000 limit!

Anonymous says:

Also, once you have both accounts. You can now use the card. I used the card recently and had a balance of 30.00, no problem I thought. So I transferred money from my capital one 360 account of $50.00 into my regular share account (because I read that transfering directly from an external bank to pay a bill would incur a $5 charge unless you transferred it into the regular share first and then into the card). However, beginner customers (within 6 months of opening an account) have a maximum transfer to regular share of $25.00. After 6 months, you can transfer a max of $50.00. I think this is per transfer but it could be per month…?

So anyway, once the funds got into my regular share account (account balance 55.00), I tried to transfer it into the my account and it wouldn’t let me. It says my available balance is 5.00 and it won’t make the other $50 available until the 9th which is when the card payment is due. THis I found out by calling PenFed. So I either pay $5.00 or I miss the payment and pay it late (which is OK since the first 18 months for any charges before March 31, 2013 has a 0% APR but I don’t want my credit affected even if I do not have an APR). When I called, Suzie, she was very sweet and offered to waive the fee for me.

She said to avoid it next time, transfer the funds in early, and only use what funds you have AVAILABLE in your regular share account so you can pay your balance. PenFed doesn’t even tell you what day you have to make the payment before its late… kind of sketchy. Unless I missed it somewhere on the website.

Thanks and Good Luck. I’ll still use the card.