Nervous consumers are watching closely as big banks like Chase consider limiting debit card transactions while increasing ATM fees. While debit cards will likely continue to move against the consumer, credit cards are increasing their rewards programs in order to entice new business. The PenFed VISA Platinum Cashback Rewards Card happens to be one of said credit cards and it’s the only card in the market today that offers 5% cash back on gas purchases, no strings attached.
The PenFed VISA Platinum Cashback Rewards Card is one of the best credit cards on the market today, and unfortunately, few consumers know it. Pentagon Federal Credit Union also promotes a handful of other credit cards and financial products, all geared towards helping the military. Anyone can become a member, and in order to do so, one of the following must me true:
- Member of the United States Military or Uniformed Services
- Member of an eligible military association
- Employed by the US Government
- Family member of someone in the United States Military
- Employee or volunteer of the American Red Cross
- Reside on a military base
- Employed by an eligible place of business
- Make a one-time donation of $15 to Voices for America’s Troops
- Make a one-time donation of $20 to the National Military Family Association
All PenFed VISA Platinum Cashback Rewards Cardholders stand to earn 5% cash back on all gasoline purchases (boat and plane fuel not included) and 1% cash back on all other purchases. A standard APR of 13.99% is included with this card, which is quite low when thinking of a rewards credit card. This card does not include a introductory rate on purchases, however it does offer a low balance transfer APR of 4.99% for the first 24 months. After that, the APR becomes the standard 13.99%.
Two more features to discuss on the PenFed VISA Platinum Cashback Rewards Card. First, cardholders with excellent credit stand to receive up to a $50,000 credit limit and second, the card carries no annual fee.
From top to bottom, this credit card is awesome. If you have the excellent credit required and are a PenFed Credit Union member (which is easy to obtain), consider making your next credit card application the PenFed VISA Platinum Cashback Rewards Card.
Published or updated December 21, 2011.