PenFed Visa Platinum Cash Rewards Card 5% Cash Back Review

As the economy struggles to improve, one of the noticeable changes has been the increase in gasoline prices over the last 12 months.  Certainly not as high as they were roughly 24 months ago, however oil seems to be trading higher and higher each day, causing gasoline to rise by the pennies.  Slowly but surely, we’re working our way to the $4 a gallon stage but one of the ways you can cut the costs of gasoline is by acquiring the PenFed Visa® Platinum Cash Rewards Card.

Some gas rewards credit cards offer 1% cash back for gas purchases, others offer 3%.  This card, on the other hand, offers a full 5% cash back on all gasoline purchases made and there is no tier limit or spend maximum on the card.  The PenFed VISA Platinum Cashback Rewards Card also includes 0.25% cash back on all other purchases.  It’s important to note that the gasoline rebate only applies to ground transportation … boats and airplane fuel ups only receive the standard 0.25% cash back.

If you need to make a balance transfer, the PenFed Visa® Platinum Cash Rewards Card offers a variable 4.99% APR until December 31, 2012, then reverts to the standard purchase APR 0f 9.99%. For a limited time the card offers a 0% promotional rate for six months on purchases made at qualifying electronic stores until December 31, 2012, and then also reverts to 9.99%. You’ll find that this APR is about as low as possible with a designed rewards card and you won’t find an annual fee.  The money you save each year in cash back is 100% yours to keep.

The PenFed Visa Platinum Cash Rewards Card is designed for applicants with excellent credit and provides a credit line of up to $50,000.  The one drawback you might find is that it’s limited only to PenFed Credit Union Members.  To join, you must be a directly or indirectly associated with the US Military, American Red Cross, or make a $15 – $20 one-time donation to a worth military cause.  A very small price to pay for large future savings.

Owning a cash back credit card for everyday purchases is one of the smartest financial decisions you can make.  Simply make sure to pay your balance off in full each month, stay within your limit, and enjoy all of the benefits the PenFed Visa® Platinum Cash Rewards Card and it’s 5% cash back on gas has to offer.

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Last Edited: February 28, 2013 @ 5:55 pmThe content of is for general information purposes only and does not constitute professional advice. Visitors to should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Michael Pruser

After spending a ton of money to go to the private University of Miami, Michael now enjoys spending time at home, writing personal finance articles for the world to read. His journey out of debt continues 500 words at a time.