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| Rick (suckin’ in gut), Katybug and Aaron at J and S |
I’ve talked about these cards in the past. But now they are candidates for my October batch of applications.
The Pentagon Federal Credit Union (aka PenFed) is not just for Washington insiders. Anyone can join without fee, but you are required to set up a savings account of $5-$100. This is done by establishing a current or past connection to the government or the military. Even if you’ve never served but your mom did, that counts. Some military and government contractors also qualify. If none of the entry conditions apply to you, that’s no problem, either. Join a military charity for just $15 and you’re in. It takes only a few minutes and you can fund the account with a debit card. The link to join is in the bullet details below.
PenFed has a great no-annual-fee Visa Platinum Cash-back Rewards Card earning five percent back for gas purchases paid at the pump (but not inside the store). With gas prices approaching $4 a gallon in some places, five percent off means up to 20 cents per gallon saved. All other purchases (inside the store, for example) get one percent back. I’m not usually a fan of cash-back cards, but at five percent it is hard to ignore, particularly if gas purchases are a big spend item for you.
- 13.99% APR — lower than most rewards cards!
- Earn 5% cash back from gas purchases paid at the pump*
- Earn 1% cash back from all purchases** you make with the card during each billing cycle
- Up to $50,000 limit
- No Annual Fee
- Cash Rewards credited each month
- No special restrictions to earn your cash rewards
- Limited Time Only – Low Balance Transfer Rates†
- You must be a Pentagon Federal Credit Union member to apply. Not a member? It’s easy to join. Click here to learn more. Apply Now!
PenFed also offers a no-annual-fee Premium Rewards Travel American Express that offers five points for every $1 spent with airlines and one point for every $1 spent elsewhere, plus a 20,000 bonus for a $650 spend in the first three months – enough for a free round-trip ticket. And you get a free Priority Pass Airport Lounge membership for spending $15K annually. The rewards are not handled by PenFed as they have subcontracted out the rewards redemptions, but it does meet my minimum of $500 of value for my two to five point reduction in credit score for the required inquiry. The card also offers the usual Amex roadside assistance and rental car liability coverage. The bonus is not as lucrative as some American Airlines Citi 75K or the British Airways Chase 100K deals, but then there’s no annual fee to contend with PenFed — ever. And, being a different entity than our typical card issuers, you may get a pull from somebody other than your typical credit reporting agency.
- No annual fee
- 5x points on airfare purchases and 1x points on all other purchases
- 20,000 bonus points upon spending $650 in the first 3 months
- Complimentary concierge service
- Exceptional travel offers and discounts
- VIP airport lounge access with $15,000 in annual spend
- You must be a Pentagon Federal Credit Union member to apply. Not a member? It’s easy to join. Click here to learn more. Apply Now!
I’m asked all the time what cards are going in my next batch of applications. The five percent cash-back card for gas is going to be included as of now in a low-tier position. If there was a signup bonus, it would be climbing up the ladder. I know — surprise of all surprises. But five percent is a good return on my credit inquiry. If all goes well, the travel card may make the following application date.
