PenFed Visa Platinum Cash Rewards Card

August 2, 2012 - Rick

I don’t typically like cash back cards for two reasons:

I can usually get a higher rate of return by using a true travel rewards card
I have a hard time dedicating my cash back to my favorite hobby (travel)

This PenFed VISA Platinum Gas / Cash Rewards Card debunks these issues with its extremely high return and by sending the cash back to a dedicated Pentagon Fedral account with your return.

The PenFed card offers an extremely attractive 5% back on automobile gasoline purchases (sorry your airplane or boat fill ups won’t count for more than the typical .25%), but at 5% if you are a heavy gas purchaser this card should be given serious consideration. In addition to the 5% rebate on gas, you will receive 1% .25% cash back (thx Drsifu77) on all other purchases, there is no annual fee for the card, and no limit on the amount of purchases you can make in a year.

In order to apply for this card you must join the Pentagon Federal Credit Union which was really easy. Katy and I have been members for years through a one time membership with either the National Military Family Association, the Voices for the America’s Troops or one of the listed orgainizations. I honestly do not remember which it was but I’m glad we joined as the rates at the PenFed CU have been extremely competitive throughout the years. Anyone can join through one of the above listed organizations and it is worth the one time fee.

Again, cash back cards are not really my thing but at 5% cash back without an annual fee and no limit, this card should not be overlooked.

There is also a rewards card that offers 5/3 and 1 points in their rewards program and a 20K sign up bonus. You can get to that link from the cash back link above.

Deal of the Day

For today’s Deal of the Day we have TripAlertz who is donating $50 in Trip Cash for the best overall travel deal submitted. A great mileage run, mistake fare, partner promo, new card sign-up offer, or the special twist you figured out on a deal today. Add it to the comments section of this post (make sure to include your first name, last inital, and home airport) or this afternoon’s Deal of the Day post to be eligible to win.

Steve

Why not include the PenFed Platinum Rewards Card (points, not cash).
Earn 5 points per dollar spent on gas purchasesEarn 3 points per dollar spent on supermarket purchasesEarn 1 point per dollar spent on all other purchases
Points can be redeemed for gift cards at 1 cpp (making it a 5%/3%/1% card). Or can be redeemed through travel mall like CapOne points at 1 cpp (still making it a 5%/3%/1% card).
Also comes with $200 (20,000 pts) after $1,000 spending in 3 months
https://www.penfed.org/Platinum-Rewards/

http://www.frugaltravelguy.com/ Frugal Travel Guy

Agreed, that may be a different option for award points and higher in those two categories. I was just struck by the high cash back option. Another great choice. Thanks. Have you tried their rewwards program yet??? I have not

Steve

I have not tried this specific rewards program yet. I have the Platinum Travel AMEX (5x airfare, and 110% redemption on airfare also $0 annual fee). PenFed keeps the two rewards programs separate, so I’ve only used the rewards program associated with my AMEX.

http://www.frugaltravelguy.com/ Frugal Travel Guy

Thanks Will correct
Akparsa

Would an RV count as an automobile? Scanned the app page and another form and did not see the clarification re: automobile only. thanks
J

Oops, my mistake, it is 0.25%; I was looking at the Plat Rewards card.
No need to publish this or my other incorrect comment.
der_saeufer

If you fill your RV at a gas station, yes. They specify paid at the pump, so they’re clearly using the MCC for “auto fuel dispenser” (5542) to determine which purchases get 5%
LAX

Also you may want to mention PenFed’s loan products, especially credit cards are extremely difficult to get. I’ve known plenty of people who get turned down with 720+ FICOs. They look back 2 years at all new accounts and love to reject people for pyramiding debt. That said, I enjoy my PenFed card!
http://twitter.com/AZTravelGuy Erik

I’d have to own a fleet of vehicles to make this worthwhile. Let’s assume I spent $100 a week on gas. I get $260 annual return on that? Sure, it’s a great percentage but I’d rather get 5x UR points using gift cards. Averaging $100 a week in gift cards is far enough below Chase’s radar methinks and that would nab 26000 UR points. I’ll get better than $260 value out of that.
http://www.titanlimousine.com/airport.html IAD BWI DCA Ground Transport

great card I use in my Limo business and saves me THOUSANDS of $ a year
Travel Deal Expert

Amazing Deal!

Stay 3 nights for FREE at Plaza Hotel and Casino Las Vegas.

Just “Like” LA Ohana on Facebook and submit reservation.

http://www.laohana.com/
MYRflyer

Slow month in credit card referrals?

http://www.frugaltravelguy.com/ Frugal Travel Guy

No actually credit card referrals are on the increase. Thanks for asking.

John

I would stay away. My application for this card was rejected after paying all the application fees and “charitable” gifts. FYI – my credit score in north of 750 and I never miss a balance payment. However, I carry a monthly balance because of reimbursable business expenses. I don’t know their debt/earnings threshold and credit limits, but it’s not high enough to make this card worth it.
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PenFed Visa Platinum Cash Rewards Card

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