About the PenFed Platinum Cash Rewards Card

It is not realistic to imagine oil prices will ever return to the level where Americans can buy gasoline for $1 per gallon. This reality has compelled many to purchase more fuel efficient vehicles while trying to find cash back credit cards that offer savings on fuel. The Pentagon Federal Credit Union Platinum Cash Rewards card gives customers unprecedented savings on fuel, and some cash back on all other purchases.

For each dollar spent on most purchases, customers will receive one percent cash back, with an incredible 5% cash back on gasoline purchases that are paid at the pump. New cardholders can also take advantage of a 4.99% promotional APR on balance transfers, with no fee, that is valid for two years. After that, interest will accrue at a rate equal to the Prime Rate plus 10.74%. That is also the rate that will apply to all purchases that are not paid in full before the due date. There is no annual fee for this card, no over the limit fee, and no foreign transaction fees.5% cash back on gasoline is a remarkable rate of return. Furthermore, the interest rates are reasonable, and even their penalty APR of 17.99% is not much higher than the standard rate of many cards. The lack of foreign transaction fees is also a serious benefit to international travelers as well as Americans living overseas.

This card lacks the 0% promotional interest rate offered by so many other cards, which is mitigated by its lack of a balance transfer fee. Also, with a mere 1% cash back for most purchases, those who use this card for everyday spending will not see as much in returns as they might with other cards. Finally, applicants must be a member of PenFed. They can qualify based on their military status or employment, or that of their family members or roommates. Or, they can join a qualifying military charity for a one time fee of $15.

This is one of the best credit card offers for those who have substantial fuel expenses as there are few, if any other cards on the market that can approach 5% on all gasoline purchases with no limit. This card is also a good choice for those who are looking for a balance transfer product with no fees. Although there it is not a 0% offer, the 4.99% rate is small enough, and the promotional period of 24 months is long enough, that it is still a good value. When it comes to controlling fuel costs, the PenFed Platinum Cash Rewards card may be the easiest way to cut 15 cents or more off the price of each gallon.