PenFed Credit Union Platinum Cashback for Students
PenFed Credit Union Platinum Cashback for Students
PenFed Credit Union Platinum Cashback for Students
Card details
Earn 0.25% on purchases
5% on gas
Rewards are issued monthly
Anyone can join the credit union by donating $20 to NMFA or volunteering for the Red Cross
Rates, fees & offers
Annual fee
$0
Rewards rate
0.25%
Bonus offer
None
Intro APR
Purchase: None
Transfer: 4.99% for life
Ongoing APR
Purchase: 10.74%, Variable
Penalty APR: Up to 18.74%, Variable
Cash Advance APR: 10.74%, Variable
Balance transfer fee
3%
Foreign transaction fee
None
Recommended credit score
Compare to other cards
 PenFed Credit Union Platinum Cashback for Students | ||
|---|---|---|
| Learn more | Learn more | |
Annual fee$0 | Annual fee$99 | Annual fee$199 |
Regular APR10.74% Variable | Regular APRSee Terms | |
Intro APRPurchase: None | Intro APR0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable APR will apply, 21.24%-29.99%. | Intro APRN/A |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
NerdWallet review
By Tim Chen
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Rating details
4.8
Editor's overall rating
Pros and cons
Pros
Qualify with average credit
No annual fee
No foreign transaction fee
Cons
Still one of the best rewards cards.
Despite a base rewards rate drop from 1.25% to 1.00% post the CARD act phase 2, the Pentagon Federal Union – the PenFed Cashback Rewards card remain one of the best cash rewards cards out there for people with excellent credit.
5% on gas, Visa network acceptance, no annual fee.
What makes the card so unusual is the 5% cash back on gas and 2% at supermarkets, and that it is a Visa, which makes the generous rewards program even more surprising (banks issuing Visa and MasterCard network cards charge merchants lower fees than Discover and American Express, usually resulting in less generous rewards). Also, the card has $0 annual fee.
To put things into perspective, the best gas rewards cards offered by Lukoil/Getty only offer 4% at their gas stations. Furthermore the Blue Cash card requires you to spend a total of $6,500 per year before achieving a 5% cash back rate on gas, though with the 1.25% rewards rate after $6,500 you could end up better off if you spend a lot each year.
Joining PenFed.
The only catch is that you have to join the PenFed credit union. This is easy if you are affiliated with the military, Red Cross, or one of many other organizations. However, anyone can join the credit union by donating $20 to NMFA or volunteering for the Red Cross.
