PenFed Credit Union Platinum Cashback for Students

PenFed Credit Union Platinum Cashback for Students

on Pentagon Federal Credit Union's secure website

PenFed Credit Union Platinum Cashback for Students

PenFed Credit Union Platinum Cashback for Students

PenFed Credit Union Platinum Cashback for Students

on Pentagon Federal Credit Union's secure website

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

NerdWallet Review

By Tim Chen

Rating Details

4.8

Editor's overall rating

Pros and Cons

Pros
  • Qualify with average credit

  • Bonus cash back categories

  • 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.

    User Reviews

    Rating Details

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