This new feature makes this reward credit card one of the best cash back cards available, and it helps a little to make up for the disappointing CD rates.
The cash back features now includes:
- 5% cash back from gas purchases at the pump
- 2% cash back on all supermarket purchases
- 1.25% cash back from all other purchases (scheduled to fall to 1% starting 2/1/2010)
And unlike other cash back credit cards like from Citi, you don't have to wait until you have accumulated enough cash back to get reimbursed. The cash rewards are credited to you each month.
Also as expected, PenFed lowered its auto loan rates. The new rate is 4.99% APR. For new cars this applies to terms of 12 to 72 months. For used cars it applies to terms of 12 to 60 months.
Anyone can qualify for membership into PenFed. For these details and my experience with PenFed, please refer to my Pentagon FCU review.
