Pentagon Federal Credit Union has added a new limited-time cash back offer on its Visa Platinum Gas Cash Reward Credit Card. You can now receive 5% cash back for your first $4,000 of airfare purchases per month. This is a limited time promotion. Airfare purchases must be made before July 31, 2009 to qualify for 5% cash back promotion, thereafter such purchases receive 1.25% cash back.
The other cash back features of this credit card remain the same:
- 5% cash back from gas purchases at the pump
- 2% cash back on all supermarket purchases
- 1.25% cash back from all other purchases
PenFed also continues to offer a good deal on balance transfers. The limited time rate is 2.99% APR for the life of your transferred balances.
A few notes mentioned by readers about this PenFed credit card:
- One reader reported Walmart Supercenter purchases being counted as a supermarket purchase. Not all readers have reported this, so your miles may vary.
- PenFed has been known to be tight on granting credit. A reader reported being declined due to a large outstanding balance on one of his cards. When PenFed finally issued him a credit card, it came with only a $1,000 credit limit.
- To get the 5% cash back at gas stations, you must pay at the pump. A reader in New Jersy reported that he wasn't able to get the 5% since New Jersey doesn't allow self-service
Here's a list of some of the other competitive banking products offered by PenFed:
- Competitive long-term CD yields. As of 5/10/09: 3.50% 3yr, 3.75% 4yr and 4% 5- & 7-year (see post)
- Competitive auto loans, currently 3.99% APR 12 to 60 months, new or used (more details at this FW thread)
- Competitive Home Equity Loans and Lines of Credit, currently 4.99% APR for up to 240 months
- Competitive mortgages, currently 5.09% APR 30-year fixed
PenFed's rating for safety and soundness at BauerFinancial remains at 5 stars (superior) based on 12/31/08 data.
PenFed is one of the largest credit unions in the US with $13 billion in assets and 846,803 members. It's federally insured by the NCUA (Charter # 227).
Thanks to the reader who mentioned this new cash back feature in the comments.