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PenFed's Cash Back Credit Card Back-to-School Promo

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Pentagon Federal Credit Union
Pentagon Federal Credit Union has added a new limited-time cash back offer on its Visa Platinum Cash Rewards credit card. You can get 5% cash back on eligible purchases at selected retailers including Apple Computer, Dell, Best Buy, Amazon and Staples. Eligible purchases include computers, computer peripherals, software, books and consumer electronics. Refer to PenFed's promotions page for the full list of retailers and the qualifying purchases. According to a PenFed rep, this promotion is available to all Visa Platinum Cash Rewards credit card holders. It's scheduled to last until 9/30/2009.

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
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.

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, and many readers have reported being rejected in the application for this card.
  • To get the 5% cash back at gas stations, you must pay at the pump
PenFed makes it easy for anyone to join and open accounts online. If you don't qualify based on military, employer or family, you can become eligible by joining the National Military Family Association (NMFA). Please refer to PenFed's How to Join Overview Page for details. Joining NMFA and PenFed can be done at the same time in the online application. The yearly membership for NMFA is $20, but your membership in the association does not need to be maintained to continue as a PenFed member. You can also be eligible to become a member of PenFed if you are an employee or volunteer of the American Red Cross (refer to this PenFed page).

PenFed has a long history of competitive rates on CDs, IRA CDs, loans and mortgages. Last week I reported on a very nice IRA CD feature for those who are over 59½ which makes their 4% 7-year IRA CD much more attractive.

Accounts can be opened online, but for those who prefer branches, PenFed has branches in several parts of the country including Washington DC, Maryland, Virginia, New Jersey, New York, Colorado, North Carolina, Hawaii, Puerto Rico, Missouri and Texas.

PenFed is one of the largest credit unions in the US with $13.4 billion in assets and 889,874 members. It's federally insured by the NCUA (Charter # 227).

Other Cash Back Credit Cards

Some other attractive cash back credit cards include Fidelity's American Express card with a 2% cash back for your IRA (see post) and Charles Schwab's First Visa Signature card with an unlimited 2% cash back (see post). With credit card companies reducing their rewards, some of the good deals from Chase and Citi have ended. What's your favorite cash back credit card?

  Tags: Pentagon Federal Credit Union

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Comments
4 Comments.
Comment #1 by Julio (anonymous) posted on
Julio
I’m a GA resident and can confirm that Wal*Mart Supercenter purchases, including non-food related purchases are credited the 2% grocery store rate, at least in my area. I remember when this was the case with Chase until they caught on and cut back to the standard rate, and at that time it was 5% for groceries. I sure racked up points in those days.

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Comment #2 by Anonymous posted on
Anonymous
PenFed is an outstanding CU. And very efficient. Because many of their military members don't have a local branch where they are deployed, PenFed is very good at working online and by phone.

1
Comment #3 by rjm (anonymous) posted on
rjm
I can confirm that walmart purchases get 2%. Both supercenters and their "neighborhood market" supermarket concept.

Chase never counted walmart at 5% for me.

And chase got rid of the 3% in top categories so my penfed is getting used for ALL my grocery & gas purcahses. Ive also pulled out an old paypal debit card that pays me 1.5% on purchases with signatures.

(I may be grandfathered in w/ paypal)

Im having a big problem with Chase sending my CD proceeds for what used to be a wamu account.
It supposedly expired 7/23 but as of yesterdays mail, its still not here.

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Comment #4 by Eti l'Yeti (anonymous) posted on
Eti l'Yeti
Does anyone know a good and objective credit card website like bankdeals, where you could easily select your credit level AND the reward type AND the APR... ?

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