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Penfed's Visa Platinum Cash Rewards Credit Card

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In addition to high yield CDs, Penfed also has a competitive cash-back credit card, the Visa Platinum Rewards Card. Penfed just improved it with a 5% cash back from gas purchased paid at the pump. All other purchases earn 1.25% cash back. If you are no longer earning 5% on everyday purchases on your old credit card (if you had a Citi Dividends card), this might be something to consider. One nice feature of this Penfed Visa Platinum card is that you are credited with cash rewards each month instead of having to wait for $50 or more to accrue in your account. The card has no annual fee, and unlike EmigrantDirect, you don't have to maintain a specific balance in your savings account to qualify for the cash back.

Note, you will incur a hard credit inquiry by applying for this credit card and for joining Penfed. A reader mentioned that Penfed doesn't initiate a new hard pull for 60 days after it does a hard pull. So if you sign up for the card within 60 days of joining, you should only be hit with one hard pull.

If you are not eligible to join through various military affiliations, you can become eligible by joining the NMFA association with a one-time fee of $20. Joining NMFA and Penfed can be done at the same time all online. Refer to Penfed's How To Join page for more details. Fore more info on Penfed and their high yield CDs, please refer to my previous post.

Credit for finding this new 5% cash back feature goes to this FW thread.
Comments
Anonymous
Anonymous   |     |   Comment #1
don't be so sure the fed is going to cut rates next year. I'm betting on an increase
Virginia
Virginia (anonymous)   |     |   Comment #2
I have a CB Platnum Dividend card. I saw that they'd changed their rewards program on their website and called their 800 number. The rep confirmed that I was still getting the 5% on gas/drugstores/grocery stores and 1% on everything else. So if you have a Citibank card, you should call and verify your cash back rates.
Anonymous
Anonymous   |     |   Comment #3
The citiCard has changed 5% to 2% for gas/drugstore/grocery stores. Not only on the web, a letter has been sent out several months ago for existing card holders. The rep might be wrong. I can see in my statement that it's changed to 2%.
I have a question about NMFA memebership. After you paid $20 to join, do you need to pay $20 every year as long as you are holding the credit card, or holding an account at PenFed?
Anonymous
Anonymous   |     |   Comment #4
You do not have to maintain your NMFA membership.

As long as you keep your basic share account open you remain a member of PenFed and eligible for all services, regardless of whether you remain a member of NMFA or any other group.

You are not required to keep paying NMFA after the first year. But I would encourage you to consider it since they are a good organization to support.
Dave
Dave (anonymous)   |     |   Comment #5
Pentagon Federal stinks. They just instituted a policy for all new card holders that payment will not be released until 10 days after received. So they do not open your credit back up during that waiting period. They never tell you that.

Plus, they do not allow you to apply for a credit increase for at least a year.

I am very wary of PenFed and have stopped using their services.
rjm
rjm (anonymous)   |     |   Comment #6
The 1.25% is dropping to 1% come Feb.