This Visa platinum credit card is not only backed by the Visa logo, meaning it is accepted around the world by merchants that accept Visa, but it is also offered the Pentagon Federal Credit Union (PenFed), a financial situation that serves members of the Department of Defense and related groups. Along with a competitive Annual Percentage Rate, the card has an excellent rewards program.
Now, to apply for the PenFed Visa Platinum Gas and Cash Rewards credit card, you would need a credit score of 750 to 850. However, upon approval, you would benefit from a 24-month introductory period during which time the Annual Percentage Rate would range between 4.99% and 6.99% based partially on your exact FICO score. Once the introductory period ends, the Annual Percentage Rate for this card changes to a variable rate of 13.99%, which is still considered low for credit cards being offered in today’s market.
With the PenFed Visa Platinum Gas and Cash Rewards credit card, there would be a 2.5% transfer fee or a minimum of $10 and a maximum or $100, which again is an excellent offer. While a fee of 2% would apply for the foreign transaction fee and late fees range between $10 and $39, there is no over the limit or cash advance fee. Additionally, this card has a generous 25-day grace period, something hard to find for a credit card of this caliber.
As far as the rewards program associated with the credit card, a 5% rebate would be offered on gas purchases but only if you pay with the card at the pump. In addition to this, you would earn a 2% rebate using the card at the grocery store and 1% for all other purchases made within a single billing period.
The great thing about the rewards program for the PenFed Visa Platinum Gas and Cash Rewards credit card is that there is no limit as to the amount of rebate rewards you can receive. Within each billing cycle, any rebates would show up on the monthly statement. One important note is that if you were to close this credit card account for any reason, any accrued rebates would automatically be forfeited.
Now, chances are low that you would ever be late or miss a payment because of your excellent credit standing. However, if for some reason a minimum payment were not received within 60 days of the due day, the Annual Percentage Rate of the PenFed Visa Platinum Gas and Cash Rewards credit card would increase to 17.99%. This rate would stay in force for three months in a row whereby payments were received on time.
