There used to be a bunch of great cashback cards for gas, but now the only one that still offers 5% back to consumers is the PenFed Visa® Platinum Cash Rewards Card. It offers:
- 5% cash back on gas purchases (must pay at pump)
- 0.25% cash back on everything else.
No annual fee. The rewards are credited on each monthly statement, so that you don’t have to wait to meet any $50 thresholds or remember to call in. If your family spends $200 on gas per month, that alone will have this card paying you $120 per year in rewards.
The catch? You must also be a member of the Pentagon Federal Credit Union, and you can apply for membership as part of the credit card application. In general, membership is open to members of the military and affiliated organizations, US government employees, or the family or household of existing members. However, anyone can become eligible by joining the National Military Family Association (NMFA) for a $20 one-time fee (and it goes to a good cause). PenFed also offers other competitive financial products, including low-rate mortgages and long-term CD rates.