The PenFed Platinum Cash Back Credit Card is perhaps the best cash back card to earn gas rebates because this is the only card today that pays 5% rebates on gasoline purchases. The only thing is that you have to be a PenFed member. And if you are not, then you need to join one of their associations of a one time $15 before you can apply for the card. (hint: we will show you how to do this at the end of the review).

Cash Rebate Formula – The PenFed VISA Platinum Gas / Cash Rewards Card allows you to earn 5% rebates on gasoline expenses. For other regular purchases, you earn 1% cash rebates. You can earn rebates up to $50,000 in spending and the rebates are credited each month to your statement.

Fees – The is no annual fee for this card.

Who can get this card? – Because this card is issued by PenFed, you need to jump through a couple of hoops to get this card. Essentially, you have to be a member of the PenFed Credit Union. Here is how you could be a member.

United States Military & Uniformed Services

Member of an Eligible Association, Military Officers Association of America (MOAA), or the Reserve Officers Association (ROA)

United States Government Employees

Family Member or Housemate of a member

Employee of an Eligible Place of Business – like Andersen Air Force Base, DCVA Medical Center – Contractors, Walter Reed Army Medical Center

American Red Cross

If you do not qualify as a member with the above criteria, you can still become a member by joining the National Military Family Association (NMFA) for a one time fee of $20 (and you do not even have to keep this membership once you are a member of PenFed!) or the Voices for America’s Troops (which has a one time $15 fee).

For full details, check this page.

PenFed Cash?Gas Card Compared To Its Peers

This is a cash back card. But the main feature is the 5% you can earn on gas purchases. So naturally, we have to compare this with mainly gas cards. In this respect, this card is the best card to earn gas rebates right now. The only other gas card that pays 5% is the BP card. But you could only earn that 5% at BP stations whereas with this card, 5% applies to all gas purchases at all gas stations. No other cash back cards today pay 5% on gas, so there is no real points doing detailed comparisons.

The only complaint we have is that aside from gas, there are no other categories of expenses where you can earn more than 1% rebates. Previously, this card allowed you to earn 2% at supermarkets. But that went away in February 2011. Another issue is that they cap your rebates you can earn up to $50,000 in annual spending. But unless you are a super high spender, this should not be an issue.

Penfed – The Best Gas Card Today?

Verdict and Opinion – In my opinion, this card is probably the best gas credit card to get today if you are looking to save money on your gasoline purchases. That is because there is no card today that gives you 5% rebates on gasoline purchases. The real problem I see is that there are some high spenders who might exceed their $50,000 a year spending limit. In that case, I would suggest combining this card with another cash back credit card.

If you are not a PenFed member, then you do have to apply to be a member. This will cost you $15, which is a one time fee. Below is a detailed instructions of how to apply for this card and how to apply to be a Penfed member.

How To Apply For This Card And A PenFed Membership – First thing you have to do is to click on this link here. This will take you to the following page.

On this page, it list two cards. This card is the second one. You have to click on the apply button (shown in the red arrow).

If you are already a member, then you just have to log into your account. If not, then click the “join now” button on the right and it should take you to this page.

It ask you whether you are eligible and part of any of their organization. If you are not eligible, there is a choice at the bottom that says “none of the above”. Click on that and continue. It will take you to the next page.

On this page, you are given a choice of whether to sign up for the National Military Family Association (which has a $20 one time fee), or the Voices for America’s Troop, which has a one time $15 fee.

One you have signed up, you can proceed to apply for this card.