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January 3, 2008

The Best Rewards Credit Card

Filed under: Cheap, Credit Card, Gas, Rewards — Shaun @ 4:50 pm

For anyone that uses a rewards credit card, check this one out. I found a card from the Pentagon Federal Credit Union. You need to be a member but anyone can qualify. There are a number of ways to join. I was never a member of the military and didn’t want to bother any relatives who were in the military so I decided to join by making a one time $20 tax deductible donation to the National Military Family Association. From what I can tell it seemed to be a decent organization and with the price of gas these days I should get that back in about 8 weeks if I am getting 5% at every gas station.

If you haven’t clicked on the link here are the details at the time of writing:

  1. 5% back on all gas purchases (pay at the pump).
  2. 2% back on all grocery purchases.
  3. 1.25% back on everything else

These are not introductory rates and there are no limits on the rewards as far as I can tell. There is no annual fee and your reward amount is paid monthly and it does not have to be in any special increment. As far as I have seen this is the best rewards card available.

Their site is pretty ugly but seems to work fine. The application process took about 10 minutes and wasn’t too painful. Approval is not instant but only took a couple of hours. When you create an account you are required to open a savings account and put at least $5 in. If you are going to do this make sure you use a debit card to avoid any potential fees from your current bank.

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