One of the biggest benefits of credit unions is that their interest rates on loans and cards are almost always lower than banks. However, the drawback is that their credit card reward program are usually just average. Well, Pentagon Federal (better known as “PenFed”) is far from typical for a credit union… you get great rates plus outrageously lucrative rewards.

PenFed offers a few different cards but their Visa gas card is definitely the most popular. It gives 5% cash back at gas stations year-round without any caps.

How can you get one?

You can’t apply for the PenFed gas card unless you are a member of this credit union. What are the qualifications you ask? Well, if you want to apply for a PenFed membership there are various ways you can qualify:

• You are in the U.S. Military (Army, Navy, Marines, Air Force, Coast Guard, NOAA Corps, USPHS Corps)
• You are an employee of a qualifying organization – there are several dozen orgs, defense contractors, etc. on this list.
• You belong to a qualifying military-related organization or association
• You are an employee of the U.S. government – not all branches and divisions qualify, but there are dozens that do
• You are a relative or housemate of someone that qualifies
• You live/work at an eligible location (i.e. various military bases)

For many Americans, there’s a good chance you will qualify for at least one of the above criteria (and all you need to do is qualify for one). But if you don’t meet any of the above, you can still join PenFed credit union. Anyone can join PenFed credit union by making a small one-time charitable donation:

• National Military Family Association membership: During the PenFed application process you can join this organization by making a one-time $20 donation, which is tax-deductible.
• Voices For America’s Troops membership: This option is only a $15 one-time fee.

So in a nutshell, anyone can get the Penfed gas credit card by making a one-time donation as low as $15. Paying $15 is a small price to pay for a 5% discount on gas!

A closer review of how the rewards program works

• For gas purchases which are paid for at the pump, you get a full 5% cash back.
• For your other spending you get a full 1% cash back.
• These rewards are unlimited – there are no spending caps like you will find with most other cash back credit cards.

Being that the PenFed 5% Visa gas card has no annual fee it’s tough to beat this offer. The only reason I don’t have this PenFed card myself is because I was grandfathered in with a 5% gas card from Chase, which was discontinued several years ago and is no longer available (but they haven’t cancelled mine yet). If/when Chase nixes that account of mine, I will definitely be applying for this gas card from PenFed. I actually have a loan through them and have been extremely satisfied thus far. In addition, they have partnered with CreditCardForum for advertising and I have been impressed with the service/support they have offered in doing so. All-in-all, Pentagon Federal CU is definitely a force to be reckoned whether it’s rewards or low rates you are looking for.

Learn more about PenFed membership and their 5% gas card