PenFed No Longer Offers 2% Cash Back on Groceries

I have heard some good things about PenFed, The Pentagon Federal Credit Union, like their awesome customer service and generous rewards for their credit card customers. One of those rewards that I heard most often is that they give 5% cash back on gasoline purchases for cardholders of their PenFed Visa Platinum Cashback Rewards Card, which is very rare these days, and 2% cash back on groceries. I remember I had that kind of rewards in the past, but that was a long, long time ago. Now I am just  happy with the 3% rewards I get with Costco TrueEarnings Card. As for rewards for groceries, 1% cash back is very common nowadays.

Now it looks like the 2% rewards will soon become history. Effective March 1, 2011, PenFed will no longer offer 2% cash back for supermarket purchase. The new rewards for groceries will be reduced to 1%, like what most of the credit cards are offering today. I have thought about getting a PenFed card before (I am not in the military, but there are ways to become a member) because I really like the 5% cash back on gasoline. Both my wife and I used to have long commute and the savings on gas with the PenFed Card could be quite significant. What’s the best for this card is that after seeing so many card issuers downgraded their rewards program in recent years, it is still be able to continue offering 5% cash back for gas purchases for cardholders.

In addition to the Cashback Rewards Card, PenFed is also offering a couple of other cards:

  • PenFed Promise Visa Card: Absolutely no fees! 7.49% APR introductory purchase APR for first 36 months ! After that, the APR will vary with the Prime Rate, and is currently 9.99% APR. No-fee cash advances carry a 17.99% APR
  • PenFed Premium Travel Rewards American Express Card: 5x Points on airfare; 3x Points on dining and hotels; 2x Points on everything else, plus, receive 20,000 bonus points when you spend at least $650 in the first 3 months, enough for a free airline ticket

Of course, you have to be a member of The Pentagon Federal Credit Union in order to apply for any of these cards.

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