PenFed Platinum Cashback Rewards Visa Card Review

A five percent APR on balance transfers for two years? Yes, if you're a member of this military-based credit union. And not only that - it has a great cashback rewards program.

• People with excellent credit looking to save money on balance transfers.
• Members of the Pentagon Federal Credit Union (millions of people qualify for membership).

Credit Rating Required

• Excellent (740+)
• Good (700-739)

Pros

• Low long-term APR.
• Low balance transfer fee.
• No annual fee.

Cons

• Restricted to members of Pentagon Federal Credit Union.

Rewards

• Five percent cash back on gasoline purchases at the pump, two percent on groceries, one percent everywhere else.

APRs

• 4.99 percent on online balance transfers for first 24 months, then 13.99 percent.
• 13.99 percent on purchases and cash advances.

Fees

• Annual fee: none.
• Balance transfer fee: 2.5 percent of balance (maximum $100).
• Late payment fee: $10 to $39.
• Returned payment fee: $30.
• Over limit fee: none.

To take advantage of the PedFed Platinum Cashback Rewards Visa offer, you must be a member of this credit union. You may be eligible and not even know it. The credit union is open to active and retired Army, Air Force and Coast Guard personnel and their family members, as well as employees of the Department of Homeland Security and other government agencies and military bases. Members of the VFW (Veterans of Foreign Wars) also qualify. If you're an employee or volunteer of the American Red Cross, you also qualify for membership.

This is one of the best long-term balance transfer programs out there: 4.99 percent for two full years, if you transfer the balance online (it's 6.99 percent if you transfer by mail, by phone, or in person). The balance transfer fee is also low: 2.5 percent of the balance (maximum fee $100). And there's no annual fee. You'll likely need excellent credit to qualify for such a good deal.

The PenFed Platinum Cashback Rewards Visa also has a very generous cash-back rewards program: five percent on gasoline purchases at the pump, two percent at supermarkets, one percent everywhere else. So this is a great card whether you're using it to earn rewards or to carry a balance at a low rate. (Remember, do one or the other, not both).

Don't overlook what credit unions have to offer. Many credit unions have great balance transfer offers for their members. If you or a family member has some connection to the military or the Red Cross, and you have excellent credit, you may qualify for this great deal.