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Verdict: If you are a member of the Military Officers Association — open to officers of the U.S. Armed Forces — you can apply for a credit card, offered through the Pentagon Federal Credit Union, that provides you with a large cash-back bonus whenever you use it to purchase gas. This card, the Military Officers Association of America Visa Platinum Cash Rewards card, also rewards you with a smaller cash-back amount on all other purchases. And it does so at a reasonable purchase interest rate.
Overview: The Military Officers Association of America Visa Platinum Cash Rewards card is an exclusive one, available only to members of the Military Officers Association. It’s also a valuable one, providing a flexible and generous rewards program along with solid rates.
How This Card Works: You’ll be rewarded with cash back on every purchase that you make with this card. You’ll earn more cash, though, when you use your card to fill up your vehicle’s gas tank. In fact, if you purchase a lot of gasoline throughout the year, you can expect your cash-back dollars to pile up rather quickly.
Travel and Shopping Benefits: You’ll earn a cash-back bonus of 5 percent for every gas purchase that you make with your card at gas stations. You’ll earn a cash-back bonus of 1 percent for every other purchase that you make with the Military Officers Association of America Visa Platinum Cash Rewards card.
Fees: This card comes with solid, if unspectacular, fees. The purchase interest rate attached to it stands at 13.99 percent. This isn’t an unusually high rate for a card that features a strong rewards program. The card also comes with no annual fee, a nice perk. Balance transfers will be assessed an interest rate of 2.99 percent for the first 12 months after you activate your account. The card comes with no cash-advance fees, while late-payment and returned-payment fees each can hit $25.
- No annual fee.
- Generous, multi-tiered rewards program.
- Reasonable purchase interest rate.
- Low 2.99 percent introductory interest rate on balance transfers.
- Card is exclusive; must be a member of Military Officers Association of America to apply for it.
- Most purchases only earn 1 percent cash back.