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Verdict: With the Reserve Officers Association Visa Platinum Cash Rewards credit card from Pentagon Federal Credit Union, you can quickly earn cash-back dollars depending on the purchases you make. And you can do this without having to pay either an annual fee or cash-advance fees. There’s a catch, though: You have to be a member of the Reserve Officers Association, an association charged with the mission of supporting and developing a military policy that provides adequate national security for the United States.
Overview: Like most of the specialty credit cards offered by the Pentagon Federal Credit Union — which serves members and veterans of the U.S. Military and Department of Defense — the Reserve Officers Association Visa Platinum Cash Rewards card comes with a three-tiered rewards program. You’ll earn more cash back when you use your card to purchase gasoline or items at your area supermarket.
How This Card Works: You’ll receive your cash-back dollars at the end of every month in the form of a credit to your account.
Travel and Shopping Benefits: You’ll receive 5 percent cash back whenever you use your card to make a gas purchase at the pump. You’ll get 2 percent cash back when you use your card to make purchases at supermarkets. For all other purchases, you’ll receive a cash-back bonus of 1 percent.
Fees: This card comes with a purchase interest rate of 13.99 percent, fairly low by rewards card standards. The card also comes with an introductory interest rate of 2.99 percent on all balance transfers within the first 12 months after you activate your account. You won’t have to pay either an annual fee or any cash-advance fees. The card does charge late-payment and returned-payment penalties of up to $25.
- No annual fee.
- Multi-tiered rewards program.
- No cash-advance fees.
- Most purchases will earn you just 1 percent cash back.
- Most be member of Reserve Officers Association to apply for card.