PenFed Platinum Rewards Visa for Gas: 5X Points at Any Station

PenFed Platinum Rewards is the highest-earning no-fee gas card with no spending cap. It earns 5x points on gas and EV charging at every station. The catch: points are not the same as cash back, and you need credit union membership. Here is the complete picture.

Gas + EV Rate

points per dollar

Cap

None

unlimited gas rewards

Annual Fee

no fee ever

APR

17.99%

variable

Point Valuation: What 5X Really Means

5x points sounds like 5%, but the effective rate depends on how you redeem. Points are not worth 1 cent each across all redemption methods.

Redemption Method	Point Value	Effective Gas Rate	Notes
Travel redemption	0.85 cents/point	4.25%	Best value. Book through PenFed travel portal.
Gift cards	0.70-0.85 cents/point	3.50-4.25%	Varies by retailer. Amazon, Target, Home Depot available.
Statement credit	0.70 cents/point	3.50%	Lowest value but simplest. Applied directly to balance.
Merchandise	0.50-0.70 cents/point	2.50-3.50%	Generally poor value. Avoid unless item is discounted.

Bottom line: PenFed's effective gas rate is 4.25% (travel) to 3.50% (statement credit).

This is lower than Citi Custom Cash's true 5% per dollar. PenFed compensates with no cap on gas rewards, which becomes the deciding factor for high-spend drivers.

Credit Union Membership

PenFed Credit Union is open to everyone. Despite the name (Pentagon Federal), you do not need military affiliation. Membership requires opening a savings account with a $5 minimum deposit. There are no monthly maintenance fees on the savings account.

+Open to all US residents and military members worldwide

+$5 savings account minimum (one-time, remains your money)

+No monthly fees on the savings account

+Application fully online, no branch visit required

The No-Cap Advantage

PenFed has no published cap on gas rewards. Unlike the Citi Custom Cash ($500/cycle) and Costco Anywhere Visa ($7,000/year), your gas rate never drops to 1% regardless of how much you spend. This makes PenFed the clear winner for high-spend drivers:

Monthly gas	Citi (5%, $500 cap)	PenFed (4.25%, no cap)	Costco (4%, $7K cap)
$200	$120	$102	$96
$400	$240	$204	$192
$500	$300	$255	$240
$600	$312	$306	$282
$700	$324	$357	$294
$800	$336	$408	$306

PenFed overtakes Citi Custom Cash at approximately $600/month in gas spend, where the Citi cap starts reducing the effective rate. Annual amounts, no annual fee for any card.

EV Charging Included

PenFed explicitly includes EV charging in the fuel category. All 5x points apply at public charging stations including Tesla Supercharger, ChargePoint, EVgo, Blink, and Electrify America. With no cap on the combined gas + EV spending, PenFed is the single best card for households with both gas and electric vehicles.

See the full EV charging coverage guide for details on which networks qualify and how MCCs work.

Frequently Asked Questions

Do you need to be in the military to get a PenFed card?+

No. PenFed Credit Union is open to everyone, not just military members. You can join by opening a regular savings account with a $5 minimum deposit. The credit union originally served Pentagon employees and military personnel, but has been open to the general public for years. There are no restrictions based on employer, location, or military affiliation.

Are PenFed 5x points the same as 5% cash back?+

No. PenFed points are worth about 0.85 cents each when redeemed for travel through the PenFed portal, making the effective rate about 4.25%. For statement credits, points are worth about 0.70 cents each (3.50% effective). True 5% cash back cards like the Citi Custom Cash give you exactly 5 cents per dollar. PenFed compensates with no cap on gas rewards.

Does PenFed cover EV charging?+

Yes. PenFed Platinum Rewards explicitly includes EV charging stations in the fuel category, earning 5x points. This covers major networks including Tesla Supercharger, ChargePoint, EVgo, Blink, and Electrify America. Home charging on your electricity bill does not qualify. PenFed is one of the best cards for combined gas and EV charging with no cap on either.

Full Comparison Table

PenFed vs all other gas cards at your spend level.

No Annual Fee Cards

PenFed is a top pick in the no-fee category.

EV Charging Guide

Full details on PenFed's EV charging coverage.

Commuter Guide

Why PenFed is the top pick for high-mileage drivers.