PenFed has a Platinum Rewards card that earns
- 5% in points on gas purchased at the pump
- 3% in points on groceries
- 1% in points on everything else
However, those aren’t true CB rates (1 point = 85¢), so
- 5% —> 4.25% CB effective rate
- 3% —> 2.55% CB effective rate
ex. One must redeem 5,880 points for a $50 Visa GC…
According to @TheDiggler, PenFed previously offered a Platinum CASH Rewards legacy card, which earns a straight 5% back on gas paid for at the pump, with the credit posting automatically. Not sure if one can upgrade to that card or not…
Here is an archived screenshot from when the card was offered back in Sept 2012:
https://web.archive.org/web/20120919213812/https://www.penfed.org/Platinum-Cash-Rewards
Compared to what PenFed offers today: