Published on May 13th, 2015 | by William Charles20
Fort Knox Federal Credit Union Visa Platinum Review – 5% Cash Back On Gas
This is another post in our weekly series, “Weird Wednesday” where we look at a slightly unusual or weird credit card every week, more posts in the series can be view here. We haven’t run this series the last couple of weeks due to time restrictions (and lack of ideas), so make sure you help us out by suggesting cards to have a look at.
Today’s card is the Visa Platinum card that is issued by Fort Knox Federal Credit Union and earns 5% cash back on all gas purchases.
It’s possible to apply for this card without becoming a member of Fort Knox Credit Union, by using the non members link during the application process. Note if you do decide to join they will usually do a hard pull for membership and approval is not automatic.
They’ll also sometimes request additional information to approve you, for example last two tax returns, social security card, drivers license. I also believe that somebody actually looks over each application manually (especially if not already a member).
What Credit Score Is Required
|Credit Boards||Credit Karma|
|Lowest approved score||640||N/A|
|Average approved score||693||N/A|
Common Reasons For Denial:
- Too many recent inquiries
- Not employed for long enough
- Too much existing debt
Fort Knox are incredibly inquiry sensitive, it seems that if you have more than three inquiries in the past six months you’re almost guaranteed a denial. Even if you’re under this number then approval is by no means a sure thing.
What Credit Bureau Does Fort Knox Pull For The Visa Platinum?
Fort Knox will usually pull your TransUnion credit report, in some cases they’ll pull that in addition to your Equifax credit report. They’ll usually do this double pull when you have a number of new inquiries on your TransUnion report.
What Credit Limit Will I Receive?
You should be able to specify your preferred credit limit during the application process.
|Minimum Credit Limit||Highest Reported Credit Limit||Average Credit Limit|
This is a cash back card. Interestingly in the past you were able to pay off this credit card with another credit card, without any cash advance fees, they then made it so cash advance fees were charged before closing the loophole entirely.
The rewards program on this card is really quite simple, you earn at the following rates:
- 5% cash back on all gas purchases
- 1% cash back on all other purchases
In the past this card earned 1.25% cash back on all other purchases, but given that you can earn 2%+ cash back on all purchases this isn’t exactly an issue (this change happened in early 2013). They have offered 5% cash back on gas purchases since at least early 2010, so it doesn’t look like this deal is going away any time soon.
Sign Up Bonus
This card has never offered a sign up bonus that I am aware of. I’m also not aware of any targeted bonuses on this card, there is also no way to see if you have been pre-approved or not for this card.
Redeeming Your Rewards
There is no limit on the amount of cash back that you can earn. Cash back will not be shown at the time of purchase, but will appear on your monthly billing statement.
It doesn’t really make sense to look at this card in isolation, especially when there are other cards that also earn 5% cash back on gas purchases:
- Sam’s Club Mastercard earns 5% cash back on gas but has an annual limit of $6,000 in spending. Also has 3% cash back on travel and dining and you’re limited to total cash back of $5,000 per year. There is no annual fee, but it requires a Sam’s Club Membership.
- Full list here
If your gas spending is under $250 a month, I think the Sallie Mae card is your best option, if it’s under $6,000 annually then Sam’s Club might be your best option (if you already have a membership) because both of those cards are easier to get approved for and also have other cash back categories higher than 2% (which is the baseline you should be getting).
If you do have a lot of gas spend, this card might be worth getting. The problem is you’re probably going to need to not apply for cards for awhile so that you can actually get approved. There are also two other cards worth a mention, the Discover it & Chase Freedom, both of these cards earn 5% cash back in rotating categories (up to $1,500 per quarter) and usually have gas as a category at least once annually. A full list of the best credit cards for gas purchases can be found here.
We Recommend This Card For:
- People with large gas expenses
We Don’t Recommend This Card For:
- People with gas spend under $250 monthly or $6,000 annually
- People with multiple new inquiries on their credit report
F.A.Q’s & Tips
Got a question or a tip? Let us know in the comments below.