The Abound Credit Union Visa Platinum is a rotating-category credit card which also earns 5% cash back on gas purchases. Abound Credit Union, formerly Fort Knox Federal Credit Union, is a Kentucky-based banking cooperative which allows for out-of-state applications. In general, this uncommon choice of a card is the absolute best option for paying at the pump. It’s worth a look for anyone who has a car.
FEATURES AT A GLANCE
- No annual fee
- 1% foreign transaction fee
- 5% cash back on gas
- 5% cash back on rotating categories ($2,000-2,500 quarterly spending limit)
- 1% cash back on everything else
Rotating categories for 2022:
- Q1 – Health and Fitness
- Q2 – Travel
- Q3 – Streaming, Phone, Cable & Internet Services
- Q4 – Amazon.com
SIGN UP BONUS
This card doesn’t have any introductory offers.
OTHER BENEFITS OF THE ABOUND CARD
- Visa Traditional benefits (unconfirmed)
- No balance transfer fee
- Free basic-tier ID Navigator Powered by NortonLifeLock
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 670+
Credit bureau: TransUnion pull (and/or Equifax)
According to financial blog Doctor of Credit, Abound is “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.”
You may not have to join the credit union to apply for this card, but it depends on which link you use (there’s a member link and non-member link). Their website implies that you do need to join, and extra fees apply to non-members, so it’s best to try and join. If you do apply for credit union membership, keep in mind that this might be a hard pull too, and membership isn’t guaranteed. Abound may be more strict with out-of-state applications (they likely prefer to do business with locals). Their “do you qualify for membership” list seems to exclude many people, although it isn’t a hard rule. Anyone can apply from anywhere. Just keep in mind that membership is YMMV.
MAXIMIZING REWARDS WITH THE ABOUND CARD
Rewards are earned as a cash back “rebate.” It’s an automatic deduction from monthly statements and you don’t have to do anything. Gas and “other” purchases are unlimited, while rotating categories have a spending limit. You can earn up to $100 in cash back from rotating categories each quarter ($2,000 spend limit). If you go over this, you’ll get the 1% “other” cash back until the next quarter begins. The exception is Q3 (travel) which has a higher maximum of $125 in quarterly rewards ($2,500 spending limit) for 2022.
If you spend $8,000 annually on gas and rotating categories, you’d earn $400 cash back each year.
One person reported that anything under “automotive” counts for 5% cash back with this card. It can earn 5% back on car repairs too, not just gas.
Rotating category definitions:
- Q1: “5% off merchants classified as Clubs/Membership, Miscellaneous Food Stores, Sporting Good Stores, Shoe Stores and Sports Apparel/Riding Apparel.”
- Q2: “5% off merchants classified as Airlines, Car Rental, Lodging, Cruise Lines, Air Carriers, Airport, airport terminals & flying fields, Travel Agencies & Tour Operators, Lodging Hotels, Motels, Resorts not elsewhere classified, Timeshares, Auto Rental Agency-” And “After $125 is reached in rewards you will continue to earn 1%”
- Q3: “5% off merchants classified as Cable, Satellite and other pay television and radio services, Digital Goods, Digital Goods- large digital goods merchant, Digital Goods- books, movies, music, Telecommunication equipment incl. telephone sales,”
- Q4: “5% off purchases made from Amazon.com, excluding Amazon digital purchases, subscriptions, or memberships”
ALTERNATIVES TO THE ABOUND
This is one of the best gas cards available anywhere, and the rotating categories are an excellent bonus.
Other options for gas purchases include:
- USAA Cashback Rewards Plus (5% back, $3,000 annual spending limit)
- Citi Custom Cash (5% back, $6,000 annual spending limit)
- Penfed Platinum Rewards (unlimited 4.25% back, potentially up to 5% back)
Outside of this, you’ll want an “everyday” card to cover the “other” purchases. There are 20+ credit cards which out-earn Abound’s 1% cash back for non-category spending.
CONCLUSION
The Abound Credit Union Visa Platinum is arguably the best year-round credit card for gas. Few cards come close to matching the value here. When Abound added rotating categories, that added even more potential. This Visa can be quite the high earner.
There are three downsides: (1) joining the credit union isn’t guaranteed, (2) there’s a 1% foreign transaction fee, and (3) there isn’t a sign-up bonus. Not having a sign-up bonus makes this card a questionable short-term choice. If you plan to open cards regularly, another option would be better. Sign-up bonuses beat ongoing cash back rates. Long-term, however, the Abound credit card is a great choice. It’s rare for a card to earn 5% cash back in multiple categories.
We rate the Abound card 5 out of 5 stars. ⭐⭐⭐⭐⭐
Note: This review was last updated in April 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to benefit from our personalized consulting services!