What if I told you there was a credit card that paid 5% cash back on everything, with no category restrictions and no fees? And that the 5% cash back was not just a teaser intro rate, good for only a few months? Sounds a little too good to be true, right? Such a card would be extremely popular and for good reason. Cards that do offer the exalted tier of 5% cash back almost always restrict that level of bonus rewards to specific categories, and often only during certain periods of the year. (Examples are the rotating quarterly bonus cards such as Chase Freedom and Discover it.)

The surprising news is that such a 5% card does exist, though it also comes with a number of restrictions which make only a lucky few able to actually take advantage of it.

What is the name of this magical 5% card, you ask? It’s the PCMCU Platinum Rewards card from the People Caring More Credit Union. It offers 5% cash back on all purchases, on up to $1000 a month in purchases. Cash back earned is limited to $50 each month and is automatically credited to your account on your next monthly statement.

Unfortunately, membership is difficult to come by unless you live in Wisconsin near Green Bay or Marinette County. (See this link for membership details.)

The other caveat is that there is an annual fee of $49 for the card, which is waived for the first year. The $49 fee can be waived in future years, however, as long as the member maintains an active Rewards Savings Program and No Fee Checking account, plus related services including, direct deposit, debit card, free Virtual Branch, and is enrolled in paperless statements on all accounts.

Other benefits of the card include:

• Low 9.88% APR*
• No balance transfer fees or cash advance fees
• 1% foreign transacation fee
• Credit limits range from $5,000-$10,000

The bottom line is that this looks to be a fantastic card for those who are eligible. If you don’t spend much, getting 5% on everything is unbeatable. And for those who do spend a lot, diverting up to $1,000 in spend per month on this card to earn $50/month also should be worthwhile.

For more information or to apply for the card, see this link.