PenFed American Express Announced Today

Details here: link

Rewards program to be handled by PenFed (or so it seems); $50 annual fee (waived first year), 20,000 bonus points after $650 in purchases on the card.

General Overview:
* Earn 5 points per dollar spent on airfare purchases.
* Earn 3 points per dollar spent on hotel stays and purchases made at restaurants until December 31, 2010.
* Earn one point for virtually every dollar you spend on all other purchases.
* There is no limit to the number of points you can earn.

Looks like gift cards are at a 1% exchange rate ($100 gift card for 10,000 points).

I am not impressed.

Fidelity AMEX is better. 2% Cash Back.

20,000 points also = free airfare.

Remember Penfed is really picky, don't apply without pristine credit.

Just applied, approved for the $5k limit I asked for, easy 20,000 points!

This might be worth unfreezing my credit reports for!

Cheapoking said: 20,000 bonus point...link please?

link

I so need to get my account at Penfed setup. I'm a member, but never got a pin. Gah!

does it look better than citi ppe card with $75 annual fee ?
btw here is linky for more detail on penfed AMEX

I'd be interested to see the details on the travel insurance, etc.

What is unclear to me is if you get membership in priority Pass or not. You gettwo free entrances but can you get a paid third entry as you do with the Citi AMEX?

kingston said: The 5 points for airfare is great for business travelers that book their own flights.

He or she would probably already have their preferred carrier's affinity card and get double or triple miles for using it when booking flights.

Thanks OP. Approved 7K.

Discplayer said: Spoke with Penfed this morning, 11/17/09. To open a new Pendfed AMEX account individuals are still limited to $50,000 max credit across all unsecured credit lines. With a 10K and 40K line, I would need to close or reduce an existing line to open this new account. Has anyone been able to go above 50K with Penfed? Does any on think its worth reducing one of my lines to open this new account?Even if they would go above 50K they might require special provsions - copy of 1040, etc. - PITA & privacy issues. Why not request a CL of only 1K on the AMEX (leaving 49K), then later take the 20,000 points = $200 signup bonus & run? Or if you want to use the new AMEX more later on, reallocate.

The only real danger is that in today's environment there's the chance that any credit evaluation may result in reduced CLs on existing lines. I've not heard anywhere that PenFed (specifically, Penfed) does this - has anyone else?

fw9999 said: Discplayer said: Spoke with Penfed this morning, 11/17/09. To open a new Pendfed AMEX account individuals are still limited to $50,000 max credit across all unsecured credit lines. With a 10K and 40K line, I would need to close or reduce an existing line to open this new account. Has anyone been able to go above 50K with Penfed? Does any on think its worth reducing one of my lines to open this new account?Even if they would go above 50K they might require special provsions - copy of 1040, etc. - PITA & privacy issues. Why not request a CL of only 1K on the AMEX (leaving 49K), then later take the 20,000 points = $200 signup bonus & run? Or if you want to use the new AMEX more later on, reallocate.

The only real danger is that in today's environment there's the chance that any credit evaluation may result in reduced CLs on existing lines. I've not heard anywhere that PenFed (specifically, Penfed) does this - has anyone else?
Apparently there is a 5k minimum limit requirement for the AMEX.

Got turned down. Had to settle for splitting the existing visa line of 44k. But I don't see any modifications to my credit line yet.

pras

Only "until December 31, 2010" for hotels/restaurants; so only real benefit is 5 points/$ on airfare.

Even for airfare only if you spend more than $1667/yr then its more profitable than a 2% Schwab Visa; because of $50 annual fee.

Of course the $200 sign on bonus & no fee first year means its worthwhile for some folks.

pp65us said: what can the points be redeemed for?
can I redeem the 20000 points for $200 gift cards? if, is there a link wher I can see what gift cards they have?

Thanks

There are gift card listed on the site. Just click on the more info button.

Call me a sucker but I for one won't be getting this card simply to milk the $200 free signup and then cancelling. Penfed has been one of the few institutions that has treated us well and I don't want to exploit them. If I do sign up for this card, I will keep it and pay the fee. If the signup is $200 and the fee is $50 then it means I get the card for 5 years without expense.

Penfed gives us the 5% gas card that frequently offers bonus 5% deals for airfare and school purchases. Let's not screw them over.

tripleB said: Call me a sucker but I for one won't be getting this card simply to milk the $200 free signup and then cancelling. Penfed has been one of the few institutions that has treated us well and I don't want to exploit them. If I do sign up for this card, I will keep it and pay the fee. If the signup is $200 and the fee is $50 then it means I get the card for 5 years without expense.

Penfed gives us the 5% gas card that frequently offers bonus 5% deals for airfare and school purchases. Let's not screw them over.

I agree with you. If I do get this card, it won't be just to utilize the bonus. I will keep it.

1st annual fee $50 is waived, but does anyone been with them for more than a year? Curious if you cancelled the credit card after a year, is there a charge for cancellation?