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PenFed American Express Announced Today

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11/16/09 3:59 PM
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.
11/16/09 4:00 PM
List of rewards posted in another Thread
11/16/09 4:51 PM

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.
11/16/09 5:01 PM
The 5 points for airfare is great for business travelers that book their own flights.
The priority pass membership is nice too, except they have too much detail on that.
EDIT: Looks like the priority pass is 2 free visits per year.
11/16/09 5:17 PM
Fidelity AMEX is better. 2% Cash Back.
11/16/09 5:34 PM
20,000 points = $200 sign up bonus isn't too bad if you don't mind the hard inquiry.
11/16/09 6:06 PM
20,000 points also = free airfare.

Remember Penfed is really picky, don't apply without pristine credit.
11/16/09 6:36 PM
Wouldn't allow a conversion.
Requires a new app.
Minimum CL on their AMEX card is 5K.
11/16/09 7:08 PM
Just applied, approved for the $5k limit I asked for, easy 20,000 points!
11/16/09 7:39 PM
Anyone knows which credit bureau it is pulling? Usually AMEX pulls Experian for me (in California), but Penfed pulls Equifax for me before for HELOC.
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