If you’re not familiar with PenFed, it’s probably in your best interest to get to know them. Short for Pentagon Federal Credit Union, PenFed has recently launched a variety of top-notch rewards credit cards including the PenFed Premium Travel Rewards American Express® Card. This card, in addition to a bevy of rewards opportunities mentioned later, is offering new cardholders 20,000 bonus rewards points after signing up and making at least $650 in purchases during the first three months of card ownership.
Additional rewards can also be earned on the PenFed Premium Travel Rewards American Express Card as follows:
- 5 points for every dollar spent on airfare
- 1 point for every dollar spent on all other purchases
As good as the rewards program and bonus offer are, the true value of the PenFed Premium Travel Rewards American Express® Card could come in its balance transfer offer. Currently, balance transfers come with an intro APR of 4.99% for the first 24 months with a 3% balance transfer fee ($100 max). This means that if you’re looking to transfer a heavy balance on another credit card, you can do so for a relatively small fee (compare to any other credit card out there) and an extremely low APR, which lasts forever!
The drawback to owning the PenFed Premium Travel Rewards American Express Card is that you must be a member of the PenFed Credit Union in order to apply. This is done if you or a member of your family is associated with the Military or Red Cross. If that doesn’t apply, a $20 donation will allow you to become a PenFed member.
Depending if you value the importance of using a credit card, you may consider the $20 donation too expensive to carry the PenFed Premium Travel Rewards American Express Card. However, for those that spend a lot of money each year traveling, having a card that rewards you to the tune of 5x points AND bonus points can quickly outweigh a small donation. If you’re in need of a good balance transfer or travel rewards credit card, seriously consider the PenFed Premium Travel Rewards American Express® Card.