Detailed Review of the PenFed American Express Card

In the fall of 2009, Pentagon Federal Credit Union introduced the PenFed Premium Travel Rewards American Express Card.  What proceeded was an exceptional travel and rewards card that was a hit with executive and frequent travelers.  We’re going to take a closer look at this card and it’s features and benefits.

When this card first debuted over a year ago, it first carried a $50 annual fee.  At the time, this was already a great deal given the exceptional benefits the card carried.  However, this month Penfed announced it would be dropping it’s annual fee on this card, making this an exceptional deal.

The institution behind this card is Pentagon Federal Credit Union, also known as “PenFed.”  They’re a credit union based in Alexandria, Virginia known for their exceptional credit products and outstanding service.  While they primarily serve veterans and defense related government employees, most can become members of this credit union for a small fee.

Rewards Program

The card offers a very generous rewards program that is aimed towards the frequent traveler. The rewards are awarded in “points,” through PenFed’s Premium Rewards program.  The card offers:

-5x Points on airline travel.
-1x Points on everything else.

Rewards are awarded based on the amount you spend.  One dollar is equal to one point.  In the case of airline travel, the points are multiplied by 5 times, so one dollar would equal 5 points.  Rewards points can be redeemed for gift cards, travel, and select merchandise.

Card Benefits

The card offers many benefits usually seen only in very exclusive credit cards such as generous travel privileges, VIP airport lounge access (after $15,000 in annual spend), and top notch concierge service.

Travel Privileges – The travel privileges consist mainly of discounts on hotel rooms and car rentals, hotel room upgrades, and discounts on vacation packages.

VIP Lounge Access – You will receive Priority Pass, which is a service that gives you access to over 600 private airport lounges throughout the world.

Concierge Service – 24/7 Access to premium concierge service.

Final Thoughts

This is an exceptional card that offers premium benefits with no annual fee. We highly recommend this card to anyone who travels frequently and is interested in premium travel benefits.  This card has been very well received with the travel community and for good reason.  Penfed is a very trustworthy credit union and American Express has made an excellent choice to allow a PenFed card to carry the Amex name.