ALEXANDRIA, Va. - Pentagon FCU, one of the largest credit union issuers of Visa cards, will become one of the first large credit unions to also issue American Express cards, under a deal announced yesterday.
The $14 billion credit union said its American Express-branded card will be called a PenFed Premium Travel Rewards American Express and will carry the American Express logo. The card will earn rewards at the best rate within PenFed's card portfolio and will provide up to five times the rewards points on airline spent and one reward point on all other spent.
Also, until Dec. 31, 2010, Card holders also can earn three times rewards points on hotel and dining spent. In addition, Card holders who spend $650 within the first 90 days of Card membership will earn 20,000 bonus rewards points.
Rewards can be redeemed for airline travel with no restrictions, hotel stays, car rental, travel adventures and experiences, designer merchandise and gift cards with major retailers. In addition, Card holders will have access to a personal shopper who will help locate hard-to-find items that can then be purchased with rewards points.
Card holders who spend $15,000 each year will receive a complimentary membership to Priority Pass, which gives Card holders VIP Airport Lounge Access to more than 500 lounges worldwide. Card holders will also have access to a premium 24/7 concierge service and exceptional travel benefits, including upgrades and amenities at premium hotels worldwide, savings on air fare, car rental reservations, vacation packages and more.
The PenFed Premium Travel Rewards American Express Card also offers numerous insurance benefits, such as Travel Accident Insurance, Trip and Baggage Delay Insurance, Roadside Assistance and Car Rental Loss and Damage Insurance.
The PenFed Premium Travel Rewards American Express Card annual fee of $50 is waived the first year of Card membership.