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Verdict: Do flight attendants know you by your first name? Do you have a favorite room standing by at hotels across the country? If you’re a frequent traveler, the PenFed Premium Travel Rewards American Express Card — offered by the Pentagon Federal Credit Union — might be the right choice for you. This card allows you to earn rewards points quickly, especially if you use it to book frequent flights.
Overview: The PenFed card comes with a two-tiered rewards program: You’ll earn more points when you make airfare purchases than you will for all other transactions. The card also provides members with a hefty amount of rewards points if they use their plastic frequently enough during the first three months after they’ve opened their accounts.
How This Card Works: Once you’ve earned enough rewards points with the PenFed travel card, you’ll be able to redeem them for free flights, hotel stays, car rentals or a wide variety of merchandise. The best news? This card comes with no annual fee.
Travel and Shopping Benefits: You’ll earn one rewards point for every dollar that you charge with this card for the majority of purchases. However, every time you use the PenFed Premium Travel Rewards card to purchase airfare, you’ll earn five points for every dollar charged. If you’re a frequent-flier, then, you can build up rewards points rather quickly. The card also provides 20,000 bonus points when you charge $650 during the first three months after you activate your account. If you charge at least $15,000 annually with your card, you’ll receive free access to the PenFed VIP Lounge.
Fees: The PenFed card comes with low fees when compared to other industry rewards cards. The purchase interest rate, for instance, is a reasonable 13.99 percent. The card boasts no annual fee and charges cardholders no fees for cash advances. Late-payment fees can run as high as $25, depending on your card balance, while returned-payment fees can also hit $25.
- Frequent fliers will quickly accumulate rewards points.
- No annual fee.
- Other fees are low by industry standards.
- Most purchases earn just one reward point for every dollar charged.
- Late- and returned-payment fees of $25.