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5% cashback on hotels, dining, and airfare, 1% cashback elsewhere PLUS $200 in gift cards – PenFed CU : Premium Travel Rewards American Express Card; Exp. – 8/31/11

By , June 13, 2011


Note: The cashback rate in the title is based on 10,000 points to $100 gift card exchange rate (see here). You can become eligible for CU membership via National Military Family Association (NMFA). You will earn 20,000 bonus points after making $650 in purchases in the first three months that can be exchanged for $200 in gift cards (see more info here). The application page also mentions that sign-up 20,000 points can be exchanged for round trip ticket for many destinations. This page suggests that current exchange rate would allow redemption of 20,000 points for $320 in air fare.

Regular Rewards Terms:

Apply for the card today, start shopping, and that's it. You're earning points. You can earn points for anything you buy, anywhere in the world and there is no limit to the number of points you can earn. You will earn:

* 5 Points for every $1 you spend with airlines.
* 1 Point for virtually every $1 you spend anywhere else.

Plus receive 20,000 bonus points when you spend at least $650 in the first three months – that's enough for a free roundtrip ticket to many destinations.

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