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Pentagon Federal Credit Union to Issue American Express Cards

Pentagon Federal Credit Union (PenFed) and American Express have announced a strategic new partnership under which PenFed will issue American Express-branded credit cards. The new PenFed Premium Travel Rewards American Express Card will carry the American Express logo and will be accepted on American Express' global merchant network.

According to the two companies, PenFed and American Express have an exclusive arrangement under which, for a limited time, PenFed will be the only credit union to issue an American Express-branded card in the United States.

The PenFed Premium Travel Rewards American Express Card earns rewards at the best rate within PenFed's card portfolio and is one of the most rewarding products in the marketplace today, offering a superior combination of earn rates across air, hotel and dining categories, with no caps or limits on the amount of rewards a Cardmember can earn. Cardmembers can earn 5 times the rewards points on airline spend and 1 reward point on all other spend. Plus, until December 31, 2010, Cardmembers also can earn 3 times rewards points on hotel and dining spend. In addition, Cardmembers who spend $650 within the first 90 days of Cardmembership will earn 20,000 bonus rewards points.

"At PenFed, we provide maximum financial returns to our Members; we are a consumer champion in that we continue to provide our Members with the most attractive products," says Nicole Butler, Vice President of Card Services and Business Development, PenFed. "We have a history of providing rich product offerings to our Members and the PenFed Premium Travel Rewards American Express Card is no exception. In fact, by partnering with American Express, we are able to strengthen our position in this space, and we are able to present our discerning Members with a superior travel rewards product -- with no gimmicks, no black-out dates and no single-airline limitations."

"By combining the trust and integrity that Members expect from PenFed with the strength and global recognition of the American Express brand, we believe this product is one of the best Cards in the marketplace and will not only appeal to our existing Members, but to a new group of customers as well," added Ms. Butler.

"We are delighted to partner with PenFed, one of the leading credit unions in the U.S.," says Janey Whiteside, Vice President and Group General Manager, American Express Global Network Services. "We think PenFed is an excellent addition to our exclusive network of American Express card-issuing partnerships, and we are confident that today is the start of a long-term, successful partnership. The new PenFed Premium Travel Rewards American Express Card is one of the strongest rewards products in the marketplace and is supported by a truly outstanding range of benefits and services, as well as the world-renowned American Express brand."

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, Cardmembers will have access to a personal shopper who will help locate hard-to-find items that can then be purchased with rewards points.

Cardmembers who spend $15,000 each year will receive a complimentary membership to Priority Pass, which gives Cardmembers VIP Airport Lounge Access to over 500 lounges worldwide. Cardmembers 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 Cardmembership.

For information on how to apply for the PenFed Premium Travel Rewards American Express Card, visit https://www.penfed.org/amexinvite or call 800-732-8268.

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The credit union industry has been a recipient of federal assistance to deal with the cost associated with the conservatorship of two large corporate credit unions. credit unions have been the direct beneficiary of taxpayer assistance, as NCUA exercises its borrowing authority to pay for the rescue of the corporate credit union system.

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