If you been at the miles and points game for a while, you may already have picked up many of the big bonus credit card offers.
If that’s the case, you may be interested in an oft overlooked airline rewards credit card that pays five times points for all air travel.
This is a better rate by far than other rewards credit cards — which pay two to three points for air travel spend.
Pentagon Federal Credit Union (PFCU) offers the PenFed Premium Travel Rewards American Express® Card to its members.
PFCU does not run an affiliate program for bloggers, which may be why you haven’t read about this card elsewhere.
The pros: The PenFed Travel Rewards Amex card pays an incredible five time points for all air travel, as well as one point on all other purchases. The card offers 20K initial bonus points — worth $200 — after making initial purchases of $2500 within the first three months. What’s more, this is a no annual fee credit card, so it’s one you can hold on to it for a long time. Longevity is one of the factors that can help boost your credit score.
The cons: Pentagon Federal has a reputation for setting a high bar for credit application approvals. Points cannot be redeemed for cash — however there are over 350 gift card options offered for redemptions, including travel, gas, and Amazon.com gift cards which are readily usable. $2500 is a high spend requirement for a modest bonus offer. Furthermore, you must become a member of PFCU — which entails opening a $5 share account.
PenFed Membership Requirements
There are a number of ways to quality for membership in Pentagon Federal Credit Union — including military service, government employment, or being a relative or housemate of someone who is a member or is eligible. There is also an option to donate a one-time contribution of $15 or $20 to one of two U.S. military charities in order to join.
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As always, read the Terms and Conditions carefully and consider the risks of high interest rates and fees if you miss a payment.
If you have experience with this credit card, please share in the comments below.
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No kidding, five times points? What’s the catch?
One downside may be that you would be earning “points” rather than “miles,” which may have more value depending on what award tickets you would like to redeem them for. Another catch might be that the initial bonus is just 20K points, as opposed to some other cards that offer 40-50K bonus points.
It’s like a full-time job, figuring out all these offers.
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