You must be a Pentagon Federal Credit Union member to apply. Not a member? It’s easy to join. You must be a United States Government employee, member of the United States Military and Uniformed Services, employee or volunteer of the American Red Cross, member of the National Military Family Association, or a family member/housemate of a current PenFed member. You can also open up a checking account with them and keep $5 a month in the account and donate $15 to a charity of your choice if you are not in the military.
Our Take: This card is a must have if you qualify. Read more about the PenFed Credit Union 5% back.
Reader Comments:
I received a Pre-Approved offer this week from PenFed that featured the Premium Travel Rewards American Express Card which was targeted for non-members. I called and asked about the redemption program because this offer sounded too good to be true since it was 5x on dining and hotels until August and 1x back on everything else. It also had a 5x on Airfare offer. The redemption has to be done with a website at PenFed Premium Rewards which forwards to Award HQ site which lets you redeem for the ticket price of 15k points up to $250 or the next level at 25k pts with a $251-350 travel spend. The points are good until up to 5 years when they expire but the oldest points expire first.
Redemption examples below are 1:1 ratio which is better than you will receive with Thank You rewards or Capital One.
5,000 Points = $50 Darden Restaurants
5,000 Points = $50 Dave & Buster’s Gift Card
5,000 Points = $50 Chili’s Grill & Bar, Romano’s Macaroni Grill, On The Border
