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The PenFed Premium Travel Rewards Amex is already one of the best travel rewards cards out there, paying 5% on airfare, 3% on hotels and dining, and 1% everywhere else. Plus with no foreign transaction fees, it’s a perfect card to take with you on the road.
Now they’re upping the ante, because until December 31, 2010 you get that 3% on hotels and dining, plus 2% rather than 1% on all other purchases. The only card that comes anywhere close to offering travel benefits like this is the Starwood Preferred Guest from Amex, but that card charges a 2.7% transaction fee.
So if you don’t mind joining the PenFed credit union and you can pass their notoriously tough credit standards, then now is the time to jump on this offer. You not only get one of the best travel rewards cards out there, but you get a juiced-up everyday rewards superstar for the next few months as well.