Credit Card Thread

PenFed's Premium Travel Rewards American Express(R) Card Trumps Status Quo by Removing Foreign Transaction Fee

2:27p ET March 16, 2010 (Market Wire)

Pentagon Federal Credit Union (PenFed) today announced that all foreign transaction fees will be removed from the PenFed Premium Travel Rewards American Express(R) Card. The Premium Travel Rewards Card is accepted on American Express' global merchant network, making this offer an appealing incentive for international travelers.

"People who frequently travel are familiar with the painful 3% and 4% foreign transaction fees currently in the marketplace," noted Nicole Butler, Vice President of Card Services and Business Development, PenFed. "Our Premium Travel Rewards Card is one of the best in the marketplace and we have just made it even better by providing all of the conveniences and none of the hassles. In addition, many of our members are in the military. They frequently travel around the globe and many are based in foreign countries. By removing the foreign transaction fee from this product, we not only provide them with an added convenience, but we provide them an additional opportunity to save money while away from home."

The Premium Travel Rewards Card earns rewards at the best rate within PenFed's credit card portfolio, and is one of the most rewarding products in the marketplace today. The Card offers a combination of earn rates across air, hotel and dining categories, with no caps or limits on the amount of points a Cardmember can earn. Cardmembers can earn 5 points for every $1 spent on Airfare, 1 point for every $1 spent on all other purchases. And, until December 31, 2010, Cardmembers earn 3 points for every $1 spent on hotels and dining.

"We have a world-class travel credit card, and removing the foreign transaction fee only provides a more compelling reason for the frequent traveler to not leave home without the PenFed Premium Travel Rewards Card," stated Butler.

For more information about Pentagon Federal Credit Union and to apply for the PenFed Premium Travel Rewards American Express Card, visit www.penfed.org/amex or call 800-732-8268.

About Pentagon Federal Credit Union

Pentagon Federal Credit Union, established in 1935, has more than 950,000 members and assets in excess of $14.5 billion, and provides worldwide service to Army, Air Force, Coast Guard, Department of Defense, and Department of Homeland Security personnel; members of the VFW; employees or volunteers of the American Red Cross; and others in the defense community and their families.