PENTAGON FED AMERICAN EXPRESS CARDS!!!!!

[Jazzzy]

If anyone takes the plunge and gets this card, I hope to learn some details. I didn't play around on the site very much, but I wasn't able to see how the rewards actually work.

I like free flights. This card, however, says that I can get 10% off the lowest published fare. That's not very much money. I want to know how many points it's costing me to get that 10% off.

I don't mind paying an annual fee for value in return. I pay Delta AmEx $95/yr (well, I will after the 1st year, which was free). I got 25,000 miles for getting the card (which is enough for a free flight) + a free companion ticket. I'll get a few free flights each year for that $95 fee. So, for me, it's worth it. I haven't found as good a return on a non-fee card yet, but I'm looking. I have no loyalty...as soon as I find something better, I'll be gone.

If anyone can share any more details on the travel rewards, I'd love to hear them.

[wajj]

What I found out about the PenFed AMEX card in two discussions with customer service after my application was turned down.

1.  Smallest CL available is $5K

2.  They regard any application for a new card as a CLI to any existing cards you already have so beware if you haven't had a card with them for 12 months

3.  They will reallocate from an existing card to an AMEX (given the $5K minimum CL)

4.  They are still as inquiry sensitive as ever but if you are carrying small to no balances and have a history of no balance on other PenFed cards, this can be overlooked (not to say it will be).

5.  They are willing to consider a recon if you are denied.  We'll see how sucessful that is.

I don't know anything about the travel rewards except what I read on the site.  Overall, it sounds like an excellent card for miles.

[creditwherecreditisdue]

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@wajj wrote:

What I found out about the PenFed AMEX card in two discussions with customer service after my application was turned down.

1.  Smallest CL available is $5K

2.  They regard any application for a new card as a CLI to any existing cards you already have so beware if you haven't had a card with them for 12 months

3.  They will reallocate from an existing card to an AMEX (given the $5K minimum CL)

4.  They are still as inquiry sensitive as ever but if you are carrying small to no balances and have a history of no balance on other PenFed cards, this can be overlooked (not to say it will be).

5.  They are willing to consider a recon if you are denied.  We'll see how sucessful that is.

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This is all SOP for PenFed.

I will have to consider the card when my next unsecured offer pops up, but I will probably pass. Next time it will be a CLI on my orginal PCR Visa.

[Anonymous]

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@DI wrote:
Any card that charges an AF is subprime to me.  I'm just saying. 

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So the AMEX Centurion (Black), the Platinum, Gold, Green and other cards are subprime....as are many other "professional" and heavy perk cards?

I only ask if the term used to describe may not be the best way to describe.

IMO:  "Any card that charges an AF is not a great financial decision and is money wasted."  Some would agree and some would not.  But technically, calling a card "subprime" actually means it is easy to qualify for because they cater to bad or less than perfect credit, ie:  subprime.

In addition, those cards with the 'uber' fees also provide substantial services and perks that could not be offered without the fees.  Therefore, like any product or service, it is designed to fit a particular market, not to aid in the self esteem by merely providing a "feeling" of worth.

I don't mean to argue, but I do really think it inappropriate to attack people or products.  Let's just stick to the facts and information.  And if somebody wishes to offer an opinion on whether they personally feel inclined to pay an AF or uber-AF, then lets state it as that, without the inaccurate labels that may mislead some.

IMO, but my opinion is based upon true definitions and word useage aimed at articulatating accurate and uniform communication.  If we don't have common language, then we don't really have language at all.

Message Edited by txjohn on 11-16-2009 10:06 PM

[manyquestions]

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@wajj wrote:

They regard any application for a new card as a CLI to any existing cards you already have so beware if you haven't had a card with them for 12 months.

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Hmmm. So the 50k total credit card limit will apply. So if you already have a cash rewards card with a 50k limit you will have to allocate some of that credit limit to the new card.  I can understand, but it kinda kills the desire to get it.  If you currently have a 30k limit you will be limited to 20k on the new card, but if they feel that your current 30k limit is all they are comfortable giving you, you will have to downsize your current card to open the new one.  

[creditwherecreditisdue]

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@manyquestions wrote:

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@wajj wrote:

They regard any application for a new card as a CLI to any existing cards you already have so beware if you haven't had a card with them for 12 months.

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Hmmm. So the 50k total credit card limit will apply. So if you already have a cash rewards card with a 50k limit you will have to allocate some of that credit limit to the new card.  I can understand, but it kinda kills the desire to get it.  If you currently have a 30k limit you will be limited to 20k on the new card, but if they feel that your current 30k limit is all they are comfortable giving you, you will have to downsize your current card to open the new one.  

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That's pretty much it in a nutshell. The $50K total CL is not exactly extreme hardship however. Frankly I don't think they give you quite enough for the AF (only two VIP lounge visits per year, which is a good value if you use them). I don't see any compelling reason to get this card and erode AAoA to do so. I'd rather up my PCR Visa's CL next time they give me a pre-app offer. For me it makes more sense.

[Anonymous]

Not to TJ, but just to compare to PenFed, I really like my USAA Amex. 

1.  No AF

2.  Perks and Benefits administered by AMEX for USAA (but card, credit and customer service is by USAA)

3.  Consierge Service

4.  Purchase protections, extended warranties, travel insurance, price protection, theft protection

5.  Rental insurance

6.  Qualifies for AMEX "presale" ticket purchases through TicketMaster.com (2-3 days prior to general public) though not the "preferred seating" option.

So for the most part, I get everything I want but don't have to pay (AF) for those things I don't really need or want (don't need the lounge access, etc).

[creditwherecreditisdue]

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@Anonymous wrote:

Not to TJ, but just to compare to PenFed, I really like my USAA Amex. 

1.  No AF

2.  Perks and Benefits administered by AMEX for USAA (but card, credit and customer service is by USAA)

3.  Consierge Service

4.  Purchase protections, extended warranties, travel insurance, price protection, theft protection

5.  Rental insurance

6.  Qualifies for AMEX "presale" ticket purchases through TicketMaster.com (2-3 days prior to general public) though not the "preferred seating" option.

So for the most part, I get everything I want but don't have to pay (AF) for those things I don't really need or want (don't need the lounge access, etc).

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I think the BofA Amex is pretty much the same as you outline above.

[Geordi]

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@DI wrote:
Someone recently posted about CU's that offers AMEX branded cards.

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PenFed is the ONLY CU offering an American Express card.

USAA is a Federal Savings Bank, not a CU

GL

[Anonymous]

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@Geordi wrote:

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@DI wrote:
Someone recently posted about CU's that offers AMEX branded cards.

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PenFed is the ONLY CU offering an American Express card.

USAA is a Federal Savings Bank, not a CU

GL

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Yes, that is true. 

But for all intents and purposes, USAA compares with CU's.  USAA is a member owned (not for profit) organization, just as CU's are member owned.  The real difference between the two is how they are organized and chartered.  Whereas most banks are investor (shareholder) owned and definitely "for profit" organizations.

Therefore, IMO, if one qualifies for USAA membership, then one would do well to compare both AMEX offerings.  USAA offers much lower APR rates for standard purchases (8.9%) and has slightly better fees (2% up to $100 for BT or Concenience check, BUT no fee for online cash advance to checking or savings).

Anyway, I was not trying to get into a technical argument on the type of charter each is organized under.  And the subject line is about PenFed AMEX.  For those interested, I only offer one other "like" offering that could be of interest.

But once again, yes USAA is not a CU....