Penfed Cards

[Anonymous]

So I opened a PenFed account for an auto loan which was auto-approved. Figured I should go for a CC (or two) as well since they use the same Pull for 90 days. I have no accounts with Amex currently, is there any benefit in going after the Amex card just to get in with Amex this way? I might be transfering a balance ($5,000) over so also looking into the Promise or Platinum rewards? Any opinions?

[longtimelurker]

---

@Anonymous wrote:

So I opened a PenFed account for an auto loan which was auto-approved. Figured I should go for a CC (or two) as well since they use the same Pull for 90 days. I have no accounts with Amex currently, is there any benefit in going after the Amex card just to get in with Amex this way? I might be transfering a balance ($5,000) over so also looking into the Promise or Platinum rewards? Any opinions?

---

Apart from some disagreement on whether "getting in with" has much benefit, getting an Amex network card, like the Penfed one, does nothing for a relationship with the issuer of "real" Amex cards, in the same way that getting say a Chase Visa, doesn't help you get in with Citi, even though they issue Visas as well.

[Anonymous]

Good to know.

[NoAnchoviesPlease]

To my understanding, Amex cards not issued by American Express Centurion Bank (i.e. showing up at americanexpress.com and applied for through them) don't have anything (other than branding) to do with American Express. This counts for First Bankcard, Penfed, and others who have "private label" American Express cards. 

The only cards that would play into "getting in" with American Express are the ones American Express issues directly. Obviously any credit card will appear on your credit report, and Amex will see them if you apply with them, but I don't think they will have any special meaning to Amex.

I think the main reason you'd want the Penfed Amex would be for the 5x points on airfare, or the available credit/utilization impact. Otherwise, the rewards should be your main motivation in choosing a card with Penfed. 

[Imperfectfuture]

All good points. When I look at credit union cards, I weigh: af if one, rewards, and apr with/without rewards. AND, my spend for the card.