Has anyone bitten for the PenFed AmEx?

[haulingthescoreup]

I know that when PenFed introduced this card, I thought it looked pretty good, but I was promptly shot down by those more familiar with travel cards. Nevertheless, it popped up on my screen a few weeks ago when PenFed renewed all their offers, and I'm interested. It looks like my new job is going to involve some travel, and I'd like to get a rewards card that isn't tied to a certain airline.

So has anybody actually gotten this thing? If so, how are you using it, and how do you like it? I like the fact that I'm already approved, and I won't get an inq, although there will be the new account hit and the drop again in AAoA. (ouch) And I really like the 5 points thing, plus this year's hotel and restaurant rewards.

Anyway, I'd be interested in any feedback, both from those who actually have the thing and those who have thought out the pros and cons. I don't know enough about miles cards to evaluate this one properly. btw, I don't anticipate traveling at Clooney-esque levels to where I care much about airport lounge access, or not more than several times a year, so that's not a huge factor.

Any thoughts?

[nathan]

 Welcome back HTSU. I just received this cc about two days ago. I got the preapproval from penfed, but decided to instead ask for a cli for my visa from 15k to 20k. Guess what, penfed refused my cli request, but countered with the penfed amex for 5k and I accepted just to later realize it has a $50 af waived for the first year. Contrary to popular belief, penfed preaaproval is a hard inq. When I saw the preapproval popped for the first time, it actually said I was already approved for the amex for 5k, 30k auto loan bla bla bla. I stll dont know how I will use this cc since i am not a frequent flyer. I didn't want a new account , but when I got an eq alert from penfed, i was a little surprised because i have read from here that if you get the preapprovals for a cli, it is a soft. I did'dt even really need a cli, but I will take any freebie from penfed because it is rare. If given the opportunity, I wouldn't mind combining the amex with my cash reward visa. Since your new job requireS you to fly much, it may be good for you, but don't be surprised if you received that dreaded alert from eq. My eq was 708, and I did't get a ding for the inq, but i expect one when the account reports.

[Anonymous]

My scores can't take any new  tradelines,  Going on nine months without app'ing for anything.   I finally broke the habit of not app'ing for new cards.  My scores will appreciate that becuase they're rebounding. Eleven cards is enough!

[smallfry]

Can't help you with the new card Hauling but there was no pull on my preapproval. I added limit to an existing card maybe if I had taken on a new CC? Dunno.