Pentagon Federal Credit Union and American Express Announce Card .pdf by longze569

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									                 Pentagon Federal Credit Union and American Express
                         Announce Card-Issuing Partnership


New York, November 16, 2009 – Pentagon Federal Credit Union (PenFed) and American
Express today announced a strategic new partnership under which PenFed will issue American
Express-branded credit cards. The PenFed Premium Travel Rewards American Express® Card
will carry the American Express logo and will be accepted on American Express’ global
merchant network.

The PenFed Premium Travel Rewards American Express Card earns rewards at the best rate
within PenFed’s card portfolio and is one of the most rewarding products in the marketplace
today, offering a superior combination of earn rates across air, hotel and dining categories, with
no caps or limits on the amount of rewards a Cardmember can earn. Cardmembers can earn 5
times the rewards points on airline spend and 1 reward point on all other spend. Plus, until
December 31, 2010, Cardmembers also can earn 3 times rewards points on hotel and dining
spend. In addition, Cardmembers who spend $650 within the first 90 days of Cardmembership
will earn 20,000 bonus rewards points.

“At PenFed, we provide maximum financial returns to our Members; we are a consumer
champion in that we continue to provide our Members with the most attractive products,” says
Nicole Butler, Vice President of Card Services and Business Development, PenFed. “We have a
history of providing rich product offerings to our Members and the PenFed Premium Travel
Rewards American Express Card is no exception. In fact, by partnering with American Express,
we are able to strengthen our position in this space, and we are able to present our discerning
Members with a superior travel rewards product — with no gimmicks, no black-out dates and no
single-airline limitations.”

“By combining the trust and integrity that Members expect from PenFed with the strength and
global recognition of the American Express brand, we believe this product is one of the best
Cards in the marketplace and will not only appeal to our existing Members, but to a new group of
customers as well,” added Ms. Butler.

“We are delighted to partner with PenFed, one of the leading credit unions in the U.S.,” says
Janey Whiteside, Vice President and Group General Manager, American Express Global
Network Services. “We think PenFed is an excellent addition to our exclusive network of
American Express card-issuing partnerships, and we are confident that today is the start of a
long-term, successful partnership. The new PenFed Premium Travel Rewards American
Express Card is one of the strongest rewards products in the marketplace and is supported by a
truly outstanding range of benefits and services, as well as the world-renowned American
Express brand.”

Rewards can be redeemed for airline travel with no restrictions, hotel stays, car rental, travel
adventures and experiences, designer merchandise and gift cards with major retailers. In
addition, Cardmembers will have access to a personal shopper who will help locate hard-to-find
items that can then be purchased with rewards points.

Cardmembers who spend $15,000 each year will receive a complimentary membership to
Priority Pass, which gives Cardmembers VIP Airport Lounge Access to over 500 lounges
worldwide. Cardmembers will also have access to a premium 24/7 concierge service and
exceptional travel benefits, including upgrades and amenities at premium hotels worldwide,
savings on air fare, car rental reservations, vacation packages and more.

The PenFed Premium Travel Rewards American Express Card also offers numerous insurance
benefits, such as Travel Accident Insurance, Trip and Baggage Delay Insurance, Roadside
Assistance and Car Rental Loss and Damage Insurance.

The PenFed Premium Travel Rewards American Express Card annual fee of $50 is waived the
first year of Cardmembership.

PenFed and American Express have an exclusive arrangement under which, for a limited time,
PenFed will be the only credit union to issue an American Express-branded card in the United
States. PenFed will be responsible for all elements involved in issuing the PenFed Premium
Travel Rewards American Express Card, including customer service and marketing strategy.

For information on how to apply for the PenFed Premium Travel Rewards American Express
Card, visit https://www.penfed.org/amexinvite or call 800-732-8268.

About Pentagon Federal Credit Union
Pentagon Federal Credit Union, established in 1935, has more than 900,000 members and
assets in excess of $13.5 billion, and provides worldwide service to Army, Air Force, Coast
Guard, Department of Defense, and Department of Homeland Security personnel; members of
the VFW; and others in the defense community and their families. Their members enjoy
worldwide service by Internet and phone, seven days a week, 24 hours a day.

For more information about Pentagon Federal Credit Union and to learn how to become a
member, visit www.penfed.org.

About American Express
American Express Company is a leading global payments, network and travel company founded
in 1850. Since 1996, American Express has been pursuing a strategy of opening its merchant
network and card product portfolio to third party issuers around the world. By leveraging its
global infrastructure and the powerful appeal of the brand, American Express has gained even
broader reach for its network worldwide. American Express has now established 131
partnerships in 130 markets across the world.

Media Contacts

PenFed
Ben Scandlen
(703) 838-1350
ben.scandlen@penfed.org

American Express
Corey Karsch
(212) 640-0671
corey.r.karsch@aexp.com

								
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