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The PenFed Premium Travel Rewards

American Express® Card

Introducing the new

PenFed PROMISE

Our Promise To You

Q 5x points on airfare, 1 point on virtually all other purchases

Q 3x points on hotel and dining through December 31, 2010

Q Earn 20,000 bonus points when you spend over $650 in the first three months

Q No Foreign Transaction Fee

Q Redeem rewards for travel, gift cards, and more

Q Luxury VIP Lounge Access worldwide† Q 24/7 Premium Concierge Service‡ Q $50 Annual Fee waived for the first year

The new PenFed Promise combines the freedom of absolutely no fees with one of the lowest purchase rates in the country!

This unique, smart, no-frills Visa card offers exceptional value:

Q Absolutely no fees Q No Foreign Transaction Fee

Q 7.49% introductory purchase APR for first 36 months! After that, the

APR will vary with the Prime Rate and is currently 9.99% APR.

PenFed.org

800-616-6600

All rates and offers are as of April 1, 2010 and subject to change. These programs are issued and administered by PenFed.

PenFed Premium Travel Rewards American Express Card: American Express is a federally registered service mark of American Express and is used by PenFed pursuant to a license. Current Annual Percentage Rate (APR) for Purchases and Cash Advances is 13.24% and will vary with the market based on the Prime Rate. If we do not receive your minimum payment due within 60 days of the due date,

all APRs on the account will increase to 17.99% until you make 3 consecutive payments on time. † Members must spend $15,000 annually to receive the one-year Luxury VIP Airport Lounge (Priority Pass) Membership and two free access passes. ‡ Terms, conditions and restrictions apply. Additional details will be provided upon card issuance.

Visa Promise: No-fee cash advances carry a 17.99% APR. Promise Cardholders must subscribe to our e-statement service for ALL active credit card accounts held with PenFed. Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88