PenFed American Express Card Announced

If you are a frequent flier this might be a good reward card .

Rewards program to be handled by PenFed  credit union (or so it seems); $50 annual fee (waived first year), 20,000 bonus points after $650 in purchases on the card .

General Overview:
* Earn 5 points per dollar spent on airfare purchases.
* Earn 3 points per dollar spent on hotel stays and purchases made at restaurants until December 31, 2010.
* Earn one point for virtually every dollar you spend on all other purchases.
* There is no limit to the number of points you can earn.

Here is the link for more info