From now through May 28, 2010, PenFed is offering a Amex-style giveaway of highly discounted travel packages exclusively for its PenFed Premium Travel Rewards Amex cardholders.

Every Thursday, one Cardmember can purchase a destination package valued at up to $12,400 for only $500. For instance, on May 6 at 12 noon EDT, a “Culinary Adventures of Sydney” vacation package for two, valued at $10,800 is available to the first to click in for only $500. This package features a stay at the Four Seasons Sydney for 6 nights, a behind-the-scenes tour of the Sydney Fish Market and a Harbour Dinner Cruise and Seaplane Tour.

Every Tuesday, the first Cardmember to click in will be able to purchase the featured vacation package for 50% off. As an example, on May 4 at 12 noon EDT, a Maui vacation package valued at $4,700 can be purchased for $2,350.

And every single day until the end of the promotion on May 28, five “Quick Escapes” packages will be offered, allowing Cardmembers to purchase unlimited amounts of deals valued up to $3,000.

If you don’t have a PenFed Premium Travel Rewards Amex, you can apply first to participate. For more details on this promo, see penfedamazingescapes.com.