The brand new PenFed Defender American Express Card presents an excellent value in a simple package, offering 1.5% cash back on every purchase with absolutely no fees and no penalty APR. There are no tiers, caps or limits to the amount of cash cardholders can earn and cash back is credited automatically as a statement credit to the account each month. There is one catch, however: you (or your co-applicant) must be in or retired from military service, the Reserves, or the National Guard to qualify.

There is an intro 6.99% APR on purchases for the first 60 months and an intro 4.99% APR on balance transfers made by December 31, 2012.

What exactly does PenFed mean by no fees? Pretty much exactly that. The card features:

• No annual fee
• No foreign transaction fees
• No balance transfer fees
• No cash advance fees
• No late fees
• No over credit limit fee

For more info or to apply, see this link.