PenFed today announced it has teamed with American Express to issue a new American Express-branded credit card, becoming the first credit union in the country to do so. The PenFed Premium Travel Rewards American Express Card will earn 5 points per $1 on all airfare purchases and 1 point per dollar on all other purchases. Until December 31, 2010, dining and hotel purchases will also earn 3 points per dollar spent. In addition, you’ll earn 20,000 bonus rewards points for spending $650 on the card within the first 90 days of membership. Rewards include travel, merchandise, and more. For instance, 10,000 points can be redeemed for a $100 gift card (a value of 1 cent per point).

Those who spend at least $15,000 on the card each year will also receive complimentary membership to Priority Pass, which provides airport lounge access.

There is an annual fee of $50 which is waived for the first year.

For more info or to apply, see this link.