One change that PenFed made since I reviewed this in 2009
is to eliminate the annual fee. link to PenFed's page
Summary of credit card and bonus:
* 20,000 bonus points upon spending $650 in the first 3 months
* No annual fee
* 5x points on airfare purchases and 1x points on all other purchases
Flexo at Consumerism Commentary has a new review
of this travel rewards card and bonus.