American Express increases rewards for some borrowers

Consumers who have a travel rewards credit card issued through the Pentagon Federal Credit Union will, for a limited time, be able to earn additional points for certain types of spending.

American Express recently announced that consumers who carry its PenFed Premium Travel Rewards Card will be able to earn three points per dollar spent on restaurant purchases between February and April 30, 2012. That's an increase from the current one point.

In addition, the card also grants users five points for every airfare purchase, the report said. The PenFed card's airfare points plan is about 25 percent more generous than nearly all other travel rewards cards, and offers a competitive variable interest rate as low as 9.99 percent.

Competition among lenders for new, more affluent customers is on the rise, but the best card offers are still extended to those who have top-notch credit ratings. As a result, consumers interested in obtaining this type of account should check their credit report to ensure that their finances are as healthy as they should be. Sometimes, these documents contain unfairly reported items that can lower their scores, but working with a credit repair law firm can help to solve such problems.