Am I getting this correct that redemption of Penfed Rewards points (from AMEX and Platinum Rewards) is just 1 cent/point for ANY rewards (gift cards, travel)? I'm thinking what to do with my 50K points at Platinum Rewards program. I can exchange them for $500 Visa GC, since I couldn't find any better choices.
Apart from ocasional sales, 1 cpp is the best you can do. Also, only the Platinum Rewards has the Visa GC option -- no such option with the Travel Amex.