Some include bonuses and perks tailored expressly for those who have served in the military services, while others are just the top choices regardless. Several credit cards go above and above the Servicemembers Civil Relief Act (SCRA) requirements by providing those serving in the armed forces with additional benefits, such as reduced or eliminated fees and very advantageous interest rates on current card balances. The following is a list of the credit cards that, according to our study, are the most beneficial to service personnel.
Citi Custom Cash℠ Card
No penalties for being late and competitive interest rates? When you enter active duty, your annual percentage rate (APR) on the Citi Custom Cash card may drop to 0%, and all fees associated with the card will be waived. This is one of the many military-friendly incentives offered by Citi. You can receive 5% cash back on up to $500 in purchases made each month, making it a simple method to earn cash back, which is available to you. Every month, Citi will automatically apply the 5% earnings rate to the area of your most important expenditure; there are no rotating categories that you need to keep track of.
United℠ Explorer Card
How far can you go with only a credit card? If you use this card to make purchases totaling $3,000 within the first three months, you will be rewarded with 60,000 bonus miles. If you use this card to make purchases totaling $6,000 within the first six months, you will be rewarded with 70,000 bonus miles—enough for two round-trip flights to Europe. In addition, Chase doesn't charge any annual fees to military families, and if you already have a Chase card, you'll get a 4% introductory APR, and there won't be any penalties for paying late.
Navy Federal Platinum
Consider applying for this card if you want to keep your costs to a minimum while benefiting from competitive interest rates. The card's interest rate is as low as 8.24%, and there is a 0% intro APR for the first year you hold the card for balance transfers. However, people not affiliated with the military are not eligible for the card. There is no annual fee, no cost to transfer a balance, and no price to make a transaction in a foreign currency.
USAA Cashback Rewards Plus American Express Card
On-base purchases are eligible for the maximum rewards-earning rate available with the USAA Cashback Rewards Plus American Express card. The card does not have an annual fee and comes with a wide variety of features, such as an introductory APR of 0%, extended warranty protection, and travel protection benefits. If you open this card before going on active service, you will be eligible for a reduced interest rate of 4% on any amounts you already have.
Things to look for in Military Credit Card
You will benefit greatly from having the greatest military card before, during, and after your time spent in active service. If you are a member of the armed forces and are in the market for a new card, you must consider the SCRA advantages that you may be eligible for a while on active duty. However, it would help if you also kept in mind the following additional aspects that make a card valuable:
Sign-Up Bonus:
Give the card offer another look if you can obtain significant bonus points or miles merely for being a new cardholder and using your card. Even if you aren't a big spender, a card with a generous sign-up bonus might make your rewards more valuable. Or, if your card comes with an annual fee, a generous sign-up bonus may be able to help you offset the expense.
Rewards:
If you use your rewards card to make purchases, you will receive a certain number of reward points according to the amount of money you spend. You have the opportunity to earn bonus points on certain purchases, such as airfare or groceries, among other things. Look around for a credit card that can accommodate your normal manner of spending. Consider getting a credit card from an airline if you travel somewhat often while you are not on active duty.
Annual fee:
The yearly charge that comes with many different types of rewards cards is the cost that you pay for your gains. Even though a lot of issuers exclude active-duty military personnel from having to pay yearly fees, you should still think about how much those fees will cost you right now. After you make your purchase, will the perks and incentives of the card more than makeup for the annual fee? When picking out a card, this is something important to bear in mind.
