Those who stay at the front line for the people deserve something exceptional for their needs too!
So, if you are an active-duty soldier, retired, or close family member of military personnel, we want to make sure that you get the best. Finances can be complicated and different for military officers than civilians due to their unique needs. Some credit cards offer you more than what is legally required by Servicemembers Civil Relief Act (SCRA), which helps to secure your family and your finances efficiently.
Though there are many credit cards for military personnel, some of them come with extra benefits and rewards. We have found out some of the best credit cards for military personnel that can help you have a secure present and future for your family too.
The Servicemembers Civil Relief Act, also known as SCRA, was signed into law in 2003. This law ensures the different perks you will find on credit cards for military personnel like auto loans, insurance, and mortgages, etc. It also tends to provide interest rate protection after your service ends, along with capping loan interest rates at 6%. But, to avail this rate, you would have to request the credit card company for relief under the SCRA. SRCA provides this benefit to active duty personnel in the Army, Navy, Marines, Coast guards, or Air force.
Having a credit card can be a great choice if you want to carry less cash. Not only credit cards enable you to step out cashless, but they also provide you several benefits and rewards. Credits card s let you manage your expenses wisely by keeping a check on them too. There are numerous benefits of having a credit card, like:
· Buy now and pay later
· Cash backs
· Rewards programs
· Travel insurance
· Convenient and secure online shopping
· Works in different currencies
· Accepted almost universally
· Fraud protection
· Get interest free loan.
· Cutting down your debt
· Boost your credit rating
Now you know the extensive benefits credit cards provide, let's tell you the best credit cards that provide benefits and rewards.
Lesser initial costs
High cashback on military base purchases
Fee exemption for military personnel
Available for retired personnel
Refund and cancelling of balance
Navy Federal Credit Union Platinum Mastercard has been in the market since 1933, with over 8 million members now. It has a wide variety of credit cards specifically designed for military personnel and their family members to facilitate them in the best way. There are a vast number of benefits for the Navy Federal Credit Union cardholders, the most basic being the bonus it provides! Yes, you get a hefty 50,000 points bonus when you spend $4,000 in the first three months of having the credit card. 100 points of this bonus can be redeemed at $1. So you get $500, which you can utilize in cash, gift card, travel, or any other such places. Another program offered by the Navy Federal Credit Union is the everyday reward program . It offers double and triple points on every dollar you spend on travel and other purchases, respectively.
If you are wondering what the card costs, it is fantastic news that the annual fees of $49 is waived off for the first year. Even when you have to pay the yearly fees, the amount is minimal as compared to the services provided. You receive an APR of 7.24% that depends on your creditworthiness after enjoying 0% APR for the first 12 months .
Last but not least, you get a $100 statement credit if you sign up through TSA Pre-check or Global Entry. Other than the annual fees, there are no additional hidden charges like balance transfer fees or foreign transaction fees. By only providing the details of your establishment date, branch, and rank, you can avail of the military personnel's credit card facilities. The NFCU Platinum Mastercard offers a bank transfer that can help to pay your debts as there is no transfer fee.
Highlights of Navy Federal Credit Union Platinum Mastercard
· 0% APR for 12 months
· No fees for the first year
· 50,000 points as a bonus
· Double and triple points on Gas, Travel and other expenditures
· Bonus on signing up through Global Entry or TSA
USAA Cashback Rewards Plus is a phenomenal card option for military personnel if you are looking for a card at offers variant of competitive rewards . The card allows you to earn rewards on your several purchases, including groceries, gas, etc. The card gives cashback of 1% on all purchases other than military base, supermarket and gas bills because it provides even larger cash backs on military base purchases! Supermarket bills can brag 2% cashback, whereas gas bills and military base purchases account for a massive 5% cashback. The exclusive 5% cashback on military base purchases is what it makes quite favorable for military personnel and their families. The Regular APR is 13.4% to 27.4%, and if you get selected for SCRA benefits, the card will cap interest on your balance at only 4%. Moreover, there is no annual fee for USAA Cashback Rewards Plus American Express Card.
Other than the Cashback rewards card, USSA offers a Rate advantage card too. It is a notable credit card option for those looking for low-interest rate -as low as 8.40%. Just like the Cashback reward card, there are no annual fees for the USAA Rate Advantage Visa Platinum Card as well.
However, there is one drawback that you do not get cash backs in the first year, but the USAA Cashback Rewards Plus American Express Card only gives you bonuses on the purchases of the first $3,000.
Highlights of USA Cashback Rewards Plus American Express Card
· No yearly fees
· High cash backs on military base purchases
· Cash backs on gas and supermarket purchases
· 4% capped interest for SCRA qualified
· Great for military families
Before telling you details about the card, let us show you the most significant benefit of having this card. The Platinum Card from American Express exempts the active service military personnel from the annual fee. Isn't that great? There are many other advantages of the Platinum card, one of which is the big 60,000 bonus provided by spending $5,000 in a period of 3 months. Additionally, you get a point on each dollar spent on any purchases. But you get up to 5 points on every dollar you spend on airlines or hotels that you book through Amextravel.
For non-military card members, there is annual fees of $550, which you can get a refund through different media. The users can get a $200 reimbursement for airline fees and also $200 as Uber credits and Uber VIP status. That may be obtained as %15 monthly or a $20 bonus in December.
Highlights of the Platinum Card® from American Express
· Excellent for those who like to travel in style
· Huge bonus
· Uber credits and airlines fees refund
· Multiplied points on hotel booking through American Express
· No annual fees for military personnel
PenFed Visa card is another option among the best ones for military personnel as any active or retired member of the military is eligible for this card. The card is reachable to all the users of PenFed and gives many advantages like no yearly or transaction fees. The card also provides good cashback of 1.5% on all purchases made through the PenFed Visa card. Want to upgrade the cashback percentage? You can do that by merely becoming a PenFed Honors Advantage member and get a cashback rate of 2%. The APR for the card starts at 11.74% but can be as high as 17.99% according to the credit in your account.
If you open a Power Cash Rewards Visa account, it can help you earn a statement credit of $100 when you spend $1,500 in the first three months.
Highlights of Pentagon Federal Credit Union (PenFed) Power Cash Rewards Visa Signature Card
· No annual fees
· No transaction fees
· Good bonus on spending in the first three months
· Cashback on purchases
· Cashback package upgrade available
The credit cards by Chase for military personnel provide some exclusive benefits for them and their families. They offer other programs along with the unlimited cashback rewards. The card gives 3 times points on travel and dine-in, and 1 point on each dollar spent on other purchases.
The two major programs offered by chase are Blue Star Deployment Benefits and Survivor plans.
· Blue start deployment benefits: This program grants a complete refund on the interest fees raised over the time of deployment . The reward bonuses offered can be redeemed for shopping, travel, or as cash.
· Chase survivor program: This particular plan is kind of a tribute to the martyrs as it cancels the balance of a credit card owned by deceased military personnel . It also involves auto loans, student loans, and mortgages.
Highlights of Chase sapphire reserve
· Unlimited cashback rewards
· Up to 3x points on each dollar spent
· Refund on interest fees
· Cancelling of martyrs balance
· Cancelling of auto loans, student loans, mortgages
So, if you are a military personnel looking for some convenient and secure credit cards you have a large variety to choose from. Select your favorite among all and gain the benefits right away!