4 Top Rated Credit Cards for Military Personnel and Veterans

By February 4, 2019 News
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You may not know that active members of the military and honorably discharged veterans are eligible for credit cards that have low-interest rates, certain perks, and no fees for late payments. These credit cards offer better deals than the ones available to the general public. It’s also worth noting if you are military personnel and accrued debt before active duty, the Service Members Civil Relief Act (SCRA) will limit the interest rate for you and your family, providing you let the creditor know you are actively serving.

The best credit unions for veterans and their families are USAA, PedFed, and Navy Federal Credit Union. Here’s a brief list of cards that may be right for you.

USAA® Cashback Rewards Plus American Express® Card

  • Best card for cash back
  • Pays five percent cash back on first $3,000 you spent on gas and purchases made on military bases
  • two percent cash back on the first $3,000 spent on groceries each year
  • unlimited one percent cash back on everything else
  • No annual fee. No penalty APR
  • APR for purchases, balance transfers or cash advances is between 13.90% – 27.90% based on credit
  • Balance Transfer/Cash Advance rate up to 3%

USAA Rate Advantage Platinum Visa

  • Best card for carrying a balance
  • Low-interest rate for eligible users at 8.90% but can go up to 25.9% based on credit
  • No annual Fee
  • No foreign transaction fee
  • No penalty APR
  • Reimbursement for expenses incurred due to identity theft
  • Automatic travel accident insurance
  • Balance Transfer/Cash Advance rate up to 3%

PenFed Power Cash Rewards Visa Signature Card

  • 1.5% cash back rewards rate on all purchases and no annual fee
  • get a $100 statement credit when you spend $1,500 in the first 90 days of owning the card
  • No annual fee
  • Regular APR for purchases and cash advances ranges from 11.74% – 17.99% percent based on your credit
  • Balance Transfer rate up to 3%
  • Cash advance fee 5% or minimum $5 per transaction

Navy Federal Credit Union Go Rewards Credit Card

  • Purchase intro APR 1.99% for 12 months, Regular APR 10.99% – 18% depending on credit
  • Earn 3 points per $1 spent at restaurants, 2 points per $1 on gas and 1 point per $1 on everything else with no limit on the total number of points you can earn.
  • Points can be redeemed for cash, travel, gift cards, and merchandise.
  • No rewards expiration while the account is open.
  • Earn more rewards by shopping with your Navy Federal credit card at Member Mall
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