Learn About Credit Cards for Veterans
Transitioning from life in the armed forces to civilian life is a challenging task for several reasons.
One difficult transition involves managing finances. When you are readjusting back to civilian life, you must check the terms of your credit card agreements.
This is because changes in the terms may have occurred during your time in service.
You may have had benefits from the Servicemembers Civil Relief Act will expire once you leave active service.
If this happens to you, expect to pay higher fees, interest rates and charges than you were paying previously.
The good news is, several credit cards are designed specifically for veterans and military service members.
Each one comes with an array of perks which helps with the transition process. It is worth investigating these cards to determine if another credit card provider suits your situation better. Here are the four best credit cards available for veterans.
Learn About the USAA Cashback Rewards Plus American Express Credit Card
To obtain this credit card, you must be a member of the United States Automobile Association (USAA).
All former and active military service members are eligible to become USAA members.
In addition, un-remarried former spouses, widows, widowers and children of USAA members qualify for the USAA Cashback Rewards Plus American Express Card.
If you want to receive lots of awards for everyday spending, this is the credit card for you. You earn five percent back when you first spend $3,000 on military base purchases and gas.
Additionally, you receive two percent back on the initial $3,000 you spend at supermarkets each year.
For all other purchases, you get one percent back. No annual fees are paid for this card.
The USAA credit card provides a special four percent SCRA rate for veterans and service members.
The rate applies to your balance before your active duty started and it continues to apply for one year after you complete your active duty.
Additionally, a four percent APR is offered on all balances for a period of one year during your deployment.
The credit card comes with other beneficial features, such as:
- Travel and shopping protections, which include extended warranties, price protection and rental car insurance.
- A concierge service, which allows you to call for non-emergency help when required, such as assistance in making reservations at restaurants or for travel.
- A free credit score service, so you can check your credit report score whenever you want.
Learn About the USAA Rate Advantage Visa Platinum Credit Card
As with the USAA Cashback Rewards Plus American Express Card, you must be a member of the USAA to obtain this credit card.
You do not need to have an excellent credit score to be eligible for the USAA Rate Advantage Visa Platinum Credit Card.
Although the specific rate you are eligible for is dependent on your credit, applicants with modest credit scores may qualify for the card.
If you want an easy to use, no-hassle card with a low interest rate, this credit card is perfect. Its interest rate begins at an 8.65 percent variable and goes up to a 25.65 percent variable.
The rate applies to every purchase you make as well as cash advances and balance transfers. There is no fee for foreign transactions. There is no annual fee for the card either.
The only drawbacks to the USAA Rate Advantage Visa Platinum Credit Card are you cannot receive any cash back and you do not earn points for rewards.
Learn About the Navy Federal Credit Union Go Rewards Credit Card
You do not have to be in the Navy to obtain this credit card, but you must be a member of the Navy Federal Credit Union.
All veterans, members of the armed forces, employees of the Department of Defense and the families of each of those categories can become members of the Navy Federal Credit Union.
The credit card comes with a variable rate of between 10.24 percent and 18 percent.
Plenty of rewards are given with this credit card, which are used for a variety of purchases including merchandise, travel, gift cards, online purchases and more through the credit card’s Go Rewards program.
The rewards are good if you like dining out because you receive three points for every dollar you spend at restaurants.
In addition, you get two points for every dollar you spend on gas and one point for every dollar spent on anything else.
The rewards you receive expire after a period of four years. It is best to use them sooner rather than later.
There is no annual fee to pay for the Navy Federal Credit Union Go Rewards Card and you do not pay any fees for balance transfers or foreign transactions.
Advances done at ATMs or NFCU offices are free of charge.
Learn About the PenFed Power Cash Rewards Visa Signature Credit Card
To obtain this credit card, you must be a member of the PenFed Credit Union. Both retired and active military service members are eligible to apply for this card.
To get a PenFed Power Cash Rewards Visa Signature Card, you must pay an initial deposit of $5.
You then receive a flat 1.5 percent reward rate for cash back on all purchases you make. If you spend $1,500 or more on the card in the first 90 days of having the credit card, you receive a $100 statement credit.
In addition to this perk, you receive a zero percent promo APR on your balance transfers for a period of one year.
There is no annual fee to pay. This credit card is great if you want a basic card with no hassle and a good rewards policy.
Former and current military service members can apply for enrollment in the PenFed HonorsAdvantage membership program.
Once your application for membership has been approved, you earn a flat two percent cash back rate on every purchase you make with your PenFed Power Cash Rewards Visa Signature Card. This is one of the best flat rates for cash back currently available.