Credit Cards For Military Service Members
There are hundreds of credit card companies who market themselves specifically to military personnel, but very few limit their consumer base specifically to our military service members.
Our military personnel face unique financial challenges. Their frequent moving, smaller paychecks, and the prospect of deployments or temporary duty reassignments can make managing personal finances particularly difficult.
While a number of credit card companies offer special rates and waivers on their service fees for military personnel, there are a few financial institutions that have dedicated themselves solely to serving America’s military service members.
#1 – Pentagon Federal Credit Union
As the nation’s second-largest credit union, Pentagon Federal has dedicated itself to serving members of the United States military. Their PenFed Promise Visa card has a number of benefits that are excellent and specifically geared for military:
- No fees for foreign transactions
- Five percent cash back on gas when paying at the pump
- Travel rewards of 5x points on air travel
#2 – USAA
USAA isn’t just for insurance; they’re a financial institution as well. Their Active Duty MasterCard is particularly popular, especially with service members who tend to carry over a balance on their cards. This is because of the number of deployment benefits offered:
- 100 percent of card-related finance charges rebated during qualified military campaigns
- Lowered interest rates for up to a year during deployments
- Foreign transaction fees waived during deployments
#3 – Navy Federal Credit Union
Don’t let the name fool you – NFCU serves all branches of the military and Department of Defense, not just the Navy. For service members who have less than perfect credit, they offer secured credit cards. For those who prefer a regular credit card, their Platinum Visa offers benefits such as:
- An APR a full percent lower than their other cards
- Free extended warranty on certain eligible purchases
- Concierge hotline
Traditional Card Services
In addition to these military-specific institutions, a number of traditional credit card companies offer specific benefits geared toward military service members as well.
For example, American Express offers waivers on card related fees for active duty military connected to the Servicemembers Civil Relief Act. The waived fees include membership fees, fees for being over the credit limit, late fees and more. The same is true of a number of traditional credit card companies, including:
- Bank of America
- Capital One
- Discover Card
- US Bank
As you might expect, with each of these cards, several offer benefits that go above and beyond what is required by the SCRA, however few are geared toward military service members the way that those cards created specifically for members of the military.
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Credit Cards for Military Veterans
You have served the United States of America honorably, and now you have returned and are trying to build your credit score. One of the best ways to do this is with a good credit card. But how do you sift among all of the offers out there—including the really bad ones—to find the perfect credit card for veterans?
The good news for veterans is that military credit cards tend to offer some of the lowest interest rates around. This is very good for you, as high interest rates (for example, 18%) can result in a manageable payment ballooning into something you cannot afford. Some of the other benefits that military credit cards might offer are longer grace time or other flexibility if you are deployed.
Obviously, if you are serving our country, and are overseas in a country without internet access, it can be hard to stay on top of paying your credit cards. So the flexibility and grace offered by these credit cards takes a lot of the hassle out.
Clearly, eligibility will play a factor in securing some of these credit cards. You might qualify if you are a family member of someone in the military or you might need to personally serve. Some credit cards allow you to qualify if you are affiliated with the Department of Defense where others require you to serve with a specific base.
As with any credit card offers, it is very important that you survey exactly what is being offered and carefully read the fine print. Do not just sign up for a credit card because the company says it loves the military. After all, they are a business and they make money by collecting interest from you. Several of these offers, unfortunately, are gimmicky and no deference is given to members of the military even though they sacrificed their lives for our freedom.
There are some notable credit card companies out there serving veterans.
All this said, it is prudent to be careful when using a credit card. Veterans tend to carry more debt than the rest of the population. For a lot of veterans, this is due to a bad job market and inability to get work. They rely on credit cards to get them from month to month. Again, it is wise to really pay attention to the terms of the credit card and select one wisely.
Military Credit Cards Tags:
- Credit Cards for Military Veterans
Credit Cards for U.S. Service Men and Women
Those who have devoted their lives to the military service of our country have SCRA benefits. SCRA stands for the Servicemember’s Civil Relief Act. SCRA is designed for the Army, Navy, Marine Corps, Air Force, Coast Guard, National Guard, as well as the Commissioned Officers of the U.S. Public Health Service and the Commissioned Officers of the National Oceanic and Atmospheric Administration.
These benefits are designed to take the stress off of the shoulders of those who serve our country as well as their families. This allows them to put all of their focus and attention on their duties without worrying about other issues.
These military credit cards make life much easier on those functioning in the military. The cards offered under SCRA have some of the lowest interest rates available and are exclusively available to service men and women or their close family members.
They also often offer longer grace periods and better tailored flexibility for those deployed overseas. APR’s are frequently bellow 10% if you go to a military credit union. If you are working for the United States department of defense taking advantage of some of these benefits which are available to you is one of the best financial decisions.
The Navy Federal Credit Union and the USAA are well known for their outstandingly low APR’s. The Navy Federal Credit Union is also the largest credit union in the United States. The union only works with those who are in the armed forces but it is an invaluable asset to them.
If you are in the department of defense and looking for a secured credit card Navy Federal Credit Union offers the best one available; the nRewards Secured card. There are no fees attached to this card.
In the Navy’s history there is a lot of financial struggle. The sailors were once not given the benefits which they do today and would even have to pool money together to help their fellow shipmates. During the first Great War it wasn’t uncommon for Navy pay days to be postponed. In the beginning those in the Navy didn’t have any medical benefits, survivors’ benefits, or retirement annuities for the families of the servicemen.
Today those in the Navy have allowance for housing, subsistence, and clothing, and those with a spouse or other dependents are given more to cover their family’s need. There are also cases of special and incentive pay.
That is not to say that our service men and women in the Navy are wealthy, they still must face the financial struggles which anyone in the military encounters. Often there are not adequate resources to handle situations that are common for someone in the Navy to encounter, such as change of duty stations, emergencies, or deployment.
All of these circumstances lead to unforeseen expenses as well as frequent unfamiliar environments. Considering one’s unique situation working in the Navy and the fact that most people have a steady income, good finances, and are often young, they are popularly sought by good as well as bad lenders.
Organizations like the Navy-Marine Corps Relief Society, SCRA, the Navy Federal Credit Union, and others, were made with our Navy officers close in mind. These groups and organizations opened their arms to give the Navy benefits they didn’t have before and allow them to have their financial needs met.
The organizations have allowed these special cards, low interest rates, and other benefits to be available to the hard working men and women who serve our country.
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Credit Card options for the members of the military, veterans and the Coast Guard
Every day, millions of people dedicate their lives to the protection of this great nation. Of these people there are millions that have led the way before them. These are the members of the Armed Forces, the veterans and the volunteers of the Coast Guard.
Because of their dedication, these brave individuals have earned the right to have a few benefits that will help them enjoy their civilian life a bit more and make their time deployed a little simpler.
One of the best ways to ensure the security of their finances is to choose a credit card that is especially designed to fit the lifestyles that their position entails.
The Members of the Armed Forces
Often times, the members of our military are deployed to foreign countries that do not offer the benefit of using the same currency that we do. Because of this, the members of the armed forces need a way to stay ahead of their bills and make sure that their family is provided for.
There are many options to choose from when it comes to credit cards for the military and many things to consider when you are choosing the right one for your specific needs. When comparing your options be certain that you consider the following.
• Foreign Exchange fees
• Many cards that are geared towards the military offer reduced or eliminated fees when the personnel are deployed.
• Variable Payment Options
• Most credit card companies with military credit cards will offer a payment plan that fits with the schedule that you are able to keep when deployed.
• Finance Charges
• Some options, like the ones that are available through USAA will allow you to carry a balance without the need to worry without needing to worry with a finance charge if you are participating in a military campaign.
After serving their country, often for many years, Veterans deserve a few benefits when it comes to their finances. For this reason, many credit cards have been set up that will allow them access to both investment opportunities and rewards.
Credit cards are not being offered by USAA that give Veterans major discounts on travel needs as well as a great number of other everyday items that they wish to purchase. Because of their dedication to the country, Veterans are offered these benefits and are able to invest in their future so that they will always be cared for properly.
The Coast Guard is quite different from the other members of the Armed Forces because they are typically not deployed as often and usually find themselves stationed at locations around the United States. Because of this, there are certain needs that they will have when it comes to keeping in touch with their families and taking care of their basic needs.
There are uniforms that need to be cleaned, trips that need to be taken in order to visit family and basic needs to be cared for. All of these items require a credit card that can help take care of these needs and more. With a special Coast Guard credit card option from USAA, members of the Coast Guard will be able to find a credit card that meets all of their needs.
With these options members of the Coast Guard will be able to enjoy.
• Low interest rate
• Usually 0% for the first year
• Bonus points that can be used to purchase rewards
• There is no limit to the amount of rewards that you can earn
• Points can be redeemed for cash, gift cards and even travel discounts
• No annual or membership fee
For those in the military, there are many different options of credit cards to choose from, but it is important that you take your time and make sure that you are selecting the right card for your needs.
Special Credit Cards for Navy Soldiers
Both men and women who are employed in the Navy of the United States live away from their families. Therefore, in order to handle the expenses there are some special credit cards which are available specifically for people serving the navy.
Individuals who dedicate their lives towards their country have family and their families have financial needs. These special credit cards will surely be a boon for the service men and women. Navy professionals have to travel across boundaries and hence might need money at any instant.
These credit cards do not charge any foreign transaction fees from the members. If required, these cards can also be used by the family members of the service men and women to deal with their expenses.
These credit cards have the benefit of cash back at the Exchange, MWR Activities and the Commissary. Such an offer will surely be helpful for all the people who serve the country. Such credit cards also have cash back offers on the shopping that is done using this card.
This makes it very convenient to use these credit cards on all the stores. Service men and women are individuals who do a lot for the people of the country and hence they definitely deserve some extra benefits. Various rewards are offered to them so that they can redeem them for gifts, travel, etc.
These special credit cards are simple to use and are similar to the ones which are available to the general public. It is just that there are some lucrative offers which are provided to the Navy employees.
Mostly, all the companies who offer such credit cards do not charge any annual fees, which is definitely a very strong reason for service men and women to get one for them.
Navy soldiers and veterans can save some amount be using this credit card wherever they go. Talking about their family, they can make payments on behalf of their family member by sitting in any country of the world without paying any additional charges.
By following a simple process, such credit cards can be availed from all the leading financial institutions in the United States. We all find credit card very easy to use as we do not have to carry cash along with us. On the other hand, these special cards for the service men and women are not only convenient but will also save a lot of money which can be put to better use.
Do You Need a Specialized Air Force Member Credit Card?
As a veteran or active duty service member, you work hard every day for your country and, although it can sometimes be a thankless job, it still brings a sense of pride knowing that what you are doing is making a real difference.
Active duty personnel live a very different life than the typical civilian and it’s one that a lot of people don’t understand. Remote duty stations, odd hours and the fact that you rarely stay in one place log enough to build relationships with friends and neighbors can put a financial strain on some people leading to credit card debt and a mountain of financial problems.
Did you know that there are credit cards available to active duty service personnel and veterans of the armed forces that give you specialized benefits that, when taken advantage of, can help save you money, save your credit and offer you a much brighter financial future?
There is and these cards are designed just for you and your particular needs. Many of these companies focus solely on the needs of our Airmen and women and offer them perks that are unique to them and their specific financial situations.
The Air Force is the most revered and highly technological branch of the military and, as such, they are constantly moving their personnel around. One day you might be freezing in Minot, and the next they are shipping to the warm sands of Guam.
Constantly picking up and moving from place to place can be stressful and can put a strain on your bank account leaving you to utilize your credit card much more. Finding a credit card company that understands these needs, is like finding the diamond in the rough. It can be done and here are some of the things you should look for when choosing a credit card designed for Air Force personnel:
- Low Interest Rates
- Late Or Forgotten Payment Forgiveness
- Cash Back Bonuses On Purchases That Military Members Make The Most
- Easy To Use Account Settings Since You Might Be Changing Your Address Quite A Bit
- Electronic Billing Statements That Come To Your Email Rather Than Your Mailbox
These are all things to consider when choosing your next credit card. Some credit card companies understand the unique situation that military members and veterans face and they are usually the best cards to go with.
If you move around a lot, make random purchases all over the world, or you just feel that you deserve more from your credit card company, consider choosing one designed just for you and your needs, not the needs of the credit card company.
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