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Military personnel make many sacrifices during their service for this great nation. In return, there are a number of benefits and protections that military members can take advantage of during or after their service.
For example, the Servicemembers Civil Relief Act (SCRA) is a law intended to ease the financial burden on military members. This law covers many different aspects of financial protection, including rental agreements, foreclosures and credit card interest rates. These benefits apply to individuals who are entering the service, called into active duty or deployed.
There are several credit cards available that cater to active-duty military members, and some even surpass the minimum requirements of the SCRA. Here are some of the best credit cards for military members in 2021.
Capital One QuicksilverOne Cash Rewards Credit Card
Best for: Everyday cash rewards
The Capital One QuicksilverOne Cash Rewards credit card offers unlimited 1.5 percent cashback on every single purchase, all year round. So if you make this credit card your main card for purchases, you could get hundreds or thousands in cashback throughout the year. You can redeem your cashback for gift cards, cash or payment of an outstanding balance on your credit card.
This card doesn’t require a high credit score for approval. Those with a credit rating of fair or higher should be approved quickly. While this card has a low annual fee ($39), it does have a high APR of 26.99 percent. However, if military members have an SCRA-eligible account open before active duty, this APR will decrease.
Capital One eliminated the annual fee and capped the interest rate at 4 percent for all active-duty members. This reduced APR is extended for one year after they return.
The Capital One QuicksilverOne Cash Rewards card also offers no foreign transaction fees. Lastly, this credit card automatically considers users for a higher credit limit every few months. So even if you start with a low limit, you could see that increase in as little as six months.
Platinum Card from American Express
Best for: Travel rewards
If your priority is travel rewards, the Platinum Card from American Express is easily the top contender. Some of the many benefits include:
- If you spend $5,000 in purchases on your card within the first six months, you’ll automatically receive 75,000 membership reward points.
- Cardholders can earn 10 times the points on eligible purchases at gas stations and supermarkets (up to $15,000).
- Cardholders can earn up to five times the reward points for flights booked directly with airlines or with American Express Travel and five times the points for prepaid hotels booked with American Express Travel. Individuals can quickly collect points that they can later redeem for travel.
- Cardholders get Uber VIP status and up to $200 in Uber savings on UberEats orders or rides in the United States. This is an annual perk.
- This card gives individuals access to the Global Lounge Collection and complimentary benefits with American Express Travel that average a value of $550 across 1,100 properties.
The APR rate on this card is a “Pay Over Time” model in which the APR can fluctuate between 15.99 and 22.99 percent.
Individuals need a good or excellent credit score to be approved for this card. Unfortunately, the card has a $550 annual fee. However, if you call American Express and mention you’re an active military member, they will waive the annual fee.
Citi Double Cash Card
Best for: Balance transfers
The Citi Double Cash Card has a different setup compared to most cashback cards. Cardholders get an automatic 1 percent unlimited cashback when they make purchases. In addition, individuals who pay at least the minimum payment every month will receive another 1 percent back for the purchases they fully pay for.
This means this card potentially gives users 2 percent cashback. There are no caps on the cashback earned, and you can use the cashback as a statement credit, receive a check or direct deposit or transfer the value to points.
While this cashback offer is excellent, we love this card for its balance transfer offer. Individuals receive an introductory 0 percent APR rate for the first 18 months. For military members with debt, this balance transfer is a great opportunity to tackle the principal of their debt for a year and a half.
The Citi Double Cash Cash does charge a balance transfer fee. The fee is $5 or 3 percent of the balance transfer amount, whichever is greater. However, individuals with an eligible SCRA account can have these balance transfer fees waived.
This card has no annual fee but does require good to excellent credit. Additionally, the Citi Double Cash Card does charge foreign transaction fees, so this is something to keep in mind.
USAA Cashback Rewards Plus American Express Card
Best for: On-base rewards
The USAA Cashback Rewards Plus American Express Card is an excellent card for military members looking to take advantage of being on-base. Very few cards target military base purchases, and this one rewards those purchases quite highly.
The benefits of this card are:
- 5 percent cashback on the first $3,000 spent at gas stations and qualifying military base purchases (annual offer)
- 2 percent cashback on the first $3,000 spent in groceries (annual offer)
- Unlimited 1 percent cashback on all other purchases
This card also has no foreign transaction fee and no annual fees. And if you qualify for SCRA benefits, USAA will only charge a 4 percent APR.
Individuals will need to sign up with USAA to apply for the USAA Cashback Rewards Plus American Express card. This card isn’t exclusive to active-duty members. Retired service members, military-affiliated people and military family members can apply as well.
USAA Rate Advantage Visa Platinum Card
Best for: Low minimum APR
Bonus offers, such as travel rewards and cashback, are only worth it if you know you can pay off your credit card balance every month. Since most cards have a high APR, maintaining a balance on these cards costs you more in interest than you can ever earn in benefits.
For military members who tend to carry a credit card balance, a low APR should be prioritized above all else. The USAA Rate Advantage Visa Platinum Card can offer a low minimum APR to military members on active duty.
Service members with an eligible SCRA account who have a balance on their card when they enter active duty will maintain a 4 percent APR for their entire active duty. After active duty, the cardholder will receive a variable APR of 6.90 – 23.90 percent for new purchases, balance transfers and cash advances.
This card offers no annual fee and no foreign transaction fees. As is the case with the other USAA card on this list, you’ll need to register with the USAA to apply for this card.
Protect your finances as a member of the military
As a military member, you must take steps to protect your finances. The SCRA has policies in place so companies can give discounts to individuals who are on active duty. However, military members still need to be engaged in doing research and taking advantage of these opportunities.
Remember that these cards require you to apply for SCRA benefits, so that should be the first step. When deciding which card to get, consider what matters most to you: cashback, travel rewards, balance transfers or a low APR.
Then, pick the card that will do the most for you. Ready to take charge of your financial future but not sure where to start? Check out our guide to financial help for current military members and veterans.
