Best Credit Cards For Military 2020.
If you are on active duty, retired from the military, or a family member of someone who serves in the military, you’re probably looking for the best credit cards for military members. Some offer rewards and benefits, especially for those in the armed forces, and some are just the best picks regardless.
Most cards offer more than what’s legally required by the Servicemembers Civil Relief Act (SCRA), including lesser fees and super-low interest rates on existing card balances for those on active duty.
Men and women who are on active duty have a lot to think about. They’re risking their lives for our country every single day. Finances and credit shouldn’t be one of the things they should be worried about, especially arguing for better rates and getting assistance where needed.
Below are some of the best credit cards for military members. But, before then let’s take a look at what SCRA means.
What is SCRA?
The Servicemembers Civil Relief Act (SCRA) provides credit benefits to men and women who are on active duty in the military. It creates restrictions on how much credit card issuers can charge you in interest and fees.
If you’re an active-duty servicemember, I highly advise you to read all about SCRA and how it impacts you before making any type of financial decision.
Best Credit Cards For Military
Capital One® QuicksilverOne® Cash Rewards Credit Card
If you don’t have the best credit needed to score some of the bonuses other Capital One credit cards provide, consider the Capital One® QuicksilverOne® Cash Rewards Credit Card. It’s a great card for average credit and you can still earn 1.5% cashback on all purchases with a fair $39 annual fee.
Pros: Earns 1.5% cash back on every purchase, no foreign transaction fees attached
Cons: Other cards offer better rewards
Platinum Card® from American Express
The Platinum Card® from American Express is one of the best travel rewards cards you can get. To start, there are no foreign transaction fees attached.
And if you’re lodging in hotels while traveling, you’re automatically given Hilton HHonors™ Gold Status, which gives you all kinds of opportunities.
You’ll get many benefits like a $200 airline fee credit to use for things such as in-flight meals and baggage fees when you get this card. Finally, with this card, you’ll receive complimentary access to over 900 airport lounges.
This is really one of the best travel cards to have.
Pros: No foreign transaction fees attached
Citi® Double Cash Card
Citi® Double Cash Card claims to be the “best cashback credit card.” It works in various ways than most cash-back cards.
You get 1% cashback when you make a purchase and another 1% back when you pay your bill with your card. In essence, if you pay your bill in full, you’ll get a full 2% cashback.
Citi gives military members 0% interest during active duty and overlooks any and all service fees on the account. You’ll also get no foreign transaction fee while on active duty, which is a huge bonus if you’re using the card outside your country.
Some of my favorite Citi features: are it offers good rates on balance transfers also Price Rewind. Basically, if anything you buy drops in price within 60 days, Citi will credit you the difference.
Pros: Strong cash-back rate and price rewind
Cons: Some cards with bonus categories can get you more cashback on selected purchases
How to Choose the Best Military Credit Cards
With so many top options available to active duty members, it can be difficult to choose the best for you. As you narrow down your choices, ask yourself:
- Does my military service require travel? You’ll find cards that offer travel benefits like overlooked foreign transaction fees and even accelerated points on military bases.
- Do you have a family? Military credit unions always extend membership to the family of service members, which can help you grow your credit line and pay off existing debts under SCRA terms.