There are a number of credit cards available only to members of the military community — including veterans. While you can find plenty of articles online claiming to have insight into the best credit cards for veterans, they usually just list credit cards that are good for everybody.
Cards issued by military-associated lenders such as USAA, Pentagon Federal Credit Union (PenFed) and Navy Federal Credit Union typically have low rates, good terms and special benefits for the military community. Here are six worth looking at.
USAA® Cashback Rewards Plus American Express® Card
This card excels because it comes with no annual fee and allows users to earn cash back in various ways, including shopping at military bases. Cardholders get 5 percent cash back on their first $3,000 in combined annual purchases from gas stations and military bases, 2 percent cash back on their first $3,000 in annual grocery purchases and 1 percent off all other purchases. Annual percentage interest rates (APR) range from 16.15% to 30.15%.
PenFed Power Cash Rewards Visa Signature® Card
A special benefit of this card: military members, including vets, get 2 percent cash back on all purchases (as opposed to 1.5 percent that other users get). The card is attractive due to having no annual fee and 17.99 percent variable APR. You might qualify for special offers: 0 percent intro balance transfer APR for 12 months and a $100 credit when new cardholders spend $1,500 in the first 90 days.
Navy Federal Credit Union More Rewards American Express® Credit Card
The absence of fees — including no annual fee and no foreign transaction fee — is the biggest draw for this card. It also allows you to rack up rewards points: three times points on food purchases and three times points on gas and transit. Other benefits include up to 25 percent off car rentals, hotel discounts and roadside assistance, and relatively low APRs between 13.40 percent and 18.00 percent.
USAA® Rate Advantage Visa Platinum® Card
While it doesn’t offer cash back benefits, this card comes with lower APRs, ranging from 11.15 percent to 28.15 percent. There is also no annual fee. You can qualify for lowered interest rates if you carry a balance month after month. You might also qualify for a special offer of an introductory 0 percent APR for 15 months on balance transfers and convenience checks.