Credit cards offer convenience, rewards, and financial flexibility, but choosing the right one can be overwhelming. For military members, there are specific credit cards designed to cater to their unique needs and circumstances, offering benefits like waived annual fees, lower interest rates, and travel perks that align with military lifestyles. This guide will explore the best credit card options available to military personnel in 2024, helping you make an informed decision and maximize the value of your chosen card.
Best Credit Cards for Military Members: A Comparison
| Credit Card | Key Benefits | Why It's Great for Military |
|---|---|---|
| American Express Platinum Card | Extensive travel benefits (airline credits, hotel upgrades), access to Amex Centurion Lounges, generous rewards on travel and dining, no foreign transaction fees. | Waived annual fee for active duty military under the Servicemembers Civil Relief Act (SCRA). Ideal for frequent travelers who can maximize travel benefits. |
| Chase Sapphire Preferred Card | Earns Chase Ultimate Rewards points, valuable for travel redemptions, transfer partners, and statement credits. No foreign transaction fees. | Waived annual fee for active duty military. Offers great value for everyday spending and travel. |
| Chase Sapphire Reserve Card | Premium travel benefits, higher earning rates on travel and dining, Priority Pass lounge access, travel credit, and no foreign transaction fees. | Waived annual fee for active duty military. For those who spend heavily on travel and dining and can fully utilize the premium benefits. |
| American Express Gold Card | High rewards on groceries and dining, Uber Cash benefits, no foreign transaction fees. | Waived annual fee for active duty military under the SCRA. Excellent for those who spend a lot on groceries and dining. |
| Capital One Venture X Rewards Credit Card | Generous travel rewards, travel credit, access to Capital One Lounges and Priority Pass lounges, no foreign transaction fees. | Waived annual fee for active duty military. A great option for travel rewards and lounge access. |
| Navy Federal Credit Union (NFCU) Flagship Rewards Credit Card | Lower APRs, rewards on travel and everyday purchases, no foreign transaction fees. | Specifically designed for Navy Federal members. Offers competitive rates and rewards. |
| Navy Federal Credit Union (NFCU) More Rewards American Express Card | Rewards on gas, restaurants, and groceries, no foreign transaction fees. | Another solid option for Navy Federal members, with rewards tailored to common spending categories. |
| PenFed Pathfinder Rewards American Express Card | Rewards on travel, travel credits, and no foreign transaction fees. | Requires PenFed membership. Offers valuable travel rewards and benefits. |
| Citi Double Cash Card | Simple cash back rewards on all purchases, no annual fee. | A straightforward option for those who prefer cash back and don't want to worry about annual fees. While not specifically for military, its simplicity is appealing. |
| USAA Cashback Rewards Plus American Express Card | High rewards on gas and dining, plus rewards on groceries. | Designed for USAA members, offering rewards tailored to common spending categories. |
Detailed Explanations
American Express Platinum Card: The American Express Platinum Card offers a wealth of travel benefits, including airline fee credits, hotel upgrades, and access to Amex Centurion Lounges. Cardholders also earn valuable Membership Rewards points on travel and dining purchases. The Servicemembers Civil Relief Act (SCRA) allows active duty military members to have the annual fee waived, making this card an incredibly valuable option.
Chase Sapphire Preferred Card: The Chase Sapphire Preferred Card is a popular choice for its versatility and value. It earns Chase Ultimate Rewards points, which can be redeemed for travel through the Chase portal, transferred to airline and hotel partners, or used for statement credits. Like Amex, Chase also waives the annual fee for active duty military under the SCRA, significantly enhancing its appeal.
Chase Sapphire Reserve Card: The Chase Sapphire Reserve Card is the premium counterpart to the Preferred card, offering even more enhanced travel benefits such as higher earning rates on travel and dining, Priority Pass lounge access, and a travel credit. With the annual fee waived for active duty military under the SCRA, it becomes an incredibly valuable card for those who travel frequently and spend a significant amount on dining.
American Express Gold Card: The American Express Gold Card focuses on rewards for everyday spending, particularly on groceries and dining. It also offers Uber Cash benefits. Similar to the Platinum card, the annual fee is waived for active duty military under the SCRA, making it a compelling choice for those who spend heavily in these categories.
Capital One Venture X Rewards Credit Card: The Capital One Venture X Rewards Credit Card is a relatively new entrant that has quickly gained popularity. It offers generous travel rewards, a travel credit, and access to Capital One Lounges and Priority Pass lounges. The waived annual fee for active duty military makes this card a strong contender for those seeking travel perks.
Navy Federal Credit Union (NFCU) Flagship Rewards Credit Card: The NFCU Flagship Rewards Credit Card is tailored for Navy Federal members, offering lower APRs and rewards on travel and everyday purchases. Being a credit union card, it often boasts more favorable interest rates compared to traditional credit cards.
Navy Federal Credit Union (NFCU) More Rewards American Express Card: The NFCU More Rewards American Express Card is another option for Navy Federal members, with rewards focused on gas, restaurants, and groceries. This card is a great choice for those who want to maximize rewards on common spending categories.
PenFed Pathfinder Rewards American Express Card: The PenFed Pathfinder Rewards American Express Card requires PenFed membership but offers valuable travel rewards and benefits. It's a solid option for those who are eligible for PenFed membership and want to earn rewards on travel.
Citi Double Cash Card: The Citi Double Cash Card offers simple cash back rewards on all purchases, with no annual fee. While not specifically designed for military members, its simplicity and cash back earning structure make it an appealing option for those who prefer a straightforward rewards program.
USAA Cashback Rewards Plus American Express Card: The USAA Cashback Rewards Plus American Express Card is designed for USAA members, offering high rewards on gas and dining, plus rewards on groceries. This card is a great choice for USAA members looking to maximize rewards on these common spending categories.
Frequently Asked Questions
What is the Servicemembers Civil Relief Act (SCRA)? The SCRA is a federal law that provides certain protections to active duty military members, including waiving annual fees on certain credit cards.
How do I apply for SCRA benefits on my credit card? Contact your credit card issuer and provide proof of your active duty status. This typically involves submitting a copy of your military orders.
What credit cards offer waived annual fees for military members? American Express and Chase are well-known for waiving annual fees on many of their premium cards for active duty military under the SCRA.
What is APR? APR stands for Annual Percentage Rate, which is the interest rate you'll pay on any outstanding balance you carry on your credit card.
What is a good credit score for applying for these cards? Aim for a credit score of 700 or higher for the best chances of approval, especially for premium travel cards.
Do these cards have foreign transaction fees? Most of the cards listed in the table do NOT have foreign transaction fees, which is very beneficial for military members stationed overseas or who travel frequently.
What are the benefits of travel insurance offered by these cards? Travel insurance can cover trip cancellations, interruptions, lost luggage, and even medical expenses while traveling.
What is the difference between cash back and points rewards? Cash back provides a statement credit or direct deposit, while points can be redeemed for travel, merchandise, or gift cards.
Can I add authorized users to my credit card account? Yes, you can typically add authorized users to your account, allowing them to use your card and earn rewards on their purchases. Be aware that you are responsible for their spending.
How can I improve my credit score? Pay your bills on time, keep your credit utilization low (below 30%), and avoid opening too many credit accounts at once.
Conclusion
Choosing the best credit card for military members depends on individual spending habits, travel preferences, and eligibility for specific programs like USAA or Navy Federal. The American Express Platinum and Chase Sapphire cards, with their waived annual fees under the SCRA, are excellent choices for those who can maximize travel benefits. Navy Federal and USAA cards provide tailored benefits for their members. By carefully considering your needs and the benefits offered, you can select a credit card that provides significant value and financial flexibility.