3 OF THE BEST CREDIT CARDS FOR MILITARY MEMBERS (2023 EDITION)

Opinions, reviews, analyses &; recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. MyBaseGuide.com has partnered with CardRatings for our coverage of credit card products. MyBaseGuide.com and CardRatings may receive a commission from card issuers.

Finding the Best Credit Cards for Military & Vets Starts With Financial Literacy

Financial literacy isn’t a strength for all of us. But we are still out here making money moves, so let’s talk about getting the most out of our credit cards. After reading our article, you’ll go from Googling “What is a credit card?” and “Should I get a credit card?” to learning the basics, reaping the rewards, and saving on fees and interest with the best credit cards for military members. If you know the answer to those Google queries and how to check your credit score, you’re way ahead of the ballgame. Unless you need a refresher, you can skip ahead to our list of the best credit cards for military members.

What Is a Credit Score?

A credit score rates your credit risk to help creditors determine whether or not to approve your credit application, the terms of the offer, and the interest rates that will apply. A

low credit score

can significantly affect your life. Your ability to get a loan approved, rent an apartment, earn clearance for employment, and get a lower insurance rate all depends on your credit score.

What Affects Your Credit Score?

Your credit score comes from your credit report’s info about:

• History of on-time payments.
• Money owed.
• Credit history length.
• The number of recent credit applications.
• Types of active credit accounts.

Did you know that around 55% of Americans are in credit card debt? If you’re thinking about getting a card off of our list of the best credit cards for military personnel, make sure you set up an easy and achievable way to pay it off. And if you do find yourself in credit card debt, it could be affecting your credit score.

Learn more about your credit score and explore how to raise it quickly in our blog:

How To Increase Your Credit Score

How To Check Your Credit Score

Did you know that you can have several different credit scores? The number used by a car dealership could be slightly different from the number used by a department store when evaluating your credit application. Score calculations happen at different times and in different ways. A great way to check your credit score is to work with nonprofit credit counselors and HUD-approved housing counselors.

Request Your Free Credit Report

Online

: AnnualCreditReport.com

Phone

: 1 (877) 322-8228 Stay up-to-date with your credit report with AnnualCreditReport.com and know your score

before

you apply for a credit card.

What Is a Credit Card?

Credit cards pay for purchases over time, similar to a loan. You pay your credit card company back monthly (or per their terms and agreements and often with interest) for everything you charge. You might be asking yourself, is there a difference between credit cards and debit cards? The answer is yes! A debit card purchase is automatically pulled from existing funds in your bank account since the card is linked to your checking account. A credit card puts a charge on your card for you to pay back at a later time with interest. So this is definitely something to take into consideration when asking yourself, “Should I get a credit card?”

How Do Credit Cards Work?

When you receive a credit card, the card will come with specific terms and perks that include the following.

• Credit limit (how much you can spend).
• Rewards programs (if applicable).
• Interest rate.
• Fees (late fees, membership charges, etc.).

Your credit card interest and limit can be affected by your credit score. It boils down to this: The higher your credit score, the lower your interest rate can be and the higher your credit limit often is. Besides helping to pay for the things you need, credit cards are great for building credit history.

Did you know?

There are 10,000 worldwide credit card transactions every second.

How Many Credit Cards Should I Have?

Americans have three credit cards on average, according to Experian. To find the right number for you, consider how you use credit cards and how you will avoid letting them lead to overspending. On the flip side, a perk of using more than one card is collecting different rewards – travel, cashback, and making purchases on base.

What Is a Good APR for a Credit Card?

For credit cards, the interest rates are typically called the annual percentage rate (APR). Business Insider reports an average APR of 14.65% on credit cards in the US. The lower the APR, the less interest you will pay on credit card purchases. It’s that simple. A low ongoing APR is likely better than the 0% APR introductory rate for you to carry a balance. A 0% APR introductory rate credit card may be useful to finance a big purchase if you know you can pay it off before the initial rate expires.

Be aware

that the APR often increases when the intro promo is over, so hold off on buying that Porsche or private jet.

Did you know?

The first digit on your credit card tells what industry issued the card.

How To Get a Credit Card

After you review our list of the top credit cards for military members below, select a card that works for you and complete an application online or by phone if looking at a direct mail promotion. Don’t worry if you don’t see one on this list that you like; there are so many different cards out there. You will need to provide your:

• Date of birth.
• Social Security number.
• Gross annual income.
• Type of housing.
• Time at your current home.
• Signature.

What To Look for in a Credit Card

1. Decide How You Will Use the Card

Be realistic about whether you will pay it off each month or carry a balance and pay interest. According to the Consumer Financial Protection Bureau, about 60% of Americans with credit cards carry a balance. If you are likely to, consider credit cards that have the lowest APRs.

2. Shop Local

If you have an existing bank or credit union relationship, start your search there. Then compare with offers you received at home or online.

3. Crunch the Numbers

Compare APR, APR for balance transfers, penalty APR, and fees on a credit card offer.

4. What Are the Perks?

Focus on finding a card with a robust rewards program if you will not carry a balance on your credit card. It will be more valuable than a low APR.

5. Schedule a Consultation

Make an appointment with a Military OneSource financial counselor to learn about the Military Lending Act and the Servicemembers Civil Relief Act. You can also

call

1 (800) 342-9647 if you prefer to speak to a representative.

Best Credit Cards for Military Members

To start your search for the best credit cards for military members, we’ve combined expert opinions in finance, consumer advocacy, and travel from NerdWallet, U.S. News & World Report, CreditKarma, and The Points Guy. Explore each category below to find the credit card that works best for you and your family.

Best for Travel Rewards

The Platinum Card® from American Express

The Platinum Card® from American Express is a great pick for travel because it offers $200 in statement credit each year with Fine Hotels + Resorts or The Hotel Collection bookings on a minimum two-night stay when earned. Not only that, but you'll also earn on airline bookings. By buying tickets for a qualifying airline, you can receive up to $200 in statement credits per year. Global dining, premium car rentals, and CLEAR digital airport verification are more amazing rewards. Terms apply.

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card is another solid choice. If you're a member of the frequent travel program, you can transfer all your points to any leading travel programs at a 1:1 value. There are over a dozen airline and hotel travel partners you can choose from. You'll also be able to travel with confidence with trip delay reimbursement, travel emergency assistance, baggage delay insurance, and more.

Capital One Venture Rewards Credit Card

When you sign up for a Capital One Venture Rewards Credit Card, you get unlimited 2x miles and a one-time early spend bonus of 75,000 after spending $4,000 within 3 months. You can also earn 5 miles per dollar spent on hotel and rental cars when you book them through Capital One Travel.

Citi Premier® Card

Travel can get costly, but the Citi Premier® Card helps you make the most of every purchase with their travel rewards. You get 3x points at restaurants, 3x at gas stations, 3x at supermarkets, and 3x on air travel and hotels. Opening an account with this card also unlocks a $100 annual hotel savings benefit when you spend $500 or more on your stay trough thankyou.com.

Best for Cash Back

Blue Cash Preferred Card from American Express

Blue Cash Preferred Card from American Express has seemingly never-ending cash-back offers when earned. You can get 6% cash back at U.S. supermarkets (up to a whopping $6,000 per year), 6% cash back on U.S. streaming subscriptions (perfect for the modern age), and 3% cash back at U.S. gas stations (this will really help mitigate inflation). Additionally, by spending $3,000 on purchases in the first 6 months of having your card, you can earn $250 back in statement credit. Terms apply.

Chase Freedom Flex℠

Chase Freedom Flex℠ lives up to its name with the newfound freedom you'll feel thanks to their cash back rewards. You can earn 5% on any travel booking made through Chase Ultimate Rewards, 3% back on dining (including takeout and eligible delivery services), 3% back on drugstore purchases, and 1% on all other purchases.

Chase Freedom Unlimited®

Chase Freedom Unlimited® is another great card from Chase. You can earn 3% back on dining, 3% on drugstore purchases, 5% back on travel bookings with Chase Ultimate Rewards, and 1.5% back on all other purchases.

Citi® Double Cash Card - 18 month BT offer

Citi® Double Cash Card makes good on its name with 2% cash back on purchases: 1% back when you buy and 1% back when you pay. Plus, there are no annual fees and 0% intro APR for 18 months on your balance transfers, after which the APR will be 18.99% - 28.99% (Variable).

Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card is looking really attractive with its unlimited 1.5% cash back on every purchase. What's better than that?

Best for Low Interest

USAA Rate Advantage Visa Platinum Card

Do you want a low-interest credit card? Say less! Interest rates don't get much better than what the USAA Rate Advantage Visa Platinum Card offers. Why? It starts you off at 0% APR for 15 months.

Best for Paying Off Debt

Navy Federal Credit Union Platinum Credit Card

An always reliable institution for military members, NFCU's Platinum Credit Card helps you pay off your debt quicker. The low APR rates for the first 12 months make paying off that burdensome debt a lot less stressful.

Best for Low Fees

The Platinum Card® from American Express If "fees" is a bad word in your household, the Platinum Card® from American Express may be the way to go. There are no foreign transaction fees, and late payments and returned payments only cost you up to $40. Terms apply.

Marriott Bonvoy Brilliant® American Express® Card

A new addition to the list, the Marriott Bonvoy Brilliant® American Express® Card charges just $650 annually. Another bonus is that there are no foreign transaction fees or overlimit fees for your account. Terms apply.

Delta SkyMiles® Reserve American Express Card

Delta SkyMiles® Reserve American Express Card has a pretty low annual fee of just $550 per year. You won't pay any extra for foreign transactions or overlimit fees, and late and returned payment fees cap out at $40. Terms apply.

Hilton Honors American Express Aspire Card

Hilton Honors American Express Aspire Card has a yearly fee of just $450. Like the previous two cards, there are no overlimit or foreign transaction fees. Terms apply. The information for the Hilton Honors American Express Aspire® Card Credit Card has been collected independently by U.S. News and the card is not currently available on the site. The information has not been reviewed or provided by the card issuer and it may be out of date. https://money.usnews.com/credit-cards/american-express/hilton-honors-american-express-surpass-card

Chase Sapphire Reserve

The annual fee for Chase Sapphire Reserve is $550, plus $75 for additional authorized users. There are no return check penalty fees, and late or return payments only have a fee of up to $40. Additionally, balance transfers don't go above 5% or $5 of the transfer amount (the final fee will be whichever is greater).

Best for Building Credit

Navy Federal nRewards® Secured Credit Card

Trying to make a bigger purchase but stuck without credit to prove your financial reliability? Navy Federal nRewards® Secured Credit Card might be for you. There are no annual fees, no balance transfer fees, no cash advance fees, and no foreign transaction fees. Additionally, you get 1x points on each dollar spent and there is no limit on the amount of rewards you can earn. WalletHub awarded this card as the best card for building credit in 2018.

Best for Other Rewards

USAA Cashback Rewards Plus American Express Card

Everyone loves good rewards. Lucky for you, USAA Cashback Rewards Plus American Express Card is all about the rewards. You get unlimited 1% cash back for all purchases that aren't grocery purchases or gas station and military purchases. For groceries, you get 2% back on the first $3,000 spent. For gas station and on-base purchases, you get 5% cash back on the first $3,000 spent. This card also comes with auto rental coverage, travel accident insurance, 24/7 customer service, extended warranties, and much more. Terms apply.

Bilt Rewards Card

In a unique offering, the Bilt Rewards Card lets you pay rent, earn 1x points for doing so, and not have to pay a transaction fee. Additionally, you get 2x points on travel bookings, 3x points on dining, and 1x points on all other purchases. The best part? There's a $0 annual fee!

Ink Business Preferred® Credit Card

Ink Business Preferred® Credit Card is a business card that you'll definitely want to look into for your business expenses. Purchases for any business can get costly, but this card pays you back for your hard work. When you spend $15,000 on purchases in the first 3 months of opening your account, you get 100,000 bonus points that you can redeem through Chase Ultimate Rewards. Having an account with this card also means you're protected with personalized account alerts, purchase protection, and fraud protection. You can even get employee cards at no additional cost.

Winner! Winner! Winner! These are the 3 Best Credit Cards for Military Vets!

So what is the best credit card for military members? A quick assessment of each category’s overlaps reveals the obvious picks for the three best military credit cards. These are great credit cards for Veterans, active-duty personnel, milspouses, or even people who are just about to go into the military. You simply can’t beat the following military credit card benefits, which include tons of cash back for on-base purchases, a distinctive lack of OCONUS fees, and decreased interest rates for military members and Veterans. See what each of these three best credit cards for military personnel has to offer!

1. USAA Cashback Rewards Plus American Express Card

Its base rewards have earned recognition from several expert sources. Why? You get 5% cash back on the first $3,000 in gas and military base purchases every year, 1% cash back on purchases at commissaries, exchanges, and shoppettes for charges from $3,001 and up, and there is no annual fee and no foreign transaction fees. Terms apply.

2. USAA Rate Advantage Visa Platinum Card

A low APR and interest rate continue to catch the eye of experts across the board. Why? There is no annual fee and no foreign transaction fees. There's also a low APR for existing balances during active duty, including deployment and PCS.

3.The Platinum Card® from American Express

Its travel benefits scored more than one place in our categories. Why? We were particularly impressed with the $695 annual fee waiver under SCRA or MLA, plus the travel rewards and low fees are great. Terms apply.

Choose YOUR Military Credit Card Wisely

These are just a small sampling of the best credit cards for Veterans and military members and the rewards programs available to all you savvy credit consumers. You will still need to do your due diligence to make the best financial decisions for you and your family. No one will do a better job of looking out for your money than you! But when you don’t know where to start, these three best credit cards for military personnel are a great jumping-off point.

Opinions, reviews, analyses &; recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. MyBaseGuide.com has partnered with CardRatings for our coverage of credit card products. MyBaseGuide.com and CardRatings may receive a commission from card issuers.