If you have ever been to an army surplus store, you know that there are a lot of neat gadgets that were originally created for the military that are quite useful to the rest of us. Likewise, there are several financial institutions that were created to serve members of our armed forces that also make their credit card offers available to civilians — and many of these products have terms that are really worth checking out. Here are a few of noteworthy military credit cards out there:
USAA
USAA is the United States Automobile Association, a reflection of its creation in 1922 in order to provide affordable car insurance to members of the military. Today, USAA provides a range of financial products to 9.6 million members of the military and their families. Membership is available to active, retired and honorably separated officers and enlisted personnel of the U.S. military, as well as family and spouses of members. Children and grandchildren of active and retired service members are also eligible.
USAA offers a range of six different credit cards, including its USAA Rate Advantage MasterCard that features a standard interest rate as low as 6.9% APR to the most highly qualified applicants. That means that this card offers one of the lowest rates available from any card issuer.
PenFed
PenFed stands for the Pentagon Federal Credit Union, and they currently serve more than 1.2 million members. To receive one of their credit cards, you have to first become a member. Fortunately, their membership criteria is extremely broad. Eligible groups include active and retired members of the military, members of their household or extended family, and employees of the United States Government, as well as many other defense related companies. Those who don’t meet any of those criteria can simply join a military support organization for a one-time fee as little as $15.
PenFed offers six different credit cards with highly competitive rates and fees. Perhaps the most unique of these cards is the PenFed Promise Visa. It has no annual fee, foreign transaction fee, late fee, balance transfer fee or penalty interest rate. Promotional balance transfers are at 4.99% APR for the life of the balance, and new cardholders receive a 7.49% APR for their first three years. In addition, their PenFed Premium Travel Rewards American Express Card offers an outstanding five points per dollar for all airline purchases, with no annual fee. Service members stationed abroad and international travelers will appreciate the fact that none of their credit cards charge a foreign transaction fee.