People needs some instruments to get help in their financial situation even if it is not a difficult situation, having alternatives and instruments to use the funds it`s always a good thing but, that people have to fulfill with some requirements in order to access those instruments like a credit card.
Credit cards are one way to borrow money from a bank or a financial institution and pay it later (can be month by month for example) which can be useful if case of an unexpected expense. Military families may have difficult situations or some expenses that other families may not have and there are credit card designed for those families.
In this article we are going to talk about military credit cards with different rates. But first let`s see what is a military credit card
What is a military credit card?
Military families are under stress because of the separation, moves and working in a hostile environment which is a difficult situation for the family. But those families may get a difficult financial situation as well, in fact, the stress for financial issues are on the “top 5” stressful things for them.
So, you could be thinking that military families may need a financial help to get through those situations. In fact, you are correct because they do and they get the military credit cards which are cards specially designed for the situations of military families.
There is the SCRA (Servicemember Civil Relief Act) which is a law that protects the military families and stablish that they will be able to get a 6% rate in debts when they are on service.
But military credit cards have other benefits like rewards, special affiliations with some organizations and companies and they usually have low fees. But you should be a military to get a card like that. Now, let`s see the military cards in the market.
Best military cards in the market with different rates
In first place we have USAA Rate Advantage Visa Platinum Card: This card has no annual fees and 8.65% – 25.65% rate (it is a variable rate). There is no penalty APR which means that you will not be penalized if you have late payments.
You also have benefits like travel accident insurance but it is an automatic one because you don`t have to activate it before traveling. There are no fees for foreign transactions but there is a 3% charge over cash advances and balance transfers. But you will need a good credit score to get this card
In second place we have Blue Cash Preferred Card from American Express: This card has 14.99% to 25.99% rate (variable rate) but you will get 0$ APR during the first 12 months with the card. There are some rewards like $200 bonus if you spend $1.000 during the first 3 months with the card. There are also some cash back rewards when you use the card in US supermarkets, gas stations and department stores. But you will have to pay a $95 annual fee to have this card.
In third place we have USAA Preferred Cash Rewards Visa Signature Card: This card have 13.65% to 27.65% rate (it is a variable rate). There is no annual fee and you will earn 1.5% on cash back with every purchase you made using the card.
There is also no fees for foreign transactions or penalty APR. You will get other benefits like travel accident insurance, travel assistance, auto rental insurance and the ability to pay in all places that accept Visa cards.
In fourth place we have Capital One Venture One Rewards Credit Card: With this card you will get 13.74% to 23.74% rate but 0% rate during the first 12 months with the card.
There is no annual fee or balance transfer fee. You will also get a 20.000 miles bonus (around $200 value) after you spend $1.000 with your card during the first three months with it. So, those rewards may be important for some military families.
Last we have Discover It Secured Credit Card: This card have 24.99% variable rate and there is no annual fee. You will get 2% cash back when you use the card on gas stations and restaurants (and 1% when you use it for other things).
But, the cash back in the first year can be double if you are a new card member. There is no foreign transaction fee, late payment (with the first late payment) and the APR will not change if you are paying late.
So, there are different military cards in the market and those are just a few of them. Keep in mind that choosing a credit card is not only about looking for the lower rate or the best rewards or lower fees.
Choosing a credit card means that you should look for all the details about the card and pick the one that is right for you according to your preferences. Remember that there is no a “perfect credit card” that fits for every customer. Each customer will look for different things in the market and there are many cards in the market including offers for military families
In summary, a military family will be able to get a credit card and they will have some benefits over other customers thanks to the difficult situations that they have in their lives and the SCRA will let them get those benefits. Military families will find different rates in the credit cards in the market but they will also find different annual fees, different rewards and other characteristics because the credit cards in the market are different.