What are the Best Credit Cards for Military Personnel?

As a member of the military, you may be eligible for a variety of credit cards that offer special benefits and rewards. In this article, we will explore thebest credit cards for militarypersonnel and what makes them stand out.

Benefits of Credit Cards for Military Personnel

Before we dive into the topcredit cards for military personnel, it's important to understand the benefits that come with these cards. Many credit card companies offer special perks for active-duty military members, such as:

- No annual fees: Some credit cards may waive the annual fee for active-duty military members.

- Lower interest rates: Military members may be eligible for lower interest rates on their credit cards.

- Rewards programs: Many credit cards offer rewards programs that allow military members to earn points or cash back on their purchases.

- Travel benefits: Some credit cards offer travel benefits, such as free checked bags or priority boarding, that are especially useful for military members who travel frequently.

- Flexible payment options: Many credit cards offer flexible payment options for military members who may have irregular pay schedules or unexpected expenses.

Top Credit Cards for Military Personnel

1. Chase Sapphire Preferred Card

The Chase Sapphire Preferred Card is a great choice for military members who travel frequently. The card offers 2X points on travel and dining purchases and 1X point on all other purchases. Military members can also take advantage of the card's travel benefits, such as trip cancellation/interruption insurance, primary rental car insurance, and baggage delay insurance. The annual fee is $95, but it is waived for military members.

2. American Express Platinum Card

The American Express Platinum Card is another great option for military members who travel frequently. The card offers 5X points on flights and prepaid hotels booked through the American Express travel portal, as well as 1X point on all other purchases. Military members can also take advantage of the card's travel benefits, such as airport lounge access, TSA PreCheck or Global Entry fee credit, and complimentary elite status with select hotel loyalty programs. The annual fee is $550, but it is waived for military members.

3. USAA Rewards American Express Card

The USAA Rewards American Express Card is a great choice for military members who want to earn rewards on their purchases without paying an annual fee. The card offers 2X points on gas and dining purchases and 1X point on all other purchases. Military members can also take advantage of the card's travel benefits, such as rental car insurance and travel accident insurance.

Investment Strategies for Military Personnel

As a military member, you may have unique investment opportunities and challenges. Here are some investment strategies to consider:

- Take advantage of the Thrift Savings Plan (TSP): The TSP is a retirement savings plan for federal employees, including military members. You can contribute a portion of your pay to the plan and choose from a variety of investment options.

- Consider a Roth IRA: A Roth IRA is a retirement account that allows you to contribute after-tax income and withdraw tax-free in retirement. Military members may benefit from a Roth IRA because their tax rate is likely to be lower during their military service than in retirement.

- Diversify your investments: It's important to spread your investments across different asset classes (such as stocks, bonds, and real estate) to reduce risk.

- Review your investments regularly: It's important to review your investment portfolio regularly and make adjustments as needed to ensure that it aligns with your financial goals.

Conclusion

Military members have access to a variety of credit cards that offer special perks and benefits. The Chase Sapphire Preferred Card, American Express Platinum Card, and USAA Rewards American Express Card are all great options for military members. Additionally, military members can benefit from investment strategies such as contributing to the Thrift Savings Plan, considering a Roth IRA, diversifying their investments, and reviewing their investments regularly.