Credit Unions Dominate Best Military Cards List
Credit unions have issued all of the credit cards that best serve U.S. service members, according to a consumer finance website that specializes in helping consumers understand and choose credit cards.
In anticipation of Veteran’s Day Nov. 11, CardHub.com singled out four cards from the $18.5 billion Pentagon Federal Credit Union and two cards from the $62.5 billion Navy Federal Credit Union for their attributes for service members.
CardHub recognized two of PenFed’s cards, the PenFed Platinum Rewards Visa Signature Credit Card and the PenFed Defender American Express Credit Card as the best everyday rewards cards. The Visa card was selected because of its generous rewards point structure and the American Express Card because of its 1.5% cash back.
CardHub recognized PenFed’s Premium Travel Rewards American Express Credit Card as the best travel reward card because of the high rewards point bonus granted new accounts and how generously it allows cardholders to accumulate rewards points.
CardHub singled out PenFed’s Defender American Express Credit Card for its low rate structure.
“In addition to offering great everyday rewards, this PenFed card also provides low rates to consumers who may need a bit of extra time to pay off big-ticket purchases,” CardHub wrote, adding: “It offers a 6.99% introductory APR on purchases for the first 60 months, a 4.99% introductory APR on balance transfers for 12 months, and a 9.99% regular APR. This card does not charge an annual fee or a balance transfer fee.”
The site praised Navy’s Navy Federal Credit Union Flagship Rewards Credit Card as the best rewards card for service members who travel frequently.
“If you travel a lot and spend more than $9,800 per year, this is definitely a card to consider despite its $49 annual fee. It offers 2 points per $1 spent on all purchases, which is the equivalent of 2% cash back when you redeem for travel expenses,” the site wrote.
It also praised Navy’s Navy Federal Credit Union Rewards Secured Credit Card as the best card for service members seeking to build or restore their credit history.
“Though this card requires a somewhat steep $500 minimum deposit, it does not charge an annual fee and offers one point per $1 spent on all purchases,” CardHub wrote. “Military families who qualify for Navy Federal Credit Union membership can therefore use this card to cost-effectively build credit.”
No bank-issued cards were included in the article.