The Best Credit Cards for Military Members and Veterans

Military members and veterans sacrifice so much for their country, and they deserve financial tools that recognize their service. Credit cards tailored for service members often come with exclusive perks like waived annual fees, low-interest rates, and travel benefits. In today’s economy—where inflation and rising costs are major concerns—having the right credit card can make a significant difference.

This guide explores the top credit cards for military personnel and veterans, highlighting their benefits, eligibility, and how they compare to civilian options.

Why Military-Specific Credit Cards Matter

Military life comes with unique financial challenges, including frequent relocations, deployments, and unpredictable schedules. Traditional credit cards may not always accommodate these needs. Fortunately, several issuers offer cards designed specifically for service members, often with:

• Waived annual fees (even for premium cards)
• Lower APRs compared to standard cards
• SCRA (Servicemembers Civil Relief Act) benefits, which cap interest rates at 6% for active-duty members
• Travel perks like free checked bags, airport lounge access, and travel insurance

The Impact of Inflation on Military Finances

With global inflation affecting everything from gas prices to groceries, military families need financial flexibility. A well-chosen credit card can help offset costs through cashback rewards, travel credits, or discounts at military-friendly retailers.

Top Credit Cards for Active-Duty Military

1. American Express Platinum Card

One of the most prestigious travel cards, the Amex Platinum, is a favorite among service members because Amex waives the $695 annual fee for active-duty personnel under the Military Lending Act (MLA).

Key Benefits:

• 5X Membership Rewards® points on flights and hotels
• $200 annual airline fee credit
• Access to Centurion Lounges and Priority Pass lounges
• Global Entry/TSA PreCheck® fee credit

Best for: Frequent travelers who want luxury perks without the cost.

2. Chase Sapphire Reserve®

Another premium travel card, the Chase Sapphire Reserve®, offers a $300 annual travel credit and strong rewards for dining and travel. While Chase doesn’t waive the annual fee outright, active-duty members may qualify for SCRA benefits, including waived fees.

Key Benefits:

• 3X points on travel and dining
• 50% more value when redeeming points through Chase Ultimate Rewards®
• Primary rental car insurance

Best for: Service members who dine out often or take road trips during leave.

3. USAA Cashback Rewards Plus American Express®

USAA is a trusted financial institution for military families, and this no-annual-fee card is a solid choice for everyday spending.

Key Benefits:

• 5% cash back on gas and military base purchases
• 2% cash back on groceries
• No foreign transaction fees

Best for: Those who want simple, high cashback rewards with no frills.

Best Credit Cards for Veterans

Once service members transition to veteran status, some SCRA and MLA benefits no longer apply. However, several cards still offer excellent value.

1. Navy Federal Credit Union Flagship Rewards Visa®

Navy Federal serves veterans and their families with competitive rewards and low fees.

Key Benefits:

• 3X points on travel
• 2X points on everything else
• $100 Global Entry credit
• No foreign transaction fees

Best for: Veterans who want a balance of travel and everyday rewards.

2. PenFed Power Cash Rewards Visa®

This card is ideal for veterans who prefer straightforward cashback rewards.

Key Benefits:

• 2% cash back on all purchases
• No annual fee
• Low APR for qualified applicants

Best for: Veterans looking for a simple, high-reward card.

3. Bank of America® Customized Cash Rewards for Veterans

Bank of America offers a veteran-friendly version of its popular cashback card.

Key Benefits:

• 3% cash back in a category of your choice (gas, online shopping, dining, etc.)
• 2% cash back at grocery stores
• $200 sign-up bonus

Best for: Veterans who want flexibility in reward categories.

How to Maximize Your Military Credit Card Benefits

Understand SCRA and MLA Protections

Active-duty members should always check if they qualify for SCRA benefits, which can lower interest rates on existing debts. The MLA also protects against high APRs on new credit cards.

Leverage Travel Perks

Many military-focused cards include travel insurance, lost baggage reimbursement, and rental car coverage—essential for frequent movers.

Monitor Fees After Service

Some waived fees (like the Amex Platinum’s annual fee) may reappear once you leave active duty. Be prepared to downgrade or switch cards if necessary.

Final Thoughts

Choosing the right credit card can help military members and veterans navigate financial challenges while enjoying exclusive rewards. Whether you’re active-duty or a veteran, there’s a card tailored to your lifestyle—from luxury travel perks to everyday cashback.

By understanding your options and rights, you can make the most of your benefits and secure your financial future.