Which card is the right credit card for you in the military? One good choice can be a no-fee rewards credit card that you pay in full every month. Rewards based credit cards can offer generous perks to enhance your military lifestyle, provided you are prepared to pay the balance in full each month.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

Military Money and Finance

CREDIT CARDS
Choose a Credit Card to Suit Your Lifestyle

If you have good credit and are in the military, credit-card issuers will tempt you with endless new credit offers. It's easy to end up with a wallet full of credit cards.

STOP!

While it's always good to have a backup card for an emergency, a general credit card rule is to stick to one card - the one with the best interest rate for the longest amount of time. This will minimize the number of bills you pay monthly, and maximize your credit rating. Good military money management all around.

Which card is the right credit card for you in the military? One good choice can be a no-fee rewards credit card that you pay in full every month. Rewards based credit cards can offer generous perks to enhance your military lifestyle, provided you are prepared to pay the balance in full each month. However, if you do carry a balance, be aware that with these credit cards, you may be subject to a variable interest rate as high as 19%. And if you're late with payments or used up too much of your credit limit, you may get a penalty as high as 30%.

Be aware that credit card penalty fees have been on the rise for years. The average late fee in 2005, for example, was $34, up from $13 in 1995, according to the Government Accountability Office. Over-the-limit fees, meanwhile, were $31, up from $13 during the same period. Ouch.

If you do plan to carry a credit card balance, choose a credit card with an interest rate well below today's 14.1% average.

A 0%-balance-transfer teaser is tempting, but you may be subject to transfer fees as high as 4% of the balance. And if you can't pay it off within six or 12 months, you'll be left with the hassle of chasing the next 0% credit card offer.

For simplicity and consistency, choose a card with a consistent and low interest rate. The American Express Blue card charges 4.99% for the life of the balance you transfer. Discover Card also offers low interest rates for the life of the balance. There are new credit card offers on the market all the time. Your busy military life may not leave you much time to keep abreast of them, but resolve once a month to research internet for the best credit card rates and the best offers.

Securing and maintaining the best credit cards is just one more smart military money move.



RELATED ARTICLES:

Military Hub is not a government website and is not affilitated with any branch of the U.S. Military.


Support Our Troops:

Semper Fi Fund
The Semper Fi Fund provides financial assistance and support to service members and their families.
IAVA - Iraq and Afghanistan Veterans of America
IAVA is the nation's largest nonprofit, nonpartisan organization representing veterans and their families.
Team Rubicon
Team Rubicon unites the skills and experiences of military veterans with first responders.
Pat Tillman Foundation
The Pat Tillman Foundation invests in military veterans and their spouses through educational scholarships.

About Military Hub
Privacy Policy
Contact / Advertise

Copyright © 2008 - 2018
Advertise Military, LLC
All Rights Reserved

Disclaimer: MilitaryHub.com and MilitaryRates.com are private websites that are not affiliated with the U.S. Department of Veteran Affairs, any U.S. government agencies, or any U.S. military branches. Our sites contain basic information about veteran benefits, pay tables, current events, and news for active duty military personnel, military veterans, and their families. You can find additional information on these topics at the official website for U.S. Department of Veteran Affairs.