Credit Cards for Active Duty Military
VA Financial Credit Cards
Being an active duty member of the U.S. Armed Forces qualifies you for financial protections, including protection from high interest rate credit cards. By law, credit card providers must follow the minimum requirements set by the SCRA. Creditors cannot exceed 6% interest rates on pre-service loans and obligations. A credit card offered exclusively to active duty military members means not only will your SCRA rights be enforced, but you can expect higher quality credit that exceeds the minimum requirements. A military credit card for active duty personnel carries a 4% SCRA rate on eligible credit card balances. That is a 2% savings! Also, if and when you are selected to be deployed or during PCS, the 4% interest rate is extended to you and your family. Either before, during, or after PCS or deployment, you can get this special active duty military rate discount. SCRA and this military credit card work together to avoid or minimize potential financial burdens.
- A Military Credit Card offers low interest and short term financing.
- In less than 12 months, you may be able to improve your credit score.
- Tracking your spending habits can help you budget effectively.
During active duty status, we suggest you take advantage of these low interest rates and special military benefits being offered. A credit card is a useful tool for budgeting expenses. Every month you are provided a statement of your spending. Begin practicing your budgeting skills by itemizing your purchases and understand where your money goes. This can prevent you from accidentally damaging your credit score by going over a credit limit or having insufficient funds to make a payment. For borrowers with good credit, there is a military card that provides rewards like 1.5% cash back and redeemable gift points on qualified purchases. Earn cash back and reward points while you shop. If your credit is less than perfect, getting a credit card for military members may help reestablish your credit. Higher credit scores are achieved through on time payments, mature spending, and in general, by being a responsible borrower. Building a strong credit history can improve your creditworthiness and turn you into a credit applicant that is easily approved. There's no better time than now, apply today!