- No cash-back caps
- Rewards on all purchases
- No annual fee
Available for retired and honorably discharged military members as well as those on active duty and reserves. Low interest rates compared to other well-known military credit cards.
There’s a $1 fee for mailed paper statements, but you can avoid this by requesting electronic billing.
Application Process: Apply online and score a card after you verify prior or current military service. You can also qualify with an active PenFed Access America checking account.
Fees: There’s no annual fee and no monthly maintenance fee. However, you’ll have to shell out $1 a month for paper statements if you don’t request electronic statements.
Cash advances cost 5% of the requested amount, for a minimum of $5 per transaction.
APR: APR varies from 11.74% to 17.99% depending on your credit history. There’s a penalty APR of 17.99% for late payments.
Rewards: Get paid to shop, dine out, watch movies, buy clothes...you get the idea. You earn unlimited 2% cash back on all transactions except cash advances, balance transfers, and credit card checks.
Rewards are redeemable via statement credit, direct deposit to your PenFed checking account, or transfers to other financial institutions.
Bonus Offers: Two of them! Enjoy a 0% promo APR on balance transfers for the first 12 months, but watch out for the 3% fee added to each transaction.
Also, score a $100 statement credit when you spend at least $1,500 in the first 90 days.
- Rated #1 in 6 Best Credit Cards for Military Personnel