Looking for the best credit cards for military personnel? I’ve got new info to share with you.
The best credit cards for military personnel
If you run a balance, this card also has one of the lowest interest rates on any credit card in the United States.
Here are some other important things to know about the PenFed Defender American Express Card:
- Awarded “Best Military Credit Cards 2014” by CardHub
- 1.5% cash back on every purchase
- Rewards are unlimited and cash back is automatically credited to your account every month
- Absolutely no fees
- No penalty APR
- Low rate of 8.99% APR for purchases and cash advances. Your APR will vary with the market based on the Prime Rate.
- 4.99% APR promotional balance transfer rate for 12 Months on transfers made from November 01, 2014 through December 31, 2014 with no balance transfer fee. After that, the APR for the unpaid balance and any new balance transfers will vary with the market based on the Prime Rate, and is currently 8.99%. This transaction is subject to credit approval.
New rules coming for prepaid cards
Meanwhile, more and more Americans are banking with prepaid cards. A lot of celebrities like the Kardashians got into this space. I’ve read some of the terms of those prepaids and let me tell you they are gross. Fees are all too often hidden. There are monthly activity fees, withdrawal fees, ATM fees, and plenty of others.
Later this week, new rules will be announced that will require clear disclosure of terms and conditions governing prepaid cards. The net effect will be that there will be a little box on the card’s packaging that clearly discloses fees. That should go a long way to helping you sort the good from the bad.
On that note, you may have heard me talk about Walmart’s new banking product. If you want true, traditional bank account — and the banks don’t want you because you’re on the ChexSystems bad boy list — look at Walmart for a no minimum balance checking account option that’s truly free.
ARTICLE: Veterans Day freebie offers