These are my top recommended credit cards for this month. Some have $450-550 annual fees waived exclusively for US military personnel.
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For many situations, yes. Taking a pay advance when you PCS is a great way to help yourself out get ahead financially and stay out of debt while you PCS. There are many costs associated with a PCS, not all of which are reimbursed.
A pay advance is a 0% loan to your present self from your future self. You can usually get a month's pay (BAH + Basic Pay, no BAS or incentive pays usually) advanced to you (with the taxes taken out) and then pay it back over the next 12 months. It's a fairly painless process that can usually be accomplished through your online finance office or in the finance customer service area on one form. If you only take a month's pay out and repay it over 12 months, you don't even need a commander's signature: it's automatically approved.
The repayment is taken directly out of each paycheck, so you don't need to worry about being late on a payment. If you are taking out a month's pay and paying it back over a year, each paycheck won't decrease that much (usually less than $200, for most pay grades).
This can be a good option if your PCS coincides with a pay raise from either BAH increase, time in grade pay increase, or a promotion. Because of the pay raise, you'll still be living on close to what you were making previously, but have you'll have a few extra thousands of dollars in the bank. This can be perfect for getting your emergency fund started, paying down high interest loans so you can move towards debt freedom, or just to meet your savings goals.
Many people are opposed to accumulating debt in any form and generally I agree with them. Paying down high interest credit card debt, student loans, and car loans are a great way to create more cash flow every month and to start building a solid financial foundation. The pay advance is a great way to get access to a good amount of cash at 0% interest and then quickly pay it back over a year.
AMEX Platinum With NO Annual Fees for US Military
Military servicemembers and spouses can get the American Express Platinum with NO annual fees. Pick up your military annual fee waived card here!
The AMEX Platinum offers:
- $550 Annual Fee WAIVED for US Military (and spouses)!
- 60,000 Membership Rewards Points welcome offer
- $200 credit for Uber rides (or Uber Eats!) annually
- $200 airline fee credit
- Centurion Lounge and Priority Pass Airport Lounge Access
- NO foreign transaction fees
These benefits make it my top recommend card.
If you already have an AMEX Platinum card, check out the other AMEX cards, Chase credit cards, and this month's top recommended credit card bonuses, most with no annual fees for US military personnel.