Five financial perks for veterans

Created date

January 24th, 2020

There’s no way America can ever truly repay its debt to the men and women who have served in the armed forces. However, it’s nice to know that veterans and service members can at least count on some generous financial perks in recognition of the sacrifices they and their families have made for the country. 

Here are five of the best financial benefits, deals, and discounts for members of the military and veterans. 

1. Long-term care. Paying for high-quality long-term care can be challenging for many retirees. But veterans who have wartime service and are eligible for a VA pension can get some assistance through the Aid & Attendance and Housebound program from the Department of Veterans Affairs. These benefits, which may cover things such as home health aides and nursing homes, are paid in addition to monthly pension payments. 

2. Tax-free shopping. All honorably discharged veterans can shop at ShopMyExchange.com, the website of the Army & Air Force Exchange Service. The Exchange is the sixty-first largest retailer in the United States and offers members of the military and veterans discounts of up to 50% off of department store prices. You can find deals on everything from jewelry and electronics to furniture and appliances on the site. And you can feel good about buying from ShopMyExchange.com because profits go to military Quality of Life Programs.

3. Low-cost banking services. There are several banks and credit unions that offer discounts and perks for service members and veterans. You may be able to take advantage of benefits such as no-fee checking accounts and competitive interest rates. Personal finance site NerdWallet (nerdwallet.com) recently compiled a list of its top picks for military banks and credit unions. USAA was the top-ranked bank, with notable perks like no-fee checking accounts and one-day-early direct deposit.  

4. Special credit card rewards. Current and former military service members may qualify for special credit card offers that boast attractive rewards. Credit bureau Experian recently reviewed the top four military credit cards. USAA’s Cashback Rewards Plus American Express Card was lauded for its generous cashback policy (5% on the first $3,000 spent on gas and military base purchases, 2% on the first $3,000 spent at supermarkets each year, and 1% on all other purchases). Veterans who enjoy dining out might like the Navy Federal Credit Union Go Rewards credit card, which gives three points for each dollar spent at restaurants. Points can be redeemed for travel, merchandise and more.

5. Discounts, discounts, discounts. Many businesses like to show their gratitude for service members and veterans by offering discounts. You may not be aware of all of the retailers that offer military discounts all year long (businessinsider.com/military-discounts). Kohl’s gives active and former military personnel, veterans, and their families 15% off every Monday. Verizon Wireless offers a 15% discount on monthly plans and 25% off accessories to members of the military and veterans. At Home Depot, purchases made by military members, veterans, and their immediate families are tax-exempt. 

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