More: American Express waives annual fees for military personnel, their spouses Not Just American Express – Many Banks Participate This card comes with a hefty annual percentage rate (APR) on purchases. I swipe this card to cover all of my day-to-day living expense while simultaneously earning rewards points. ![]() I live off of a credit card and typically pay the balance in full (or close to it) before the end of the billing cycle.Ĭurrently, my go-to credit card is the. Between my house and apartment, we currently pay close to 3k a month for the most basic living expenses. I opted for comfort and security, and some would say I’m paying a premium for rent. I reside on the North side of the city, well outside of the Beltway. Since January of 2015, I’ve been a geographical bachelor living in Houston, while my family maintains a residence in San Antonio. Special “reserve cards” for military familiesįor the two or three people who truly know me, I’m always looking for a way to save a few bucks.Any special perks or incentives for deployed service members or their dependents.No penalty APR interest rate adjustments for late payments.Lower APR interest rates for military members (many offer rates below SCRA mandates).Waived or reduced credit card cash advance fees.Incentives for electronic payments or automatic electronic payment transfers.No overseas transaction credit card fees.Cash back programs for military-related expenses such as moving, uniforms, etc.Here’s several common benefits that are often offered to military families that are worth investigating with your current credit card provider or when you’re ready to find a new card to use. How to Benefit from Credit Cards While in the Militaryīanks and lenders are extremely generous when it comes to doling out perks for servicemembers. Read our full guide on the best credit cards for military servicemembers and veterans To access SCRA benefits, servicemembers must make an application in writing to the lending institution where they are seeking the reduction. SCRA benefits also apply to spouses and children of qualified servicemembers, and any person who relied on the servicemember for at least 50 percent of their support, for up to 180 days prior invoking SCRA benefits. SCRA only applies to reservists and members of the National Guard when they’re serving on active duty orders Interest accrued about 6% must be forgiven, not just merely postponed, and the amount of remaining monthly payments must be reduced to reflect the lower interest rate.Īll active duty members are covered by the SCRA, including those in the Army, Air Force, Coast Guard, Marine Corps, Navy, Space Force, reserves and National Guard. The cap remains in effect for the duration of a servicemember’s active-duty service. The 6% cap applies to all debts incurred prior to entry into active-duty service, including student loans, credit cards, mortgages and car loans. For example, if you bought a car or a boat with a 12% loan prior to serving, you can request to have your interest rate lowered to 6%. ![]() Another important part of the credit card provisions are that most banks and credit card issuing companies will offer a refund on interest and annual fees for certain financial obligations that were incurred prior to a servicemember’s active duty military service.īanks will also lower the interest rates on loans that existed before the servicemember joined the military. Under SCRA, credit card rates are capped at 6%. SCRA benefits start on the date when active duty orders are received, and SCRA coverage usually terminates within 30-90 days after the discharge date from active duty. military members can receive financial relief and protections under the Servicemembers Civil Relief Act (SCRA). ![]() Many companies are retroactively lowering interest rates for balances placed AFTER your enlistment! Under the SCRA, 6% is the maximum interest rate credit card companies can charge, however, many institutions are choosing to offer even lower rates.Ĭonsidering my current circumstances, this is fantastic news.Īctive duty U.S. Terms Apply to American Express benefits and offers.ĭid you know many credit card companies are going above and beyond their legal obligations under the Service Members Civil Relief Act ? Commissions do not affect our editors’ opinions or evaluations. American Express is an advertiser on The Military Wallet. Editorial Note: We may earn a commission through links from our partners.
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