Tuesday, December 31, 2013

SCRA Military Benefits (Lower interest rates to 4%)

Many banks offer SCRA (Servicemember Civil Relief Act) benefits for Military personnel. These include lower interest rates 4-6%, waived fee's, and many other benefits. This allows Active Military personnel and those serving oversees to focus on their missions and not have to worry as much about their finances at home. 
Servicemembers Civil Relief Act

Here is a list of banks that offer SCRA benefits:
  • American Express
    • Read our post on how to waive annual fees here
  • Chase
    • View our post on how to waive your chase credit card fees here
    • Interest rate to 4% while on active duty, Foreclosure protection
  • USAA
    • Lower interest rate of 4% on pre-existing USAA credit card and loan debt
  • Bank of America
    • Reduction or limits on interest rates, Reduced payments, Protection from foreclosure
  • Capital One
    • Maximum interest rate of 4% on your loan or extension of credit, No fees assessed on your loan or credit product
    • Get your annual fee's waived. Read The Military Frequent Flyers Post here
  • Wells Fargo
    • 4% interest rate on SCRA eligible loans that are serviced and owned by Wells Fargo, Foreclosure protection
  • US Bank
    • A Cap on Interest Rates, Auto Lease Termination, Help with Foreclosures
  • Citi
    • CitiMortgage Benefit Program, CitiMortgage Relocation Program
  • Sallie Mae
    • While you are serving in a hostile area that qualifies you for special pay, you do not have to pay interest on Direct Loans made on or after October 1, 2008, for up to 60 months.
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