Some of
those benefits include:
1.)
Lowering Credit Card Debt
2.)
Early Termination of Leases or Contracts (Housing, Vehicle Leases Cell Phone,
etc.)
3.)
Housing Evictions
4.)
Pending Trials
5.)
Taxes
6.)
Morgage Payments
In this
post I want to focus of the SCRA benefits of Credit Card Interest Rates. The
Servicemember Civil Relief Act put a cap on the amount of interest credit card
companies can charge you. The limit that was set is 6%. Technically it is
referring to debts and mortgages that were entered into prior to entry on
active duty but as far as I know most banks apply the rule to debt accrued
while on active duty as well. Every bank that I know of is required by law
to obey by this act. Some banks have met the 6% cap while others have lowered
it to 4% and some others have even lowered it to 0%.
Below
I'd like to compare every major bank by their specific SCRA benefits. Lets
Begin!
Here is
a list of banks that offer SCRA benefits:
- American Express
- Waived Fees (annual fees, late fees, return fees)
- 0% APR
- To apply- Click Here. Or call 1-800-253-1720
- Bank of America
- 6% APR limit
- To apply - Click here
- Barclay
- Waived Fee's
- 0% APR
- To apply - Call
customer service at 877-523-0478 and ask to apply for SCRA benefits.
- Capital One
- Waived Fee's
- 4% APR
- For more info - click here, To request SCRA benefits
- click here or
call a military specialist at 1-855-CAP1MIL (227-1645). Military
specialists are available 24/7.
- Chase
- Waived Fee's
- 4% APR (Regular Chase Credit Cards)
- 0% APR (Chase Military cards - all
interest and fees incurred during deployment are refunded)
- To apply - Click here or call 1-877-469-0110
to talk to a military specialist.
- Citi
- Waived fees
- 0% APR
- To Apply call1-877-804-1082
or fax your orders to 1-866-533-0503
- Discover
- Waived Fee's
- 6% APR
- To apply - Click here
- Sallie Mae
- Loans capped at 6%
- 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.
- USAA
- Waived fees
- 4% APR on pre-service debt, new
purchases and cash advances during active duty for up to 12 months
- If you serve in a qualifying military
campaign, your interest charges over the course of your campaign will be
refunded
- To learn more and apply online - Click here
- US Bank
- Waived fees
- 6% APR during active duty on eligible
balances
- To apply - Click here
- Wells Fargo
- Waived fees
- 6% APR during active duty and one
year after on eligible balances
- 4% interest rate on SCRA eligible
loans that are serviced and owned by Wells Fargo.
- To learn more - Click here or call 1-800-642-4720.
Other Related Deals
4 Military Finance Posts
- How to Sign Up for the Thrift Savings Plan
- My Investment Strategy as an Active Duty Military
Member
- A list of some of my credit cards (I have over 25
now...)
- Discounts on Taxes Software for Military Members
I'm going to try and highlight one new Military
Finance/Discount Website or Blog each month. For the month of February, the new
site is The Derp Report.
Check him out he was some good stuff
Like what you read? Want more deals for
military?
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