SCRA Benefits In Regards to Credit Cards

The Servicemember Civil Relief Act (SCRA) provides many benefits to Military members. 

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

7.) For a more comprehensive coverage of all the SCRA benefits click here or here

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

1. How to Sign Up for the Thrift Savings Plan
2. My Investment Strategy as an Active Duty Military Member
3. A list of some of my credit cards (I have over 25 now...)
4. 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

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