Sunday, February 21, 2016

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:
  • 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
  • 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

Like what you read? Want more deals for military?

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