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SCRA Benefits In Regards to Credit Cards

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

In this post, I want to focus on 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. Let’s 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