Military service members protect the nation, and, in turn, some aspects of their finances are protected by law. In 2003, Congress passed the Servicemembers Civil Relief Act, legislation that grants a low cap on credit card interest rates during active duty. But more than 20 years later, this benefit is underused, causing many service members...
Military service members protect the nation, and, in turn, some aspects of their finances are protected by law. In 2003, Congress passed the Servicemembers Civil Relief Act, legislation that grants a low cap on credit card interest rates during active duty. But more than 20 years later, this benefit is underused, causing many service members to pay much more interest on loans than they have to.
If you’re an active military service member, you could be leaving hundreds of dollars on the table in the form of savings on interest and other credit card-related fees. Understanding the inner workings of the SCRA, its sister law the Military Lending Act and the policies of credit card issuers can help you access those savings you’re legally entitled to.
Waivers on other feesMany of the same issuers that waive annual fees also show leniency toward other credit card fees. Capital One, Chase and U.S. Bank, for example, explicitly say that they waive all credit card fees, which can include late fees, balance transfer fees, returned payment fees and cash advance fees.
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