Maximizing Your Credit Card Benefits as a Military Member

When you're serving in the military, your financial situation can often feel like it's in flux. One of the financial tools that many of us rely on is the credit card. But did you know that being in the military can unlock some incredible benefits on your credit cards? Here’s a breakdown of what you can expect from some of the top credit card issuers and how to make the most of these benefits.

American Express

American Express is well-known for offering generous benefits to military members. Here’s what you can expect:

• Interest Rates: Beyond the standard SCRA 6% cap, American Express often offers a 0% interest rate for active-duty servicemembers.
• Fee Waivers: They typically waive all fees, including annual fees, late fees, and foreign transaction fees.
• Customer Service: American Express has a dedicated team to handle SCRA requests, ensuring a smooth and efficient process.

Chase

Chase also provides significant benefits to military personnel:

• Interest Rates: Chase enforces the SCRA 6% cap on pre-service debts.
• Fee Waivers: They waive annual fees and may offer additional fee waivers upon request.
• Military Lending Act: Chase complies with the Military Lending Act (MLA), which provides further protections beyond SCRA, including interest rate caps on loans and credit cards issued during active duty.

Capital One

Capital One offers a straightforward and supportive approach to SCRA benefits:

• Interest Rates: They adhere to the SCRA 6% interest rate cap.
• Fee Waivers: Capital One typically waives various fees, such as annual and late fees.
• Support: Known for their excellent customer service, Capital One makes it easy to apply for SCRA benefits.

USAA

USAA, designed specifically for military families, goes above and beyond:

• Interest Rates: USAA enforces the SCRA 6% cap and may offer even lower rates on certain accounts.
• Fee Waivers: They waive annual fees and other service fees for active-duty members.
• Additional Perks: USAA offers other military-specific perks, like deployment benefits and financial counseling services.

How to Apply for These Benefits

1. Contact Your Issuer: Reach out to your credit card company’s customer service or SCRA-specific department.
2. Provide Documentation: Be prepared to submit your active-duty orders or other required documentation.
3. Follow Up: Ensure that the benefits have been applied to your account. Keep records of your communications.

Tips for Making the Most of Your Benefits

• Review Regularly: Periodically check your credit card statements to ensure that all benefits and fee waivers are applied correctly.
• Ask for More: Don’t hesitate to ask your issuer if there are additional benefits you might be eligible for. Sometimes, issuers offer perks that aren’t widely advertised.
• Combine Benefits: Leverage these SCRA benefits with your card’s regular rewards and cashback programs to maximize savings.