Capital One & Discover SCRA Benefits: 4% Cap, No Fees

Capital One runs a 4% military rate cap and waives nearly every fee on eligible accounts. After it acquired Discover, that one program got bigger: Capital One now states the 4% cap and fee waivers apply to Capital One and Discover credit cards, personal loans, and auto loans. If you hold either brand, you file once and the same terms reach both.

Four percent instead of the statutory 6% on a $10,000 balance is an extra $200 a year, and Capital One layers fee elimination on top of it.

What you get

Feature	Statutory SCRA	Capital One program
Rate cap on pre-service debt	6% APR	4% APR (voluntary)
Brands covered	Any creditor	Capital One and Discover
Fees	Not addressed by statute	None except bona-fide insurance
Retroactive to duty start	Yes, required by law	Yes
Excess interest	Forgiven, payment reduced	Forgiven, payment reduced

The cap, retroactivity, and forgiveness come from § 3937 and apply at every lender. The 4% and the fee waivers are Capital One policy.

How to apply

✅ File your SCRA request with Capital One or Discover

1. Gather orders covering your active-duty period and list your Capital One and Discover accounts.
2. Call Capital One 24/7 military support at 1-855-227-1645, or use Request SCRA Benefits on its military page. For Discover accounts you can also call 1-844-337-4645.
3. Submit orders, or a § 3937 letter from the letter generator as your written notice.
4. Confirm the reduced rate, the zeroed fees, and the retroactive adjustment to your duty start date on the next statements.
5. Keep the confirmation and update Capital One if your orders extend.

Things people trip on

One filing, two brands, but confirm each account. The programs are aligned, but eligibility still turns on whether each specific account was opened before active duty. A Discover card opened during service falls under the MLA, not the SCRA cap.

Bona-fide insurance is the one exception. Capital One waives fees except bona-fide insurance charges. If you carry optional account insurance, expect that line to remain. Everything else should go to zero on eligible accounts.

Voluntary means verify. The 4% and fee waivers can move. Your 6% statutory floor with full retroactivity cannot.

Compare Capital One against the rest on the bank leaderboard, and see the dedicated Discover guide for what the acquisition changed.

📜 The law behind this: 50 U.S.C. § 3937

Maximum rate of interest on debts incurred before military service — read the statute.