Capital One Military Benefits: 4% SCRA Cap (+ Discover)

Capital One runs a military rate cap below the statutory ceiling and waives nearly every fee on eligible accounts. After it acquired Discover, that one program got bigger: Capital One’s own military page states “no more than 4% interest on Capital One and Discover credit cards, personal loans, auto loans, and more” (verified July 2026). If you hold either brand, you file once and the same terms reach both.

There is one line worth reading closely. The 4% applies to accounts Capital One owns and services. An account it does not both own and service falls back to the statutory 6%. Four percent instead of 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

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

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.

The fine print behind the 4%

One filing covers both brands, but check each account’s open date. Capital One and Discover run the same program now, yet eligibility is still per account. A Discover or Capital One card opened during service is a MLA matter, not the SCRA cap.

The 4% turns on Capital One owning and servicing the account. If it only services a loan for another investor, that account falls back to the statutory 6%. Ask which bucket yours is in and get the answer in writing. And bona-fide insurance is the one fee that stays; everything else should zero out on eligible accounts.

The 4% is Capital One’s number, not the law’s. It can move; your 6% floor with full retroactivity cannot. Size the gap in the savings calculator, and the refund guide covers interest you already overpaid.

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.