U.S. Bank SCRA 6% Interest Rate Cap: How to Request
Part of: The Complete Guide to the SCRA
U.S. Bank keeps its headline rate at the statutory 6%, but it pairs that cap with something many issuers do not put in writing: a waiver of all fees on eligible accounts while you serve. Its own military page states that if you obtained a U.S. Bank mortgage, loan, line of credit, or credit card before you were called to active duty, the SCRA gives you a 6% cap and a waiver of all fees during active military service (verified against U.S. Bank’s page, July 2026).
On a $9,000 pre-service card at 21%, dropping to 6% saves roughly $1,350 a year in interest, and the account fees on top of that go to zero. The catch is the one U.S. Bank flags itself: none of it applies until you ask.
What you get
| Feature | Statutory SCRA | U.S. Bank program |
|---|---|---|
| Rate cap on pre-service debt | 6% APR | 6% APR |
| Fees during active duty | Interest only by statute | All fees waived |
| Accounts covered | Any creditor | Card, loan, line of credit, mortgage |
| Interest above 6% | Forgiven, payment reduced | Forgiven, payment reduced |
| Request window | Up to 180 days after service | Same |
The 6% cap, the retroactivity to your duty start date, and the forgiveness of excess interest come from § 3937 and bind every lender. The waiver of all fees is U.S. Bank policy stacked on top.
How to apply
File your SCRA request with U.S. Bank
- List every U.S. Bank account you opened before your active-duty start date: cards, loans, lines of credit, and mortgages.
- Contact the U.S. Bank Military Service Center at 800-934-9555 (Mon to Fri 7 a.m. to midnight ET, Sat 8 a.m. to 8:30 p.m. ET), overseas collect 513-277-5899, or email 24hrmilitaryservicecenter.shared@usbank.com.
- Send written notice with a copy of your orders. The letter generator produces a § 3937 request that puts your duty start date on the record.
- Confirm the 6% rate, the waived fees, and the retroactive adjustment to your duty start date on the next statements.
- File within 180 days of leaving active duty, and update U.S. Bank if your orders extend.
Things people trip on
It is opt-in, not automatic. U.S. Bank says plainly that you are not automatically covered and must formally request the benefit. Being a customer is not the same as filing. Send the orders.
Pre-service only for the cap. A U.S. Bank card or loan opened after active duty began is not covered by the 6% cap. The Military Lending Act may cap that account instead.
Late is still worth it. If you served before you filed, the cap is retroactive and you can claim the overpaid interest back. Run your numbers in the savings calculator or the refund calculator.
See where U.S. Bank lands against the issuers that go below 6% on the bank leaderboard.
The law behind this: 50 U.S.C. § 3937
Maximum rate of interest on debts incurred before military service — read the statute.
Frequently asked questions
Does U.S. Bank waive fees under the SCRA?
Yes. U.S. Bank's own military page states that on eligible accounts opened before active duty it applies a 6% interest rate cap and a waiver of all fees while you are on active military service. That fee waiver is broader than what the statute alone requires, which addresses interest and does not by itself waive every fee.
Which U.S. Bank accounts qualify for the 6% cap?
A U.S. Bank mortgage, loan, line of credit, or credit card that you obtained before you were called to active duty. Credit you open during active duty is not covered by the SCRA cap, though the Military Lending Act may cap its cost at a 36% Military APR instead.
How do I request U.S. Bank SCRA benefits?
You must formally request them, they do not apply automatically. Contact the U.S. Bank Military Service Center at 800-934-9555 (Monday to Friday 7 a.m. to midnight ET, Saturday 8 a.m. to 8:30 p.m. ET), overseas collect at 513-277-5899, or email 24hrmilitaryservicecenter.shared@usbank.com. Send written notice with a copy of your orders no later than 180 days after your service ends.
Is the U.S. Bank rate cap retroactive?
Yes. Section 3937 makes the cap effective from your first day of active duty regardless of when you file, and interest above 6% during that period is forgiven, not deferred. Even if you send the request months later, the recomputation reaches back to your duty start date.
Sources
Heads up: SCRA Saver publishes general information, not legal or financial advice. Laws change and every situation differs. Confirm details with your installation legal assistance office (free for service members) or a licensed professional.