Credit Card Fees Waived for Military: Top Options and Benefits

If you're a member of the military, you're in luck - many credit card companies offer waived fees to show their appreciation for your service.

Some credit cards offer 0% foreign transaction fees, which can be a huge money-saver if you travel abroad.

For example, the Bank of America Travel Rewards credit card waives foreign transaction fees, making it a great option for military personnel who frequently travel overseas.

Additionally, many credit cards offer no annual fees, which can help you save even more money.

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Credit card fees for military can be a significant concern, but there are ways to waive or reduce them. If you're an active-duty servicemember, you're entitled to SCRA benefits, which include an interest rate not exceeding 6% on debt incurred before active duty.

Discover Card offers SCRA benefits to eligible service members, who can request benefits online, by phone, or by mail. They'll attempt to verify active duty by contacting the Defense Manpower Data Center (DMDC), and if verified, no documentation is required.

Take a look at this: Does Scra Apply to Credit Cards after Joining

American Express waives annual fees for its credit cards, including The Platinum Card and the American Express Gold Card, for active-duty servicemembers. This can be a huge money-saver, especially for those who want to enjoy luxury perks.

The SCRA applies to all active-duty members, including those in the Army, Air Force, Coast Guard, Marine Corps, Navy, Space Force, Reserves, and National Guard. Reservists and members of the National Guard are only covered when serving on active duty orders over 30 days.

To request SCRA benefits, contact American Express customer care and inform them that you're active-duty military. They'll verify your credentials and waive fees accordingly. Some service members have even reported getting refunds for fees paid during active duty.

Here's a list of ways to request SCRA benefits for Discover Card:

To understand the benefits and exclusions of credit card fees for military personnel, let's break it down. SCRA has been around for years and provides protections involving lease terminations, evictions, state residency rights, and interest rates, with a 6% cap. However, SCRA only applies to debt incurred prior to entering active duty and only when requested by the service member.

Some companies, like American Express, apply SCRA benefits to accounts opened while on active duty, which is a nice gesture to thank military members for their service. Capital One also waives annual fees under SCRA, but only when the account was opened prior to entering active duty.

The Military Lending Act (MLA) offers more comprehensive protections, including a 36% interest rate cap, but its implementation is not consistent across companies. MLA protections apply to loans and credit cards obtained after October 3, 2017, and cover dependents of active duty service members as well.

To qualify for MLA benefits, the credit account must be established while on active duty orders lasting more than 30 days. Borrowers covered under MLA include active duty members of the military, Guard or Reservists on 30-day or greater active orders, and their spouse or child dependents.

Here's a summary of the key points:

It's essential to note that SCRA and MLA have different eligibility criteria and benefits, so it's crucial to understand which one applies to your situation.

Card issuers that offer benefits under the Servicemembers Civil Relief Act (SCRA) include Discover, American Express, and Capital One Bank. These issuers will waive fees and lower interest rates for service members on active duty.

Discover Card service members will receive an interest rate not exceeding 6% on debt incurred before active duty, including most fees, for the duration of their active duty. They can request benefits online, by phone, or by mail.

American Express complies with all SCRA and MLA requirements, including waiving fees and lowering interest rates for service members on active duty. Eligible customers can contact American Express customer care to request fee waivers.

Capital One Bank's SCRA Program waives all fees on all cards and offers a 4% APR during active duty and for one year afterward. Service members can apply for these benefits online or by calling 855-227-1645.

Here are some ways to contact card issuers for SCRA benefits:

Note that service members must provide documentation to verify their active duty status to receive SCRA benefits.

If you're a servicemember or dependent looking to access benefits, you'll need to apply to the lending institution where you're seeking the reduction. To get started, reach out to Barclays at 1-888-710-8756 to get more information or to apply for benefits.

You can apply for benefits in several ways. Most types of consumer loans offered to active-duty servicemembers and their dependents must comply with the MLA, which includes payday loans, deposit advance products, and vehicle title loans.

Here are some examples of credit products that typically qualify for MLA benefits:

However, MLA doesn't cover credit that is secured by the property being purchased, such as residential mortgages, mortgage refinances, home equity loans or lines of credit, or reverse mortgages.

If you're a military service member, you're likely eligible for some amazing credit card benefits. No annual fees, no over limit fees, and no late payment fees are just a few of the perks you can enjoy.

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You can also expect to have waived or reduced credit card cash advance fees, which can save you a significant amount of money over time. Some credit cards even offer cash back incentives and cash back programs for military-related expenses like moving and uniforms.

Here are some of the benefits you can expect:

When choosing a credit card, it's essential to consider the benefits it offers, especially if you're a military servicemember. The Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA) provide crucial protections for military personnel.

One key aspect to look for in a card is the interest rate cap. Under the SCRA, credit card rates are capped at 6%. This means that if you have a credit card with a high interest rate, you may be able to request a reduction to 6% if you're called to active duty.

Here's an interesting read: How Much Interest Do Credit Cards Charge

Another important factor is the type of benefits offered. Some credit cards waive annual fees, late payment fees, and other charges for military servicemembers. For example, Discover Card offers an interest rate not exceeding 6% on debt incurred before active duty, including most fees, for the duration of the service member's active duty.

Some credit card issuers also offer special perks or incentives for deployed service members or their dependents. For instance, some cards offer cash back incentives or cash back programs for military-related expenses such as moving or uniforms.

Here are some benefits to look for in a card:

These benefits can help you save money and make the most of your credit card. However, it's essential to remember that the implementation of MLA is not consistent across companies, so it's crucial to check with your credit card issuer to see what benefits they offer.

Ultimately, the best credit card for a military servicemember will depend on their individual needs and circumstances. By considering the benefits offered by a credit card and the protections provided by the SCRA and MLA, you can make an informed decision and choose a card that works for you.

Credit cards can be a useful tool for military members, but it's essential to understand how they work. Military credit cards are offered by banks and credit card companies, and they often come with unique benefits.

The government requires banks to offer certain benefits to military members and eligible veterans through the Servicemembers Civil Relief Act (SCRA). These benefits include mandated perks that banks must provide.

Some banks go above and beyond these requirements to offer even more benefits. For instance, they may waive annual fees on credit cards for military members or provide reduced interest rates for veterans.

Military members have two categories of credit cards available to them: standard credit cards and military exclusive credit cards. Standard credit cards are available to the general public, but they may offer additional perks for military members.

Military exclusive credit cards, on the other hand, are only available to military members and their families. Understanding the SCRA is crucial to grasping the benefits and perks of both standard and military exclusive credit cards.

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