Credit Assistance / Posted 1 year ago / 558 views
Please make sure to use this resource and see the sample letter I attached to send to each creditor on the list below.
In our situation, we were reimbursed for charges we paid over the amount (on past charges) and our APR (interest rate) dropped going back to my husband’s start of service even though we were not married at that time. It helped us to improve our credit and pay off debt faster.
An Air Force wife, who is now one of my best friends/family, told me about this and I thought she was crazy.
Thankfully, I listed and took 2 minutes to send a letter that saved us thousands of dollars!!!!
Reduced APR (0%-4% APR) and Waived Fees: Credit Card Benefits for Military and Spouses
Who qualifies for these SCRA benefits?
****Synchrony Bank also offers 0% APR and you simply have to fax the attached letter with your information to (866)694-6580.
Sample Letter Template:
Name of Active Duty Member and Name of Spouse
City, State Zip code
PO Box 965033
Orlando, FL 32896-5033
This fax is proof of Name of Service Member’s continued Active Duty military service. We are requesting to receive the benefits under the Servicemembers Civil Relief Act (SCRA) for both Name of Service Member and SSN and Name of Spouse and SSN. Attached is a copy of Name of Service Member ‘s current LES, as well as our marriage certificate confirming that Name of spouse is the current spouse and eligible for SCRA benefits. We are thankful for all the benefits we have been able to receive and the services that your company continues to offer to Active Duty Military members and their dependents.
Please apply the documentation of continued eligibility to all of our accounts and let us know as soon as possible if additional information is needed.
Name of Servicemember and Spouse
Best Contact Phone Number
Attachment: Leave and Earning Statement, Marriage Certificate
An issuer can choose not to provide these improved terms, if a court decides that the service member’s ability to repay his or her debt isn’t “materially affected” by military service. That is, a lender might be able to get a court order allowing it to charge a service member regular rates and fees if he or she is an officer with a high salary and wouldn’t have trouble paying a higher rate. But in practice, major credit card issuers generally don’t do this.
Even if you don’t fit into one of those categories, your bank may still help you out. Capital One extends protections to other active duty service members not covered by law, including National Guard members called up for state-funded service, a spokesperson says. USAA also gives benefits to service members who are deployed, making a permanent change of station (PCS) move or serving in qualified military campaigns, regardless of SCRA status. Many issuers offer benefits to active duty military spouses, too, regardless of whether they share a joint account with a service member. If you’re unsure of your eligibility, ask your issuer.
By law, you need to submit your requests to creditors no later than 180 days after being released from your service to receive benefits. However, some issuers give you more time to submit these requests.
Here’s how to take full advantage of your credit card’s SCRA benefits:
SCRA benefits can make your total balance a lot more affordable, especially if your issuer offers 0% APR to active duty service members. If you’re paying off a large balance with a high APR, those savings could add up quickly. Keep in mind that balance transfer fees, which are generally 3% or 4% of the transferred balance, are also waived on SCRA-eligible accounts. If you transferred your balances to your 0% APR card, you could save on both interest and fees.
If you’re trying to boost your credit scores and are having trouble qualifying for a no-fee option, use your SCRA benefits to get the annual fees waived. Pay your balances on time and borrow sparingly, and you could qualify for better terms in the future.
If you have excellent credit and never carry a balance, you could get even more value out of cards with premium features, such as high rewards rates, airline fee credits, waived baggage fees, airport lounge access and complimentary upgrades. If you get the card before your active duty begins, you likely won’t have to pay an annual fee during your service.