If you're a member of the military, you're no stranger to making sacrifices and doing demanding jobs. You signed up to put the needs of others before your own. You constantly face unique challenges and continuously learn from them. Your life is complex in ways that many people can't even begin to imagine – and your personal finances are no exception
Fortunately, there are unique financial benefits available to military members. You may already be familiar with some of the benefits you're entitled to as an active duty military member thanks to the Servicemembers Civil Relief Act (SCRA), such as a 6% APR cap on credit card debt that was incurred before your military service began. Because the SCRA is a federal law, you are entitled to these benefits with any credit card, but it won’t happen automatically – you’ll have to contact the bank and provide them with a copy of your active duty orders in order to prove your eligibility.
But the SCRA isn't the only financial benefit available to those serving in the armed forces. Many banks are happy to show their appreciation by providing additional perks to military cardholders. They often offer waived annual fees, late fees, or foreign transaction fees. Although the SCRA’s interest rate cap applies only to debt accumulated prior to military service, a lot of banks offer extremely low interest rates for the entire time that you’re on active duty – some of them even go as low 0% APR! Making interest-free purchases is a huge advantage. Some credit cards also kick the benefits up another notch while you’re deployed by reducing interest rates further or even waiving minimum payment requirements. If your current credit card is only giving you the 6% APR required by the SCRA, it’s a good idea to reduce interest costs even further with a balance transfer to a card that offers an even better rate to military members. The card offers listed on this page can help simplify your finances and cut down on interest and fees.
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at USAA Savings's