Being in the military is a huge sacrifice that doesn’t need to be topped up by financial troubles. Therefore, we’ve compiled a list of the most credible credit cards that implement both the 2006 Military Lending Act (MLA)and the 2003 Servicemembers Civil Relief Act (SCRA).
The cards listed below go above and beyond to offer more than the bare minimum requirements stipulated by the governing bodies. Look out for APRs below the minimum 6% and waived fees longer than the shortest period allowed.
The Capital One Venture Rewards Credit Card is under SCRA and has a4% interesting rate cap for active military service members. The rates also continue up to one year after discharge from military duties. Additionally, all eligible service members have the fees on any account they opened before joining the service waived.
This rewards point card also offers an exciting 4% cap on interest rates and waives previously accumulated fees. You can continue to enjoy SCRA benefits, which you can claim by a secure message from the Chase website, up to a year after service. Like any other Chase card, you can accumulate reward points that you can claim from their website. Sf
The American Express powered card caps at 6% for credit accumulated before joining the military and up to 36% for credit obtained during service. The card also waives fees, including foreign transaction fees, late fees, balance transfer fees, and annual fees for its members.
The Citi card for military service members has an unbeatable offer, 0%. No interest at all for purchases made while the card owner is in active military service. The catch, however, is that you have to open the account before joining the military.
Chase’s premium rewards point card is aimed at members who don’t mind the high annual fee. Under SCRA, it caps at 4% APR and waives fees for eligible accounts. These benefits only apply during active service and up to one year after.