WRT SCRA benefits, they apply any time you are on active duty...not just when you are deployed. It seems many folks don't know this...I didn't! If you haven't applied for SCRA benefits with your credit cards, do it today. Many companies (Citibank, Home Depot, Citibank mortgages, Chase, Capital One, and Discover for sure) will refund you any interest you have paid above the SCRA rates...they did it for us going back 10 years! This includes cards that a dependent may have, even if the active duty person is not on the account. An email that was sent around recently:
A SMSgt from AFPC is deploying and found out some info to pass on...
'As I'm preparing to deploy I decided to call my credit card companies to
ask about the Service-members Civil Relief Act (SCRA) and I found out
something you all should know, especially our young Airman. Most military
members believe this only applies to them when or while they're deployed, however I
found that to be untrue.
Discover Card, Capital One, and Citibank all explained it to me this way:
Discover Card rate for active duty members is locked in at 5.90% while on
active duty and this include dependents that carry their own card even if
you are not on their account. If you currently have a Discover Card and the
interest rate is higher than 5.90% they will credit or refund you the
difference to include any annual fees (if you have any), accrued interest
fees on purchases, payment fees, penalty fees, and late fees you have paid
since owning their card while on active duty. This rate is also locked in
for up to 1 year after you leave active duty and applies to all accounts with
Discover Card but you have to apply for the benefit in order to receive it.
To apply for Discover Cards program log on to www.discover.com/scra and
request benefits now, I uploaded a copy of my proof of service letter from
vMPF and sent it on-line. My wife mailed a copy of my proof of service
letter and a copy of our marriage certificate to:
SCRA
P.O. BOX 15185
WILMINGTON DE 19850-5185
**(Include a coversheet with your full name, his/her full name, last 4
digits of his/her account(s), last 4 digits of both member SSN).**
Capital One has the same program however the interest rate for Capital One
is 4.00%. Everything else is the same as with the Discover Card to include
your spouse.
To apply for Capital One program log on to www.capitalone.com and search for
SCRA and request benefits, your spouse should mail the following information
to the address below:
(Your Name & SSN, Proof of Service or LES, Spouse full name & SSN, and
account
number)
To:
CAPITAL ONE Attn: SCRA Request
P.O. Box 30285
Salt Lake City, UT 84130-0285
Citibank program has an interest rate of 0% for all military members and
dependents even if the spouse is not on your account, they will also credit
or refund you the difference like Discover Card. Citibank includes BestBuy,
Home Depot, Macy, Sears and Zales to name a few; to request this service
from
Citibank for you and your spouse email a copy of your proof of service
letter, full name, and account numbers to www.militaryorders.com you can
call
1-877-804-1082 if you have questions or need to know of other covered
department store cards.
If you own other credit cards you should definitely give them a call to
begin receiving a lower rate and also to possibly receive your credit or
refund, even if you currently have a zero balance you get refunded the
interest you
have paid.'
Chase offers a 4% interest cap while on active duty, $0 fees and late payments, and THEY WILL REFUND past interest that you have paid like the other companies. They want a copy of orders to verify eligibility. Contact their military concierge department at 1-877-469-0110 to apply.
Hope this helps someone!
