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      05-14-2008, 08:36 PM   #1
Curt2000
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All Military, police, civil servants MUST READ!

If you dont already know....you can have all your credit card rates reduced to 6% fixed APR as long as you are active duty...

Its called SCRA (Servicemembers Civil Relief Act), if you dont believe me, fax a copy of your orders or equivelant to your CC companies saying you want to apply for SCRA benefits and wait for you approval letter in the mail!
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      05-14-2008, 08:48 PM   #2
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I thought that was only if you were deployed? The STAR Card is generally considered a CC and right now its at what? 10.25%, but if I were to go to Iraq, it goes to 6%.
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      05-14-2008, 08:50 PM   #3
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Pretty sure if you have to be deployed for this. And I believe it's also only for debt that was incurred before you joined the military.
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      05-14-2008, 09:23 PM   #4
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Nope its active duty....I thought that you had to be deployed as well but I called Chase and talked about it and they said that they will give me 6% untill I am no longer on active duty...got the letter to prove it right here...

"we are pleased to tell you that as a gesture of our commitment to you, you will now receive the fixed APR of 6% untill your separation from active duty"
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      05-14-2008, 09:24 PM   #5
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Got it with USAA too
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      05-15-2008, 12:34 AM   #6
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bleh! Im reserve, I'm not active again for a year. *shrugs* I'll switch to USAA one day but I'm not in a rush.
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      05-15-2008, 09:42 AM   #7
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"LIMITATION TO 6 PERCENT- An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, before the servicemember enters military service shall not bear interest at a rate in excess of 6 percent per year during the period of military service"

Looks like it is only for debt incurred before you enter active duty
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      05-15-2008, 11:33 AM   #8
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i guess its a good perk for the those who have high credit card debt or can't pay bill in full each month. I made sure to sign up at the navy federal credit union while over in Diego Garcia.(not active/reserves or in military)
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      05-15-2008, 02:52 PM   #9
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I don't see how this would effect non-military cops. Am I missing something?
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      05-15-2008, 03:12 PM   #10
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Quote:
Originally Posted by Glacked View Post
I don't see how this would effect non-military cops. Am I missing something?
Aren't cops technically government employees? Maybe thats the reasoning? I dunno.
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      05-15-2008, 03:17 PM   #11
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This would have benefit me greatly a long time ago, but now, most if not all my credits (CC, loans, mortgage) are all under 6%.

But it's a good gesture on the industry to help out our military and govt folks, although interest rates are prettly low right now when the Feds are cutting interest rates like crazy.
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      05-15-2008, 05:41 PM   #12
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Quote:
Originally Posted by Glacked View Post
I don't see how this would effect non-military cops. Am I missing something?
I'm pretty sur ecops are elgiable since they are civil servants
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      05-15-2008, 07:13 PM   #13
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Quote:
Originally Posted by Bimmer335i View Post
This would have benefit me greatly a long time ago, but now, most if not all my credits (CC, loans, mortgage) are all under 6%.

But it's a good gesture on the industry to help out our military and govt folks, although interest rates are prettly low right now when the Feds are cutting interest rates like crazy.
The industry didn't come up with this idea. It was proposed by congress and signed by Bush. It either amends or replaces two or three previous acts they have passed during other wars.

Most lenders will require a copy of your orders or a letter from your CO, and most will also not fall for you telling them it's "classified" so don't try to be all black ops about it. Expect a few phone calls and faxes, but it may be worth your time, as you can also get relief from debt related penalties, and even negative credit reporting (Thanks for serving your country Sir, by the way, when you were leading a major offensive, defensive, or logistical operation 3000 miles away, protecting our country and putting your life at risk, you forgot to pay your Visa bill, oh and your credit score is now 40 points lower and you have $400 in penalties, welcome home! - I Don't think that would fly to well)

I always thought that it only applied to debt you incurred before becoming active duty but I could be wrong. There is some confusion on whether it applies to all active personnel, or only those deployed overseas.

The lender, if suspicious that you are using the act to hide from debt or forgive the debt, may challenge it, but the few challenges there have been have largely been siding with the military personnel. Most major lenders aren't going to sweat a 10% loan switching to a 6% loan for a relatively short period of time anyway.

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