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The Servicemembers Civil Relief Act (SCRA) provides benefits to active duty service members and, in some cases, their dependents. The Servicemembers Civil Relief Act requires that lenders cap interest rates at 6% APR for any debt incurred before active service.

Although the SCRA defines minimum requirements that lenders must follow for active duty military members, some issuers have extended these benefits beyond the set minimums.

Citibank® offers generous benefits for eligible cardholders if they opened their accounts prior to active military service. For these accounts, Citi® is offering a 0% APR during the course of their active duty. They also waive all fees on these accounts (including annual fees). Outside of active duty, standard variable APRs and rates apply. Citi® also has military specialists you can call 24/7 to discuss benefits.

Discover provides protection to service members and their spouse/domestic partner. If eligible, customers will receive an interest rate of no more than 6% on debts incurred prior to active duty, including most fees for the duration the service member is on active duty.

PenFed Credit Union and Wells Fargo offer standard SCRA protections. This means they will lower interest rates to 6% APR on any accounts opened before active duty service. In addition, home mortgage or auto loans are protected from repossession, eviction, and foreclosure.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.