There are many credit card options that offer perks for being a member of the military. A number of high-profile credit cards, including american express, offer military fee waivers. This means you may have access to high-value credit cards (assuming the applicant is otherwise financially qualified) that can take your access to credit to a new level.
The military credit card offers discussed in this article are valuable perks for active duty soldiers and their families, but one thing is important to note: credit card companies change their terms and conditions frequently, and the offers open to you today may change in the coming weeks or months.
If a particular feature of a military credit card appeals to you but you can't find it on the company's official website, always call customer service to specifically request the feature. In some cases, even if the perk is no longer publicly advertised, it may (or may not) still be available if you ask for it. The most important thing is to know to ask.
At the time of this writing, all of the features discussed here are available to those who qualify for them.
The american express military credit card fee waiver
American express has made headlines in military publications with its policy of waiving annual fees on its credit cards for active military members. This benefit gives the applicant access to a range of AMEX cards, including the american express platinum for military with a waived annual fee of $550 and the following benefits:
- 75.000 points sign-up bonus after making 5 purchases.000 $
- 10x points at U.S. Gas stations and U.S. Supermarkets for up to 15.000 $. Supermarkets for combined purchases worth up to 15.000 $ in the first 6 months of card membership
- Centurion and priority pass lounge access
- Uber VIP status and up to $200 in savings on uber rides or meal orders
- 5X membership rewards® points for prepaid hotel bookings on amextravel.Com
- Up to $100 in annual credits for purchases at saks fifth avenue
- Annual $200 credits for airline fees
There are other american express credit cards you can apply for with a no-fee military member benefit application:
- Business platinum card
- Platinum delta skymiles
- AMEX gold card
- Hilton honors aspire
- SPG luxury card
Able military members may also be offered one or more of the following perks:
- No fees for exceeding the limit
- No late payment fees
- No fees for payment returns
- No fees for statement requests
Why does american express offer these incentives for military credit cards?
The servicemembers civil relief act (SCRA) is a federal law designed to protect military members from certain fees and expenses associated with the ownership and use of credit. The SCRA imposes an interest rate cap of 6% on loans and credits you had before you started your military service.
While this has little to do with the perks american express offers you for your active military service, it does affect how AMEX does business with you. American express is a company that tends to interpret laws like the SCRA liberally to stay in line with the military community.
The military interest rate limit is set so that military credit users are charged "no more than six percent per year, including most fees". This is not an automatic benefit, however, but must be applied for when applying for an american express platinum card or other AMEX credit, among other things. It's a smart move to both claim your military discount on a credit card and receive additional SCRA benefits.
Claim your military credit card benefits and SCRA protection
There are two basic things that need to be done to both claim your no-fee american express military discount and apply SCRA benefits to your account. For one, you must list "military" as your source of income when you first sign up for the card to be eligible for SCRA benefits.
If you haven't done this when signing up for an american express card in the past, don't worry – you can take advantage of your military credit card by notifying AMEX customer service of your status as an active member of the military.
This is the second step you should take when applying for your military discount and benefits under the SCRA. You must provide a military commission and/or other proof of service showing that you are on active duty and in good standing with your military service branch.
Remember, if you are a current AMEX cardholder, call customer service to apply for your SCRA benefits and military credit card benefits. If you encounter a customer service representative who is not familiar with these questions, ask to speak with a supervisor.
SCRA benefits expire
If you use SCRA benefits with any credit card provider, including american express, your benefits include forgiveness of interest above six percent, which applies retroactively to debt you owed before you began your military career. This means that if you already had an american express card prior to your military service, depending on your interest rate and other factors, you may be eligible for a refund of.
The catch is that you have a deadline for claiming such SCRA benefits – you can apply for them up to 180 days after your military service ends. When you file your SCRA notice with any creditor, AMEX or otherwise, the creditor is required to fully forgive, and not defer until later, the amount of interest in excess of six percent per year that may be affected by your SCRA rights.