Credit Card Benefits of Being Military

If you are military or know someone who is – this is some very useful information.

At my seminar the other day someone mentioned that they got their American Express Platinum Card Fee waived because they were active duty.  The $450 fee, I believe is worth it, but if you don’t have to pay even better!  The card gives you access to over 800 airport lounges around the world (many have fantastic amenities), TSA Pre Check, double points, Hilton Honors gold status and a $200 airline fee credit.  Did you know an airline fee credit can be used to pay for extra bags, wi-if, inflight costs, etc?

I’ve also learned that many cards will waive the fee, so just ask!  Many times it’s worth hundreds of dollars which could mean more travel money!

 

There is something else you should know… The Servicemen’s Relief Act is a great program – it can really help with credit card interest.  Here is an excerpt from their site

         Clarifies and restates existing law that limits to 6 percent interest on credit obligations incurred prior to military service or activation, including credit card debt, for active duty servicemembers. The SCRA unambiguously states that no interest above 6 percent can accrue for credit obligations (that were established prior to active duty or activation) while on active duty, nor can that excess interest become due once the servicemember leaves active duty – instead that portion above 6 percent is permanently forgiven. Furthermore, the monthly payment must be reduced by the amount of interest saved during the covered period.
Note: This law only covers debt incurred prior to military service.

(When my husband deployed my interest rate was dropped to 4% on all my cards!)