Discover Bank provides many of the benefits that are required under the Servicemember’s Civil Relief Act (SCRA). This act was put in place to help servicemembers with financial problems by restricting the terms, fees, and interest rates that can be charged on rental agreements, home mortgages, automobile loans, and many other common financial instruments, including credit cards.
The SCRA explicitly states that when service members are on active duty, no interest above 6 percent can accrue for past credit obligations. That excess interest above 6 percent is permanently forgiven. Additionally, the monthly payment must be reduced by the amount of interest saved during the covered period.
According to their website, Discover offers 6% APR or less and charges NO Late Fees on all Discover card purchases and cash advances. According to some cardholders, Discover even waives and REFUNDS all interest charges, so Military personnel should definitely take advantage of these offers.
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB21 by 12/15/2021
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
The Discover Bank SCRA benefits are available to all active duty service members and their spouses/domestic partners on joint accounts. To qualify, the service member must have served in one of the following U.S. military branches:
- Air Force
- Marine Corps
- Coast Guard
- Reservists and members of the National Guard
- Commissioned Officer of the Public Health Service or the National Oceanic and Atmosphere Foundation
Benefits of SCRA:
- Expands current law that protects service members and their families from eviction from housing while on active duty due to nonpayment of rents that are $3,329.84 per month or less for 2015, this amount changes every year.
- Provides a service member who receives permanent change of station orders or who is deployed to a new location for 90 days or more the right to terminate a housing lease.
- 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 service members. 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 service member 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.
- Allows you to terminate a cell phone contract if you relocate for at least 90 days to a location that does not support your cell phone service.
- Allows you to terminate a vehicle lease you signed prior to joining the armed forces if you enter military service under a call to duty on orders of 180 days or more. You may also terminate a vehicle lease if you receive PCS orders to an OCONUS location or deploy OCONUS for at least 180 days.
|HSBC Premier checking account: Earn $450 bonus for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities. Make recurring monthly Direct Deposits totaling at least $5,000. Member FDIC Terms|
|Huntington 25 Checking: Earn $300 bonus when you open a Huntington 25 Checking account and make cumulative new money deposits of at least $25,000 within 60 days of account opening. The $300 bonus will be deposited into your Huntington 25 Checking account after all requirements are met. Apply Now---Huntington 25 Checking Review|
|Discover Online Savings Account: Earn $200 Bonus/$150 Bonus with promo code HMB21 by 12/15/2021 along with a competitive interest rate of 0.40% APY. Fund your first savings account with a minimum of $25K within 30 days of account open date to earn the $200 Bonus. No minimum opening deposit, no minimum balance requirement, and no monthly fees. See advertiser website for full details.
Apply Now---Discover Savings Review
Being able to avoid credit card fees and high interest charges as a result of the Discover Bank SCRA benefits can save you and your family hundreds of dollars every year! If you’re a former or active duty service member, you should definitely take advantage of this opportunity because you deserve financial freedom.
Just log into your Discover account and talk to customer service about the benefits that you can receive from the SCRA. If you are interested in more offers, check out all of the Discover Bank Promotions!
The Southwest Rapid Rewards Premier Credit Card offers up to 100,000 bonus points. Earn 50,000 bonus points after spending $2,000 on purchases in the first 3 months your account is open, plus 50,000 more bonus points after spending $12,000 total on purchases in the first 12 months.
In addition, you'll earn 6,000 bonus points after your Cardmember anniversary each year.
• NEW! Earn 3X points on Southwest purchases.
• NEW! Earn 2X points on local transit and commuting, including rideshare.
• NEW! Earn 2X points on internet, cable, phone services, and select streaming.
You're able to redeem your points for flights, hotel stays, gift cards, access to events and more.
This card does carry a $99 annual fee, but there are no foreign transaction fee.