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: • Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023 • Earn high interest rate of 3.90% 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 To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. |
SCRA Eligibility:
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:
- Army
- Navy
- 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.
 | BMO Harris PremierTM Checking: Earn $500 cash bonus when you open a new PremierTM Checking Account and have a total of at least $7,500 in qualifying direct deposits within the first 90 days. Learn More---BMO Harris Premier Checking Review |
 | U.S. Bank Smartly® Checking: Earn up to $400 bonus when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 20, 2023. Member FDIC. Apply Now---U.S. Bank Checking Review |
 | Discover Online Savings Account: Earn $200 Bonus/$150 Bonus with promo code HMB223 by 06/15/2023 along with a competitive interest rate of 3.90% APY. Fund your first savings account with a minimum of $25K within 30 days of account open date to earn the $200 Bonus (fund $15K to earn $150 bonus). No minimum opening deposit, no minimum balance requirement, and no monthly fees. See advertiser website for full details. Apply Now---Discover Savings Review |
 | Chase Private Client: Enjoy up to $3,000 bonus when you open a new Chase Private Client Checking account with qualifying activities. Get more from a personalized relationship when you open a new Chase Private Client Checking account with qualifying activities. Learn More---Chase Private Client Review |
Bottom Line:
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 60,000 bonus points plus a 30% off promo code after spending $3,000 on purchases in the first 3 months from account opening. In addition, you'll earn 6,000 bonus points after your Cardmember anniversary each year. You'll earn: • Earn 3X points on Southwest purchases. • Earn 2X points on local transit and commuting, including rideshare. • 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. |
SCRA Rules apply to ALL lenders. There is nothing special about this at Discover