American Express: Military Benefits To Remember

Military Benefits To Remember

American Express (Amex) contributes to the active-duty soldiers by waiving annual fees on its cards. All credit card companies must comply with the Servicemembers Civil Relief Act (SCRA), which limits interest rates and fees for active-duty military personnel.

However, Amex has a history of going above and beyond these requirements by eliminating nearly all fees for active-duty military, including annual fees on premium credit cards. Read on if you’re interested in learning more about the military benefits American Express offers.

What Do Active Duty Military Benefits Can You Get?

Many card issuers remove annual fees for their best rewards and travel credit cards, allowing service personnel to take advantage of valuable advantages without paying a charge. American Express boasts military benefits for those interested in acquiring a credit card.

To be eligible, eligible service members must give written notice and a copy of their military orders to their credit card issuer within 180 days after the conclusion of their military duty tenure. The creditor must then forgive (not defer) interest charges that exceed the yearly rate cap of 6% and forgive this interest retrospectively.

Military credit card advantages from American Express include a maximum APR of 6% for debts accrued before military service. They will also have access to waived credit card costs, such as annual fees.

SCRA also protects people serving on active duty for the nation’s defense, allowing Servicemembers and their spouses to reduce the burden of some civil obligations while on active service in certain circumstances. It’s important to know that every state may have community property laws. 

Servicemembers Civil Relief Act (SCRA)Military Lending Act (MLA)
– Established: 2003
– Cap of 6% interest rate
– Prior to active duty, credit must be obtained
– SCRA relief is available to eligible
Card Members from the commencement of active duty until 180 days after they leave active duty.
– Established: 2006
– Cap of 36% (Military Annual Percentage Rate)
– While in active duty, credit must be earned
– At the time of account opening, MLA relief is provided to qualified Card accounts. It is not necessary to enroll.

How Do The Cards For Active Duty, Veterans, And Retired Military People Differ?

Keep in mind that active-duty military and veterans are eligible for the same rewards and travel credit cards. On the other hand, credit card issuers waive fees for qualifying active-duty military people, and SCRA benefits are no different.

With this in mind, veterans may want to think carefully about signing up for a high-fee premium travel credit card. After you’ve served in the military, you might prefer cash back credit cards or rewards credit cards from military-affiliated institutions like USAA and Navy Federal Credit Union. 

If you wish to learn more about American Express benefits that apply to military moms and families, explore our resources at PAGuard today.

Leona Rankin
Founder Leona has worked for years as a Corporate Security Manager until she decided to form the company. She deemed all information regarding security should be regarded as a necessity, especially nowadays where threat may be imminent everywhere, whether in the physical, or the digital world.