SCRA

[bman86]

This might be a little off topic but does anyone have any experience using the SCRA to get their interest rates down to 6%. Also does this only work on credit lines obtained before going active duty?

[CashOnDelivery]

I have used this before. It does apply to lines of credit before going active duty. However it can be used during a deployment. At the moment my interest rate with Chase is 4% on purchases, cash advances, etc. Some lenders will reduce your interest if you have a good relationship being military. Give them a call and see what they can do.

[kilj0y]

Are you deployed right now? Is that why your interest with chase at 4%, or since you told them your military they lowered it?

[CashOnDelivery]

Ahh...sorry I forgot that part. I am deployed and did activate the SCRA benefits with Chase. When I had a CapOne card years ago, I asked them if they could reduce the interest rate being military and having the card for a while. Even though they weren't obligated to do so, they reduced it from 24% to 12% when I wasn't deployed.