Capital One 4% APR for military... No really!

[Anonymous]

I was talking to the nice lady at Cap1 EO and mentioned that my wife is active duty Navy, she then asked me if I knew about the Servicemembers Credit Relief Act (SCRA). I knew what it was but didn't think it applied to me because I'm no longer active duty. She gave me the military access number which is basically a direct number to CSRs and also the link to Cap1s SCRA page. Turns out Cap1 is extremely generous with their SCRA policy. Cap1 goes beyond the Federal SCRA benefits (which only guarantees a 6% APR for debt incurred before active duty date) by reducing your APR to 4% and extending these benefits to the Spouses and dependants of active duty military members. Oh and they apply that to your current accounts whether or not you had them before your call to active duty. Then to top it all off IT'S RETROACTIVE!!!! They'll refund all fees incurred (late payments, over the limits ,etc.) and applies the 4% APR to all statements since account opening.  I'm pretty excited so I thought I'd share.

Capital One SCRA FAQs

[Anonymous]

Interesting and very good by Capital one.  Thanks for sharing.

[Anonymous]

I recently applied for this benefit as an active duty service member. They retroactively applied the 4% to my accounts back to mid-2012, resulting in nearly $200 of statement credits! Bank of America just applied the same to my BankAmericard. I've requested SCRA from Chase as well... they are the only ones that required me to provide a copy of my orders, and still haven't adjusted my account after 3 weeks.

[pip3man]

damnn makes me wannna join the military lol. very nice

[Anonymous]

Very nice post. Great to hear things like this. Thanks for sharing . 

[SunriseEarth]

I've heard good things about Cap One and their assistance for military members and families.   It's always nice to see positive news!

[Anonymous]

Capital One also waives annual fees...

AMEX waives all annual fees for military.

Barclay waives all annual fees and gives 0% APR to military....that's why we all have the Gold Card and got in on the 50k point promotion.

[RonM21]

That is nice of them. I hope people who can, are taking advantage of this!

[Anonymous]

Cap-1 does a nice job BUT in fairness so do many others, going beyond what the law requires.

Some even do 0 % and waive ALL fees, as highlighted by the below nerdwallet story.

https://www.nerdwallet.com/blog/credit-cards/0-apr-and-waived-fees-credit-card-benefits-for-active-d...

[Anonymous]

I am trying to apply for the SCRA for my capital one. What documents did you submit showing the active duty date? I don't know whether to submit a LES with a ERB, but the ERB contains too much information so possibly just sending a enlistment contract.