Some kind of debit/card card? - Ask Rich / Money 101

858Smith · 04-30-2009, 01:37 PM

My husband was telling me about something he's heard about to avoid the high fees while deployed and he's not sure if it's a debit or credit card. He mentioned PX and thinks it's the military star card, but it sounds just like a typical credit card to me.

Any ideas? I've tried searching for something else, but I don't even know what to search FOR

Thank you!

J.Ski · 04-30-2009, 03:31 PM

USAA refunds your ATM fees(up to a certain amount per month). DH hasn't been deployed so I'm not sure what fees there are other than ATM and possibly foreign transaction fees.

Rich Lunsford · 05-01-2009, 07:15 PM

You are absolutely correct about the ability to lower your interest rates on some cards while deployed. The Servicemembers Civil Relief Act (SCRA) allows deployed service members to reduce interest rates on previously held debts such as credit cards, car loans, and mortgages. The debts have to be taken out prior to your deployment and they have to be in the deployed servicemember’s name. This means that even if you are married your spouse’s credit cards don’t qualify.

However, some organizations will voluntarily allow those debts to be lowered as well. It doesn’t hurt to ask. The debts that qualify must be lowered to 6% or less. USAA will lower your credit card interest to 4%. In addition, it may be possible to refund the 4% that was charged upon return from deployment. Give USAA a call for the specifics on this one. The bottom line is that you have to call each bank to alert them to the deployment and they may request proof. Check out this link for additional information: http://www.military.com/benefits/leg.../scra/overview .

Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®).

Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

858Smith · 05-01-2009, 07:32 PM

Thanks!

04-30-2009, 01:37 PM	#1 (permalink)
858Smith I Check PerezHilton Before CNN Join Date: Mar 2009 Location: Me: Mississippi Him: Iraq Posts: 712 Classifieds: (0) Activity: 0% Longevity: 11%	Some kind of debit/card card? My husband was telling me about something he's heard about to avoid the high fees while deployed and he's not sure if it's a debit or credit card. He mentioned PX and thinks it's the military star card, but it sounds just like a typical credit card to me. Any ideas? I've tried searching for something else, but I don't even know what to search FOR Thank you!

04-30-2009, 03:31 PM	#2 (permalink)
J.Ski Senior Member Join Date: Mar 2008 Posts: 8,854 Classifieds: (0) Activity: 68% Longevity: 27%	USAA refunds your ATM fees(up to a certain amount per month). DH hasn't been deployed so I'm not sure what fees there are other than ATM and possibly foreign transaction fees. __________________

05-01-2009, 07:15 PM	#3 (permalink)
Rich Lunsford Junior Member Join Date: Aug 2008 Posts: 46 Classifieds: (0) Activity: 0% Longevity: 22%	You are absolutely correct about the ability to lower your interest rates on some cards while deployed. The Servicemembers Civil Relief Act (SCRA) allows deployed service members to reduce interest rates on previously held debts such as credit cards, car loans, and mortgages. The debts have to be taken out prior to your deployment and they have to be in the deployed servicemember’s name. This means that even if you are married your spouse’s credit cards don’t qualify. However, some organizations will voluntarily allow those debts to be lowered as well. It doesn’t hurt to ask. The debts that qualify must be lowered to 6% or less. USAA will lower your credit card interest to 4%. In addition, it may be possible to refund the 4% that was charged upon return from deployment. Give USAA a call for the specifics on this one. The bottom line is that you have to call each bank to alert them to the deployment and they may request proof. Check out this link for additional information: http://www.military.com/benefits/leg.../scra/overview . Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®). Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. __________________ Need some money advice? USAA’s Rich Lunsford is here to help. Whether its investment advice, mortgages, college finances or deployments, he’s your money coach for any question you may have so just “Ask Rich!” Click here to submit your question to CERTIFIED FINANCIAL PLANNER™ Rich Lunsford or participate in the discussion.

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05-01-2009, 07:32 PM	#4 (permalink)
858Smith I Check PerezHilton Before CNN Join Date: Mar 2009 Location: Me: Mississippi Him: Iraq Posts: 712 Classifieds: (0) Activity: 0% Longevity: 11%	Thanks!