SMCSRA I just cut our credit cards from 22% APR to 6%!

[abbienikol]

So I just called Capital One and was whining about how we are trying so hard and I wanted to know if we could lower our interest so I can get this all under control! Well I mention that DH was Navy and we live on a very tight budget.

HIm:"WHOA! Hes military?"
Me: "yes"
Him: "well in that case.. let me get rid of all your finance charges, member fees, high interest rates, etc.. "
Me: "What? Are you messing with me?"
Him: "NO MAM and we thank your husband for his service, now here's what you need to send in. and as soon as we get this information, we can retro your account for the past 180 days."
Me: "your ****ing with me?"
Him "No mam, this is from the Service Member Civil Service Relief act, and again, we want to thank your husband for his service and you for his support"

Me:" So what does this mean?"
Him: "well ma'am looks like we are going to go fro ma $66 month finance charge to a .50 a month finance charge.. no more over charge fees... over the last 180 days...."

CALL ALL OF YOUR CC COMPANIES and get your rates down!! Im gunna bump this as much as I can. He told me that this is a benefit, thats why it is under benefits...

We went from 22% to 6%!!!

[sdshorty]

I just got notice from Navy Federal that my CC rate is going UP to 14.9% , somehow I don't think they care apparently . I wonder if that would work with my Best Buy and Macy's card though

[LittleRed]

They technically only have to do it if he's deployed, I think. So it won't work everywhere, but if you bank with a non-military banking institution, it wouldn't hurt to see if they don't know the rules.

[abbienikol]

Originally Posted by LittleRed They technically only have to do it if he's deployed, I think. So it won't work everywhere, but if you bank with a non-military banking institution, it wouldn't hurt to see if they don't know the rules.

He spoke to my husband before he spoke to me, so that he could get authorization to talk to me. He knew DH wasn't deployed.

He also said that the card has to be in the members name. Also that it works for Credit Card companies.... Not to sure about banks.

[Victoria]

I have heard about it!

limits to 6 percent interest on credit obligations incurred prior to military service or activation, including credit card debt, for active duty servicemembers.

http://www.military.com/benefits/leg.../scra/overview

[LittleRed]

Originally Posted by abbienikol He spoke to my husband before he spoke to me, so that he could get authorization to talk to me. He knew DH wasn't deployed. He also said that the card has to be in the members name. Also that it works for Credit Card companies.... Not to sure about banks.

That's what I mean when I said they might not know the full rules. K's USAA card is usually quite a bit more, and like SDshorty said, their Navy Fed card is more than that as well.

The SCRA says it's only for accounts that were opened before the service member was activated [or joined the service if he's always been AD]. If he has opened another card, gotten a car loan, etc. since he joined the military, no bank is required to reduce that unless he's deployed.

[abbienikol]

oooo ladies good to know!! THanks for filling me in! I am SO glad that we got this opportunity!

[gunsgirl]

yes you are very lucky that the rep does not know the rules.

but I will warn you that if you charge anything else or are ever late it can be rescinded - they can then raise your limit to anything they want.
I have also seen Capitol one charge 2 different rates- one the 6% for the previous balance and then 31% for any new charges that you cannot do anything about.


you can all the rules regarding the SCRA - ( servicemember is all one word) by just googleing SCRA.

I suggest calling back and get clarification on new charges just to be sure.

[abbienikol]

Originally Posted by gunsgirl yes you are very lucky that the rep does not know the rules. but I will warn you that if you charge anything else or are ever late it can be rescinded - they can then raise your limit to anything they want. I have also seen Capitol one charge 2 different rates- one the 6% for the previous balance and then 31% for any new charges that you cannot do anything about. you can all the rules regarding the SCRA - ( servicemember is all one word) by just googleing SCRA. I suggest calling back and get clarification on new charges just to be sure.

we havent even used the card in over a year and the other one in over 6 months. There are no new charges, and will never be we are gunna pay them off and toss em.

[dimples]

WOW!!!! I'm gonna show this to DH and tell him to call Capital One as well! Thanks!