Here at Naval Justice School, we learn a lot of useless things about the law that don't really apply in the moment . . . the SCRA is a BLESSED exception.
Through invoking the rights provided by the SCRA, an ACTIVE DUTY member can notify all credit card companies of her status in the military and receive lower interest rates on her credit card (CapitalOne provides a 4% interest rate for credit cards AND car loans, while AMEX and VISA provide 0% interest), waived annual fees (I've eliminated almost $300 in annual fees with a simple phone call), NO LATE FEES, NO FEES on cash advances, and NO FEES on foreign currency transactions, among PLENTY of other advantages.
What does this mean? Well, for me, it means I STILL have to be responsible with my credit cards and payments, but it also means loads of FREQUENT FLYER MILES without paying a frequent flyer mile card fee! Which, in turn, translates to me seeing HOME a lot more often! Yippee!
All most credit card companies need is your date of commissioning, your EAS (end of active service) and your social security number to apply the savings. Most companies will even REFUND you the amount they charged you in fees while you were active duty--which is pretty amazing. Other companies will need a written letter or an email of relevant commissioning documents, plus a copy of your military ID, etc. It's not such a hassle when you think about all you'll be receiving. Let me know if you have any questions about how to do this!
And obviously, don't just take my word on it. Do some research on your own. You can also check out www.creditkarma.com for your free credit score!! Keep it above 740 AT ALL TIMES! And remember to be financially responsible with this awesome power you now wield! :D Semper!