How Credit Card Companies Help Military Families
Members of the military face financial challenges that most of us rarely consider. Having a family member in harm’s way is stressful enough. But they sometimes have to move with very little notice, making it difficult for the spouse to find work. They still have to find a way to cover deposits, day-to-day costs and setting up life in a new area.
As a result of these challenges, many military families rely on credit cards to get them through these times.
The government has protected military families by requiring that lenders cap the interest rate at 6 percent on loans that military service members incurred prior to becoming active.
In addition, credit card companies offer additional benefits to help military families avoid fees and debts. These include:
- American Express waives all over-the-limit fees, annual membership fees and late payment fees for cardholders that are on active duty.
- Capital One waives the fees for annual membership, monthly maintenance, balance transfer and cash advances for soldiers currently in service.
- Bank of America waives all of its fees for members of the armed services. Balance transfers, annual service charges and overdraft protection are all free with a Bank of America card.
If you are a member of the military, you may have more opportunities for financial assistance than you think. Contact your credit card company to see what options are available to you.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.