Enhanced Advantages for Active-Duty U.S. Military Members with American Express Gold Card
American Express Offers Financial Relief and Rewards for Active-Duty Military Members
In a move to support active-duty military members, American Express has implemented several benefits and protections in line with the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA).
Firstly, the SCRA caps interest rates, including fees, on many financial obligations incurred prior to military service at 6% while the service member is on active duty. To benefit from this protection, military members must provide a copy of their military orders and written notice to the creditor. The creditor must then forgive any interest above 6%, including retroactively.
The MLA, on the other hand, applies to credit cards acquired during active duty. It caps the total Military Annual Percentage Rate (MAPR)—which includes interest and all fees—at 36% annually. This cap protects service members from excessive rates on credit obtained while on active duty. Some issuers, like Chase, waive all fees on credit cards issued to active-duty members to comply with MLA limits, effectively reducing the cost of credit cards acquired during service.
American Express adheres to the requirements of the SCRA and MLA and offers additional benefits to eligible active military members. For instance, they forgo fees on business credit cards as well as personal cards for qualifying active-duty military.
One of the credit cards that stands out for military members is the Amex Gold card. With no foreign transaction fees, this card offers rewards for dining and U.S. supermarket purchases, statement credits for qualifying dining purchases and Uber Cash each month, and no foreign transaction fees. It also offers 4x Membership Rewards points on everyday purchases such as U.S. supermarkets and restaurant purchases, up to certain limits. The value of the welcome offer on the Amex Gold card can vary depending on how the rewards are redeemed, but can provide up to $600 worth of travel when redeemed via AmexTravel.com.
The Amex Gold card is not the only offering from American Express that caters to military members. The Business Platinum Card from American Express offers 5x Membership Rewards points for flights, prepaid hotels, and short-term rentals and prepaid flight and hotel packages booked at AmexTravel.com. The Platinum Card from American Express offers 5x Membership Rewards points on flights (up to $500,000 on these purchases per calendar year) and prepaid hotels booked via AmexTravel.com.
In addition to these financial benefits, American Express offers travel benefits such as access to hotel and airline partner transfers, access to the American Express Hotel Collection, and car rental loss and damage waiver.
Once approved for an American Express card, military members can request SCRA or MLA benefits by logging into their online account and selecting "SCRA Benefits" under "Account Services" or "Credit Management."
Other financial institutions, such as USAA and Chase, also offer military-friendly benefits like no annual fees, waived foreign transaction fees, and superior customer support tailored for active-duty military.
In conclusion, American Express and other financial institutions are providing valuable assistance to active-duty military members by adhering to the requirements of the SCRA and MLA and offering additional benefits. Whether it's travel rewards, financial relief, or superior customer support, these institutions are making a difference in the lives of those who serve our country.
[1] Source: Military One Click, "Servicemembers Civil Relief Act (SCRA) & Military Lending Act (MLA) Overview" [2] Source: Military Wallet, "Credit Cards for Military Members" [3] Source: USAA, "USAA Military Benefits" [4] Source: Department of Justice, "SCRA and MLA Protections for Service Members"
- American Express, in alignment with the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA), offers financial relief and rewards for active-duty military members.
- The SCRA caps interest rates on financial obligations incurred before military service at 6%, while the MLA limits the total Military Annual Percentage Rate (MAPR) to 36% annually for credit acquired during active duty.
- American Express adheres to these regulations and provides fee waivers on business and personal credit cards for eligible active-duty military members.
- The Amex Gold card stands out for military members, offering rewards for dining, U.S. supermarket purchases, and travel, with no foreign transaction fees.
- The Business Platinum Card from American Express offers 5x Membership Rewards points for flights, prepaid hotels, and short-term rentals.
- In addition to financial benefits, American Express provides travel benefits such as hotel and airline partner transfers, access to the American Express Hotel Collection, and car rental loss and damage waiver.
- Other financial institutions like USAA and Chase offer military-friendly benefits, including no annual fees, waived foreign transaction fees, and superior customer support tailored for active-duty military.
- By offering these benefits, financial institutions like American Express are making a difference in the lives of active-duty military members, providing travel rewards, financial relief, and superior customer support.
