The SCRA Act limits the rate of interest for active duty military members and their families on debts incurred before active duty. If you happen to be a member of the military or their family, you can access this benefit by using one of the credit cards listed below.
Cashback cards
Today, a lot of people love shopping with a credit card. If you are one of these people, you may want to get a cash back card. On each of your purchases, you can earn a small percentage back. In this way, you get an opportunity to earn some money while shopping. However, there is certain limits on where you’ll receive cash back when shopping, and you have to abide by the rules to reap the real benefits.
Rewards cards
Some issuers let the users accumulate points on the usage of their credit card. The accumulated points let you buy something for free up to the amount specified. While this is quite similar to cash back, the benefits are offered in terms of points (instead of cash) that can be used to purchase a specific item.
Secured cards
This is a great option for someone with bad credit. The issuer does not consider the credit rating of the borrower. However, the card is issued in lieu of some kind of collateral, which is why it is called a secured line of credit. Such an option is ideal to those who do not want to be charged a higher rate of interest due to a low credit score.
Balance transfer cards
Such an option is perfect for someone who has accumulated a lot of card debt to his or her name. The card lets you transfer the debt from your existing card(s) to a new one. It also gives you a time period to clear the debt without any sort of interest. If you are looking to get rid of debt without paying any interest, then consider a balance transfer card.
Low APR cards
Low APR cards are perfect for folks who carry some sort of debt each month. You can choose a low-interest credit card that fits your particular situation. Cards with a low-interest rate or ones with no interest for the introductory period are the best examples in this respect. This kind of card is really helpful in lowering your interest and debt burden.
Closing words
Being an active duty member of the military entails a lot of advantages to the member and their immediate family, and this can include financial perks on the usage of credit cards. It is, therefore, advised to anyone in the military and/or their families to review the various kinds of credit cards and their associated perks. In case you lack info on this subject, take a look at some of the options as mentioned above. If you choose the right card, you can enjoy the various benefits of using credit with limited funds in your account.
