American Express gives military members a great way to save money: the company doesn’t charge annual fees for any of its credit cards, even The Platinum Card from American Express, which has a $695 annual fee.
This is a benefit that most people don’t know about, but it can save American Express cardholders a lot of money. This is especially true if you’re in the military and want to use The Platinum Card from American Express, the Blue Cash Preferred or the American Express Gold Card for everyday purchases.
As a bonus, the annual fee waiver can also be used by the spouses of military members.
Requesting The Fee Waiver & SCRA Benefits From Amex
Before you start adding up the money you’ll save on annual fees, know this: the Servicemembers’ Civil Relief Act (SCRA) protects active duty military members and their spouses in a number of financial situations and loan terms.
These rules are the same no matter which credit card company issued the card. But Amex goes one step further by waiving the annual fee.
You can call American Express at 1-800-253-1720 if you already have an American Express card. Tell the representative that you are in the military and that you want the annual fee and SCRA protections for your card to be waived. Don’t be put off if the customer service representative doesn’t know about these benefits; just ask to talk to a supervisor.
American Express can also be reached online. You can log in to your American Express account and ask for SCRA benefits. Once you’ve talked to American Express, you can send a copy of the documents with the account number to: American Express, Attn: Servicemembers Civil Relief Act, PO Box 981535, El Paso, TX 79998-1535.
Once American Express has your information, it will check your SCRA eligibility to make sure you are a member of the military on active duty or the spouse of a member of the military on active duty.
Be aware that, depending on how long it takes to verify your status, you may have to pay the annual fee in advance and then get your money back when your status is confirmed.
Each credit card company has a similar way to check if you’re eligible for SCRA benefits, even if they don’t always waive the annual fee. You can call or go online to your card company to start the process.
Bottom Line
American Express goes above and beyond by waiving the annual fee, but there is federal law that caps interest rates for active servicemembers and their spouses. This law applies to all credit cards, not just those from American Express.
The SCRA helps military members and their families keep their money safe while they are on active duty.
The rules cover things like rental agreements, security deposits, mortgage interest rates, health insurance, paying income taxes, foreclosures on mortgages, and even credit cards.
To be able to join, you must be:
- A member of the U.S. Armed Forces on active duty or a reserve component called to active duty,
- National Guard personnel under a call or order to active duty for more than 30 days,
- A Public Health Service and National Oceanic and Atmospheric Administration commissioned officer,
- A U.S. citizen servicing with another nation, which is allied with the U.S. “in the prosecution of a war or military action,” or
- The spouse of an active duty service member.
The SCRA limits the interest rate that active military members pay on debts they had before joining the military to 6%. To take advantage of the interest rate cap, the servicemember must give the creditor a copy of his or her military orders and a written notice.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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