If you’re an active service member, you’re entitled to some financial protections.
This is thanks to the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA), both of which address the consumer debt that military members and their families may carry. These laws provide financial safeguarding like interest rate caps, protections against mortgage foreclosures and from eviction, ability to terminate leases, no loan prepayment penalties and credit card relief.
Below, CNBC Select dives deeper into active-duty military members’ financial protections when it comes to their credit cards.
Military credit card benefits
1. Interest rate caps
One of the most valuable benefits is the cap on interest rates for many different types of…
