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AR15.COM
2/7/2011 9:10:58 PM EDT
I heard that there is a law that credit card companies can't raise your credit card interest over 10% without a reason if you are active duty military.  Is this true?
2/7/2011 11:42:52 PM EDT
[#1]
Try the Soldiers & Sailors Civil Relief Act. I looked into it when I was getting ready to deploy and I'm pretty sure it only really applied to Guard and Reserve.
SSCRA
2/7/2011 11:58:47 PM EDT
[#2]
Quoted:
I heard that there is a law that credit card companies can't raise your credit card interest over 10% without a reason if you are active duty military.  Is this true?


No - there is no such law.
2/8/2011 12:00:42 AM EDT
[#3]
Quoted:
Try the Soldiers & Sailors Civil Relief Act. I looked into it when I was getting ready to deploy and I'm pretty sure it only really applied to Guard and Reserve.
SSCRA


The Uniformed Services Civil Relief Act applies to all members of the Armed Services, however it's more powerful elements usually end up helping reservists the most because they got back and forth between the military and civilian work forces.
2/8/2011 5:21:07 PM EDT
[#4]
It is for all service members.  My wife handled this mess for her brother (who had tons of credit accounts).  You have to submit in writing to the creditors to get anything done, but some lowered interest rates and some eliminated interest all together.
2/9/2011 1:30:53 PM EDT
[#5]
Interest is legally capped/dropped to 6% on PRIOR purchases.  For the duration of your AD time.