Tag: Card

Benefits: Credit Card Benefits for US Military & Spouses

There are many bonuses and perks offered by credit card issuers to active duty military members. Some credit cards for active duty soldiers, sailors, airmen, and Marines waive annual fees, cap interest rates, and/or offer money back for purchases up to a certain amount.

You may find some credit card companies offer these on a case-by-case basis or by request only, while others may advertise these perks as an ongoing feature of their credit programs. But did you know that in addition to programs a credit issuer may voluntarily offer, there are federally-mandated perks that all credit card companies must offer a service member on active duty when requested?

American Express Benefits for Military

American Express takes the SCRA protections a step further by waiving their annual fees for military personnel and their spouses. The Blue Cash Preferred card has a $95 annual fee and the Gold Card has a $250 annual fee. However, since the annual fees are waived you might as well take advantage of the great perks that the American Express Platinum Card offers. Such as access to hundreds of airport lounges and Uber, airline, hotel and TSA Precheck credits. Plus, get a 60,000-point bonus when you spend $5,000 on your card in the first three months.

The Servicemembers Civil Relief Act (SCRA) And Credit Card Interest Rates

The SCRA mandates a 6% interest rate cap on loans you took out before starting active duty. This cap is described at the United States Department Of Justice official site as a limit to the amount of interest charged on “certain financial obligations that were incurred prior to military service.” This limit is “no more than six percent per year, including most fees.”

The caveat is that the cap is not automatic, must be applied for with the credit agency, and must be applied for with all credit card companies you wish to claim your SCRA rights with. You will be required to provide a copy of military orders and a formal notice in writing.

There is also a time limit on these notices-you have until 180 days after the end of military service to file the notice. The U.S. Department of Justice notes that when you file your notice, the creditor is required to fully forgive, rather than defer until later, the amount of interest greater than six percent per year.

The interest rate must be forgiven retroactively, and the credit card company is not allowed to engage in any practice that results in “…accelerating the payment of principal in response to a properly made request for a six percent interest rate cap.”

What You Should Know About Military Credit Card Benefits

Viewed from a certain perspective, a great deal of the American economy involves two kinds payments; those that are known up front, and those that are part of what some call “gotcha” tactics.

A gotcha tactic can be anything from a sudden increase in your interest rate due to one or more missed or late payments that is applied as per the agreement you make with the creditor – often this increase potential is spelled out in detail only in the fine print of the agreement, which some people choose not to read closely.

But “gotcha” tactics also work in the other direction – you may be eligible for discounts, lower rates, cash back on purchases, and other perks, but these will not be applied automatically and are generally not advertised. You have to ask for the perks, but before you can do so you have to know to ask for them.

Military credit card benefits are not standardized. You may be required to be on active duty for a minimum amount of time (30 days is one standard), and you will be required to furnish proof of service and possibly evidence that your military service commitment is for a minimum time or that you are about to re-enlist.

Some of these requirements will vary from lender to lender, except where the SCRA laws apply.

Some credit card companies are more generous than others with their military benefits, and some credit card companies have a reputation for liberally interpreting your SCRA rights, offering more than the law requires when such rights are claimed. American Express is one company that has earned a positive reputation in this area.

Remember, you will generally be required to request or sign up for these credit card perks, they are not automatic.

Credit Card Benefits For Military Members You Should Ask For When Signing Up For A New Credit Card Account

Here is a list of perks that are offered by many credit card companies to their military customers – if you are not currently enjoying some or all of these perks, it’s a very good idea to call your credit card company to request the following, especially when opening a new account:

  • No over-limit credit limit fees
  • No annual fee for military members
  • Cash back incentives for military members
  • Cash back programs specifically for military-related expenses such as moving, uniforms, etc.
  • No overseas transaction credit card fees for military members
  • Incentives for electronic payments or automatic electronic payment transfers
  • Waived or reduced credit card cash advance fees for military members
  • Lower APR interest rates for military members
  • Any special perks or incentives for deployed service members or families of deployed service members
  • Special “reserve cards” for military members and/or family members
  • No penalty APR interest rate adjustments for late payments

Which Credit Card Companies Offer The Best Military Credit Card Perks, Bonuses, And Incentives?

Opinions may vary, but one of the best things military members and their families can do to get military-oriented credit card benefits is to apply for credit cards from a military or military friendly company such as USAA, Navy Federal Credit Union, or the company currently servicing your government official travel charge card.

There are other credit card companies that have historically offered perks and military credit card benefits, including Chase Bank, Bank of America, American Express, and Capital One.

Of these, Capital One is rated by third-party websites as being less of an advantage than the others, but Capital One credit cards have waived both annual fees and overseas charge fees for active duty military members. It’s always best to call to inquire about the most current military-friendly credit programs available.

Chase Sapphire Reserve for Military

All Chase personal credit cards are offered with no annual fees for active duty military servicemembers and their spouses. The top two choices are the Chase Sapphire Preferred or Sapphire Reserve cards. The main difference is that the Preferred offers 10,000 more sign up bonus points while the Reserve offers a recurring $300 annual travel credit.

  • No foreign transaction fees
  • $450 annual fee (and $75 authorized user fee) completely waived for US military and spouses
  • $300 annual travel credit (Uber, taxi, airfare, hotel, train, car rental, etc)
  • 3x points on travel and dining worldwide
  • Redeem points with a 50% bonus when booking travel through the Chase
  • Automatic travel insurance on trips purchased with the card including trip cancellation, delay, interruption, lost baggage, and auto rental collision
  • $100 Global Entry sign up fee reimbursed every 4 years
  • 50,000 bonus points when you spend $4000 in the first 3 months of opening account

Important Advice About Signing Up For New Credit Cards

  • Not all credit is billed the same; the interest rate and terms of repayment on a credit card cash advance may be different-and higher-than for ordinary purchase transactions. Know what you are agreeing to before you use the features of your credit account that result in cash back to you from the credit card company.
  • Be sure to ask how much advance notification the credit issuer requires before you leave active duty.
  • When signing up for a new credit card, be sure to check the application to see if there is an option to choose your source of income. If so, always select “military” or “government” as your income source where available. This may go a long way toward helping you claim your military credit benefits from the very start.
  • Check to see if your existing or new credit card provider offers a special hotline for military customers.
  • Know the terms and conditions-what perks apply to your account while serving on active duty, and which will continue if you retire or separate from military service? Ask these important questions before they become a real-world issue.
  • Read the fine print on all your credit card accounts. Know under what circumstances you will be charged added fees, fines, penalties, etc. even as a military customer. Don’t assume that you will be exempt from late charges, interest rate increases, or other actions based on late or missed payments, going over your account limits, etc. When you sign the legally binding agreement for your credit account, you will be subject to the rules you agree to. Know before you sign.

Veteran ID Card: Is it worth it?

In case you haven’t heard, the Department of Veterans Affairs is offering veterans a free ID card which can be used to prove your veteran status when needed at businesses and other locations.

The free ID card, which originally rolled-out in late November, was ordered by Congress in 2015 as a way to give veterans proof of service at businesses without carrying a copy of their DD-214 forms. It is available for all honorably discharged veterans, regardless of era or time in service.

Veterans who are enrolled in the VA healthcare system already have a VA issued ID card, but that leaves the majority of veterans without any valid proof of service that may be required to get special benefits from private firms.

How Do You Get the Veterans ID Card?

Getting the card is actually pretty easy, at least as easy as dealing with the VA can be. It took me about 15 minutes to log on to VETS.GOV, create an account, enter my service data, and upload a selfie that I took with my phone. Of course, I did this back in November when the program started and had several issues with the website freezing up. According to the VA, those problems have been fixed.

Although I applied in three months ago I still haven’t gotten my card, but the website will let you download and print out a paper copy of the card if you want to.

Why Get The VA ID Card?

Let’s face it, most of us never got a ticker-tape parade when we came home and we didn’t get told “thank you for your service” on a regular basis, in fact many of us were looked down upon by our fellow citizens.

This card helps to fix that problem. Historically there hasn’t been a better time to be a veteran. If you want a discount at the store, a free meal, a special parking space, special benefits from the state or local government this is the time for you.

Now, before you harrumph and say that those benefits are pretty worthless and tacky for all you did, let me just say that most of us didn’t join the military to get heaped in praise by our fellow citizens. Most of us got three hots and a cot and paid every two weeks, and that is all we asked for.

What Will The VA ID Card Do For Me?

While the card won’t necessarily get you any new federal or state benefits it will possibly get you some special little perks like free meals on veterans day, parking spots closer to the door, and discounts at many retailers.

If big companies want to give me a parking spot close to the grocery store entrance, a free meal every now and then, a discount when I buy furnace filters, or a few thousand bucks off a new car I’ll take it. Heck, I’m even going to make sure my new bright shiny veteran card is right under my driver’s license so if I get pulled over for speeding the nice officer can see I’m a veteran, it never hurts to try.

Having this veterans ID card ready to show anybody who gives me a sideways look when I park right next to the handicapped and expectant mothers spots makes me feel good (especially when it is cold or raining). It kind of makes up for all those late night watches and dress formations. I feel like I’m finally getting a little respect for my service, and I get it every day – not once a year.

My advice? Get the card. It never hurts to accept a little bit of gratitude when it is offered, you never know when it will come again.

Veteran Health ID Card (VHIC) and How to Get It

What do you need to know about the Veteran Health ID Card? The Department of Veterans Affairs notes that veterans have several ID cards offered to them.

For example, military retirees get a DoD ID indicating they have access to base privileges (BX, commissary, health clinics, etc.), those who choose to get Veteran indicators on their state-issued ID, even Common Access Cards or similar access control badges for those who need them for employment once they have retired or separated but still remain in federal service.

And then there is the Veteran Health ID Card (VHIC), which is just as important in its own way. The Department of Veterans Affairs advises that those enrolled in VA health care will be issued to you to use during check-ins when receiving care at a VA medical facility.

This card may also double as a form of veteran ID when claiming veteran-specific benefits at local businesses, big-box retail chains such as Target or WalMart, etc.

How To Get A Veteran Health ID Card

Veterans cannot be issued a VHIC without first enrolling in the VA health care system. You can sign up online at the VA official site. Only those enrolled in the VA health care system are eligible for the VHIC.

Electronic applications for VA health care benefits are available online, and you may also sign up for VA health care at the nearest VA medical facility.  Once your photo is taken, your health ID card will be processed and sent to you via U.S. Mail.

You will need to provide certain documentation when signing up for the VA health care system that includes but may not be limited to your most recent tax returns, Social Security Cards and/or numbers, and account numbers for any existing health insurance whether from your employer, from Medicare, or private insurance plans.

Valid ID Required

When signing up for the VHIC, veterans are required to provide one form of approved, current ID that may be one of the following:

  • Primary Identification (Unexpired)
  • State-Issued driver’s license
  • United States passport or passport card
  • Other unexpired government ID

Identification cards issued by federal, state or local government agencies are also permitted as long as the ID contains a photograph, full name, date of birth, and address. You may be required to provide further documentation of your current address depending on circumstances including an ID card with an outdated address, an ID card that has no address listed, etc.

The VA has a list of “acceptable address documents” that can include but may not be limited to:

  • Electric bill
  • Cable bill
  • “Other mailing document”
  • Voter registration card

Who is Eligible for VA Health Care and the VHIC?

Those who serve as active duty military members who retire or separate and do not have a discharge characterized as Dishonorable. You may also qualify as a current or former National Guard or Reserve member called to active duty by a federal order.

The requirements in this area include having served the full period ordered to active duty. Those activated only for training purposes do not qualify.

Other Rules for Qualifying for VA Health Care and A Veteran Health ID Card

Those who enlisted after September 7, 1980 or entered active duty after October 16, 1981 are required to have served “24 continuous months or the full period for which you were called to active duty,” unless any of the following apply:

  • The service member was discharged for a disability caused or aggravated by active-duty service.
  • The service member was given an early out or hardship discharge.
  • The service member was on duty before September 7, 1980.

Military members with punitive discharges such as Bad Conduct, Other Than Honorable, or Dishonorable discharges may be eligible for VA health care and the Veteran Health ID Card if they successfully navigate the discharge review process and have a Discharge Review Board upgrade the nature of the discharge to a non-punitive one.

If you must sign up for VA health care using a power of attorney, (POA) the VA advises for best results, include a copy of that POA along with your application documents.

How The Veteran Health ID Card Works

The first thing to consider is what the VHIC is NOT; it is not an insurance card; it cannot be used to pay for health care services and does not function as an insurance ID card. It also does NOT authorize care at non-VA or out-of-network facilities.

These are very important distinctions to make, especially when time is of the essence and the right ID is needed to obtain medical services and determine who pays for them.

The Veteran Health ID Card includes the following features as listed on the Department of Veterans Affairs official site. These features may be subject to change depending on mission needs, federal legislation, changes in VA policy, etc.

At the time of this writing, only those enrolled in VA health care will receive these cards, which include:

  • Privacy protection. “No personally identifiable information is contained on the magnetic stripe or barcode” of your VHIC according to the VA.
  • A DoD-created “personal identifier” code that helps the VA access your health records at the VA facility you where you are being treated.
  • Accessibility for the visually impaired; the card features Braille that can help users quickly locate and use the VHIC.
  • Anti-counterfeiting measures built-in to further secure your card.

Frequently Asked Questions About the Veteran Health ID Card

I Am Still Serving The U.S. Military. Can I Get A VHIC?

Those who have not retired or separated from military service should expect to apply for a VHIC once they are eligible to apply for VA health care services. The VA official site reminds, “The VHIC is issued only to Veterans who are enrolled in the VA health care system.”

How Long Does It Take To Get My Card?

According to the VA, once the photo is taken for your card, you should get it in the U.S. Mail in approximately ten working days.

Who Do I Contact To Check The Status Of My VHIC?

If you are concerned about delays or need to check the status of your card, call the local VA medical facility where you got your ID card photo taken, or contact the VA directly at 1-877-222-VETS (8387).

I Have An Old VHIC That Is Being Replaced. What Do I Do With The Old VHIC?

The Department of Veterans Affairs recommends destroying the card by cutting or shredding. The entire card should be destroyed as soon as possible once you get the replacement VHIC.

My VHIC Was Lost or Stolen. What Should I Do?

Call the local VA facility where you had your VHIC picture taken and request a new card. You can also contact the VA directly at 1-877-222-VETS (8387). Be prepared to identify yourself and furnish new ID information when reporting your lost or stolen card; have this information handy when you call.

Do I Need To Keep My TRICARE Cards or Other Healthcare ID?

Do not get rid of any other ID card for health care such as an insurance card, TRICARE where applicable, your DoD-issued ID, etc. The VHIC is only used to check in for care, not to pay or arrange payment, etc. It does NOT function as insurance or proof of insurance.