Military Members and Families: American Express Waives Annual Fees for Top Credit Cards - US Military (2024)

FAQs

Military Members and Families: American Express Waives Annual Fees for Top Credit Cards - US Military? ›

Yes! The Amex Platinum card for US military servicemembers and their spouses has no annual fee. The normal $695 annual fee is waived under Amex's interpretation of the Servicemembers Civil Relief Act (SCRA) and Military Lending Act (MLA) laws.

Although these laws have many applications, two of the benefits remain the same: They limit the fees banks charge people in the armed forces for credit. Therefore, The Platinum Card® from American Express has no annual fee for military members. This is true regardless of when the card was opened.

SCRA benefits

If you obtained your U.S. Bank mortgage, loan, line of credit, or credit card prior to being called to active duty, SCRA allows a cap of 6% on the interest rate and a waiver of all fees while you are on active military service. Contact the Military Service Center to request this benefit.

Bank of America typically does not waive annual fees on its credit cards except for full-time military servicemembers.

Capital One, Chase, Navy Federal Credit Union and USAA offer 4% APR on eligible balances for qualifying service members. Capital One and Chase also waive all credit card fees including annual fees, late fees and balance transfer fees.

However you're able to contact American Express (email, live chat, mail, etc.), the hands-down best way to ask for a fee waiver is to call. Immediately ask to speak to the retention department. Explain your situation and that the annual fee doesn't make sense to pay anymore.

Regardless of what credit cards you have or want, it's a good practice to ask the card issuer about fee waivers or other benefits available for members of the U.S. military. Although other issuers will waive credit card annual fees for active-duty servicemembers, Amex is one of the most accommodating according to Kerr.

American Express provides relief for those on active duty under the Servicemembers' Civil Relief Act (SCRA) and Military Lending Act (MLA). Eligible American Express Card Members may be entitled to relief under one of those acts.

Capital One provides military benefits for credit cards acquired by military members prior to active duty. Interest rates are capped at 4% and credit card fees are waived, including the annual fee.

Does military have to pay for Amex Platinum? ›

Is the American Express Platinum Card free for military members? The American Express Platinum Card usually comes with a high $695 annual fee for the primary cardholder and $195 annual fee for additional cardholders. But that fee is waived for active military members, their spouses and child dependents.

The SCRA applies to the following servicemembers: Active duty members of the Army, Marine Corps, Navy, Air Force, and Coast Guard; Members of the Reserve component when serving on active duty; Members of the National Guard component mobilized under federal orders for more than 30 consecutive days; or.

Persons Not Entitled to Benefits

Reservists or National Guard personnel not in an active-duty status are not covered under the SCRA. Also, the statute does not protect retired personnel. Servicemembers who may fall under the SCRA's protections, may lose those shields due to the servicemember's own misconduct.

SERVICEMEMBERS CIVIL RELIEF ACT (SCRA)

The SCRA caps interest rate charges including late and other transaction fees to six percent (6%). The SCRA covers existing debts when a servicemember is on active duty. In other words, it only applies to debt incurred before active duty begins.

There are military cards for spouses that provide financing with no annual fees, low interest rates, no fees on purchases made internationally, travel and cash rewards, and unique military financial protections. Begin taking advantage of these benefits as soon as possible and apply now for your military credit card.

Is the American Express Platinum Card free for military members? The American Express Platinum Card usually comes with a high $695 annual fee for the primary cardholder and $195 annual fee for additional cardholders. But that fee is waived for active military members, their spouses and child dependents.

Yes, military reservists can get Amex cards with no annual fees, thanks to MLA and SCRA. How does Amex Platinum verify military service? Amex Platinum verifies military service in the Military Lending Act database. You can check your status in the MLA database before you apply.

(3) If you cancel the Card, we will refund the annual fee if you notify us of your intention to do so within 30 days of the date of the statement on which the annual fee appears. For cancellations after this 30-day period, the annual fee is non-refundable.