Today on Veterans Day it’s a good time to remind readers about an American Express perk for service members that often goes under-the-radar. The issuer waives the annual fees for its credit cards, even for The Platinum Card® from American Express , which comes with a $695 annual fee and tons of benefits. ( See Rates and Fees; terms apply). Getting this card without an annual fee is a great perk that active service members should utilize.
Read more about this benefit here and check out some of the best American Express credit cards. Plus keep in mind that you can also apply through a referral link from a friend or family member, so they can earn a bonus. Some welcome offers are even better through these referral links.
There are two laws establishing financial protections for servicemembers: the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA).
The protections vary between the two. But the important difference—especially when applying these to American Express cards—is when you established the line of credit. The SCRA applies to credit acquired before active duty while the MLA applies to credit accounts established while on active duty.
Eligible military members may also be offered other perks such as no late payment fees, no returned payment fees and more.
To be eligible, you must be a:
When you sign up for a credit card, you should choose “military” as your income source in order to be recognized as eligible for SCRA benefits. If you signed up before you were eligible, or just forgot to do it, you can contact American Express and inform them that you are an active duty military member. You can also call 800-253-1720 in the U.S. or 336-393-1111 collect from outside the country.
If a customer service rep isn’t familiar with these benefits. don’t worry. Just politely ask to speak with a supervisor.
You will need to submit documents for proof of service to show you are on active duty and in good standing. But this is well worth it to get these special benefits. Once SCRA relief has been requested and confirmed, American Express will apply relief to your eligible account within 2 billing cycles.
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