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Credit card deals for military members offer "active duty" alert protection

Nowadays a great number of military credit unions and credit institutions issue credit cards special for service members and their families and allow them to get loans and mortgages on large purchases. The amount of loan is based upon your credit history, military rank, years in service, ETS and debt-to-income ratio.

Military credit unions and credit companies offer a wide variety of credit cards for militaries of different ranks and branches, for military students, for those who have no credit history or, vice-versa has a strong one. Most of them will give you a low credit limit, even if you have no credit history.

Who is eligible to apply for credit cards?

• Active and Retired Military

• Reserve and Guard Members

• Veterans

• DoD/Government Employees

• Retired DoD/Government Employees

• NATO/Foreign Military

• Cadets

• Family Members of Military.

According to your credit history military credit unions offer you credit cards with fixed or variable interest rates, different credit limits, no balance transfer or cash advance fees, credit cards with rewards or rebates and so on. Also they allow making a convenient application for credit cards online, easy payment options, including 24-hour online account access, etc.

You travel on temporary duty? The government has arranged with American Express to provide government cards for official travel. They may be used only for official purchases and expenses in conjunction with official orders.

Now you don't have to worry about the fact that someone is assuming your identity to commit financial fraud while you are on deployment. You can place an "active duty" alert on your credit report that helps to minimize the risk of identity theft. The alert requires creditors to verify your identity before granting credit in your name. Active duty alerts on credit report are effective only for one year. If your deployment lasts longer, you may place another alert on your report. To place an "active duty" alert, or to have it removed, apply to one of the three nationwide credit bureaus: Equifax, Experian, or Trans Union.

Another drastic option, while you're on deployment, is a credit freeze, but it is a powerful tool that essentially prevents third parties from accessing your credit file until you instruct the credit bureaus to "unfreeze" the report. For maximum effectiveness, you should place a freeze at each of the three credit bureaus.

Active duties in the military are protected by the Servicemember's Civil Relief Act (SCRA) that expanded the former Soldiers' and Sailors' Civil Relief Act (SSCRA). It is intended to suspend civil obligations to give you an opportunity to devote attention to duty and relieve stress on your family members. It protects you against outstanding credit card debt, mortgage payments, taxes, terminations of lease and so on. Under the SCRA you can cap the interest rate at 6% for all obligations entered into before beginning active duty. This can include interest rates on credit cards, mortgages and so on.

Now service members are highly educated and more sophisticated in financial matters than many years ago. And they have quite equal positions with the civil members in getting credit cards, loans or mortgages and they are surely protected by the government. You serve your country and the country tries to help you in times of need.

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