Interest Rate Reduction
Interactive Form - Letter to Request Lower Credit Card Interest Rate
As a member of the Armed Forces, Reserves, National Guard or other uniformed services, you have some financial protections for you and your family when you are called into active duty military service.
A law that may provide many protections for you and your family is called the Servicemembers Civil Relief Act (SCRA). This law was made to help protect members of the military and their family who may have trouble with financial and legal issues because of military service.
This is an easy-to-use interactive form. The program will create a letter and instructions. You can use this to notify your credit card company that they cannot charge you more than six percent (6%) interest on your credit card. The credit card company must forgive any interest you paid over the six percent (6%) limit since the start of your active duty.
All you need to do is:
- Answer a few simple questions.
- Print out your form.
- Proofread and sign it.
- Attach a copy of your Current Leave and Earnings Statement.
- Attach a copy of your Activation Orders.
- Make copies for your own records.
- Then send the original, with attachments, to your credit card company.
Do I qualify for this benefit?
(1) You must have made the credit card debt before you began active duty and
(2) You have to show that your ability to pay the debt has been "materially affected" due to your military service (such as reduced income).
- Go to Interactive Form Packet: Letter to Request to Lower Credit Card Interest Rate
- Go to Sample Form: Letter to Request to Lower Credit Card Interest Rate
IMPORTANT NOTICE: Use an Internet Explorer browser to complete the interactive form. Sorry but it won’t work with other browsers (such as Firefox, Safari or Chrome).
Resource Date: June 2010