We like that the Capital One Venture X card has a lower annual fee compared to other premium travel rewards cards. Why We Like This Card for Active-duty Military Members We’ll cover all the key benefits of the Capital One Venture X card shortly, but first, let’s look at a quick overview of the card. If you are not on active duty, you can secure a Capital One credit card, but you will not qualify for Capital One SCRA benefits until you are on active duty. You would need to acquire the card prior to active-duty service and then apply for SCRA benefits during active duty.īottom Line: If you’re on active duty and have a Capital One credit card acquired prior to that period, you can apply for Capital One SCRA benefits. This is an important distinction if you’re a military member looking for a Capital One credit card. Capital One does not waive fees under MLA (credit acquired during active duty) for credit cards. While Capital One follows the letter of each of these laws on all applicable loans and credit products, for credit cards specifically, only active-duty members who qualify under the SCRA receive annual fee waivers. The SCRA limits interest rates to 6% on applicable loans, but Capital One has instituted a 4% cap on interest rates for eligible loans and credit products. The MLA covers credit acquired during active duty. The SCRA provides relief by capping interest rates and fees on applicable credit granted to qualifying active-duty service members prior to their active duty. To illustrate, we’ll review all the key attributes of the card and provide an estimated potential economic value of each benefit for active-duty military members. Its Capital One Venture X Rewards Credit Card is not only one of the best credit cards for military members who qualify, but it’s also a card that delivers great value, even if you would have to pay the annual fee. We’ll talk about these acts briefly in a minute, but for now, the importance of these acts as they relate to this article is their effect on credit card fees and how the savings can present value for active-duty military members.Ĭapital One is one credit card issuer that waives annual fees for certain eligible military members. The Servicemembers Civil Relief Act of 2003 (SCRA) and the Military Lending Act (MLA), updated since originally becoming law, apply to certain financial transactions involving active-duty military members. There is some relief for military members, however, available via 2 acts that were passed years ago. Some of the not-so-obvious challenges may also be financial challenges. military can present obvious challenges for military members and their families, including managing physical, emotional, social, and practical challenges that come with trying to find a balance between home, duty, and commitment.
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