DoD

September 6, 2013

Benefits of SCRA and MILITARY STAR Card don’t always intersect

DALLAS – The Servicemembers Civil Relief Act (SCRA), introduced in 1940 as the Soldiers and Sailors Civil Relief Act, was established to protect active duty service members from what might happen to their financial or legal obligations after they start military service.

Decades later, the Military Star Card was established in response to military leadership’s concerns regarding a growing number of rent-to-own, pay-advancement schemes and unacceptably high interest rate scams that military personnel were encountering.

Today, the Military Star Card and SCRA both serve to protect our military, but it can be confusing to find where one ends and the other begins.

While interest rates offered by the Military Star TM Card are very competitive with industry leaders, the card is usually subject to the interest rate agreed upon at the beginning of the contract, not the special interest rates that apply to debt incurred prior to military service under the SCRA.

“The SCRA is a great way to ease the transition to active duty life and reduce service members’ existing financial burden,” said the Exchange’s Senior Enlisted Advisor Chief Master Sgt. Chief Tony Pearson. “However, the special interest rates guaranteed by the SCRA apply only to debt incurred before the start of military service, not to purchases made while on active duty.”

The SCRA benefits Military Star Card holders under certain circumstances: Since many reservists are not considered active duty but are entitled to Exchange privileges, reservists with Military Star TM Card accounts can see interest on existing Military Star Card balances reduced to 6 percent under the SCRA when activated.




All of this week's top headlines to your email every Friday.


 
 

 

Guard Muster brings Arizona together

(U.S. Army National Guard photo by Staff Sgt. Brian A. Barbour) Arizona National Guard Soldiers from the 158th Maneuver Enhancement Brigade stand in formation on the field at Arizona State University’s Sun Devil Stadium, Dec. 7 in Tempe. The formation, which was part of the Arizona National Guard Muster and Community Expo, was the first...
 
 
NORAD_pict

NORAD prepares to track Santa’s flight

PETERSON AIR FORCE BASE, Colo. (AFNS) — The North American Aerospace Defense Command’s NORAD Tracks Santa website, http://www.noradsanta.org, launched Dec. 1, featuring a mobile version, a holiday countdown, new games a...
 
 

Air Force not planning Involuntary Force Reductions in 2015

FORT GEORGE G. MEADE, Md. – The modern Air Force is “feeling some strain” recently, due to its shrinking size and high operations tempo, but there won’t be any more involuntary force-shaping in 2015, Secretary of the Air Force Deborah Lee James said today. James said she and Air Force Chief of Staff Gen. Mark...
 

 

Local Briefs December 19, 2014

NARFE chapter 55 to meet January 12, 11 a.m. – Golden Corral The National Active and Retired Federal Employees (NARFE) Association, Chapter 55, will hold their next monthly luncheon meeting on Monday January 12, 2015 at the Golden Corral, 4380 East 22nd Street, Tucson, AZ 85711.  The luncheon starts at 11 a.m. and ends about...
 
 

New Commander addresses Airmen of 12th Air Force

To all of the 12th Air Force Community, Happy Holidays! My wife Kristan, my three children, and I are excited to join this outstanding 12th AF community.  I cannot adequately express how honored and humbled I feel to join this community as the Commander.   I certainly appreciate the exceptional efforts of General and Mrs....
 
 
(AFSOUTH)

New commander to take reins of 12th AF, AFSOUTH

Twelfth Air Force and Air Forces Southern will welcome a new commander during a change of command ceremony Dec. 19 at 10 a.m. at Davis-Monthan Air Force Base. Major Gen. Chris Nowland will be promoted to the rank of lieutenant ...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin