Air Force

August 23, 2013

Benefits of SCRA, Military Star Card don’t always intersect

Conner Hammett
AAFES Public Affairs

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

For more information about the Military Star Card, visit www.shopmyexchange.com/ExchangeCredit/. For more information about SCRA, visit www.military.com/benefits/military-legal-matters/scra/servicemembers-civil-relief-act-overview.html.




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


 
 

 

News Briefs July 24, 2014

Webster fall classes Webster University will be running the following classes this upcoming fall terms: FINC 5000 Finance, Aug. 17-Oct. 16, Wednesdays 5:30-9 p.m.; and FINC 5880 Advanced Corporate Finance; Oct. 19-Dec. 19, Wednesdays from 5:30-9:30 p.m. Each term/class will have the same 10 students for both classes. Call 661-258-8501 or visit Webster University at...
 
 
edwards-F35a

Joint Strike Fighter ITF ground testing F-35 gun

Lockheed Martin photograph by Darin Russell An F-35A, tail number AF-2, fires a burst of rounds down range at the Gun Harmonizing Range July 17. The F-35 Joint Strike Fighter Integrated Test Force at Edwards AFB is in the proce...
 
 

The unseen leader

Over the years, I’ve seen many leaders come and go. The ones I admired, I took note of the traits I wished I had, as well as the ones I already possessed. It took me a long time to realize some of my personal and professional weaknesses were the very areas I gravitated toward in...
 

 
Air Force photograph by Patric Lovato

Outdoor Rec provides excursions, arsenal for summer activities

Air Force photograph by Patric Lovato Members of the Edwards AFB Outdoor Recreation staff pose with one of ODR’s new paddle boards. ODR offers anything from surfboards and wet suits to mountain bikes and kayaks for your s...
 
 

NASA’S American Eatery (Bldg. 4825)

July 27-30 Lunch Specials 10:30 a.m. to 1 p.m. Monday Three pieces fried chicken Mashed potatoes and gravy Vegetables Tuesday Pork carnitas Refried beans and Spanish rice Wednesday Pepper steak over white rice Thursday Teriyaki chicken Fried rice and egg roll Friday Bake cod Macaroni and cheese Broccoli All Blue Plate Specials — $7.89 Drink...
 
 

Final rule puts more teeth into Military Lending Act

The Defense Department July 21 closed loopholes to protect U.S. men and women in uniform from predatory lending practices, President Barack Obama said this morning at the 116th Veterans of Foreign Wars National Convention in Pittsburgh, Pennsylvania. The heightened level of financial and consumer-rights protection against unscrupulous practices, called the final rule of the Military...
 




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=""> <s> <strike> <strong>