At Save, we appreciate our military customers and ensure we are compliant with the regulations that protect our service customers.
Below is a summary of additional Military Relief rules that Save considers for our service customers.
Servicemembers Civil Relief Act (SCRA)
Military Lending Act (MLA)
|Established: 2003||Established 2006: with an added Credit Extended to Covered Borrowers provision effective in 2017|
|Provides important protections to those who serve on active duty for the Nation's defense and allows servicemembers and in some instances their spouses to reduce the burden of some civil obligations during active duty. State laws regarding community property may apply.||Provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit while they are serving on active duty.|
|Cap of 6% Interest Rate||Cap of 36% MAPR (Military Annual Percentage Rate)|
|Credit must be acquired prior to active duty||Credit must be acquired while on active duty|
|Eligible Card Members may request SCRA relief from the start of active duty up to 180 days after they leave active duty.||MLA relief is applied to eligible Card accounts at the date of account opening. Enrollment is not required.|
If SCRA or MLA applies to you, please be sure to note this in your Wealth card application. You can also contact customer support for this consideration to be added to your account.