Enhanced Benefits of Chase World of Hyatt Card for Active-duty U.S. Military Members, Exceeding $2,000 Worth
In the realm of financial protections for active-duty military members, the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA) stand as significant pillars. These acts aim to reduce financial stress for military families, allowing them to focus on their service without undue financial burden.
## Servicemembers Civil Relief Act (SCRA)
The SCRA, enacted in 2003, caps interest rates on pre-service debts, including credit card balances, at 6% annually. This applies to debts incurred before joining the military[1][2]. To benefit from the SCRA, military members must notify their credit card company in writing and provide documentation, such as a copy of their military orders[3].
The SCRA applies to credit cards obtained before entering active duty. Benefits are not automatic and must be requested by the service member[4]. The SCRA benefits apply during the period of military service and, in some cases, for one year after service for specific obligations like mortgages[3].
## Military Lending Act (MLA)
The MLA, also passed in 2003, sets a cap on the Military Annual Percentage Rate (MAPR) at 36%, which includes interest, annual fees, and other finance charges. This applies to credit accounts opened during active duty[2]. Many credit card issuers waive annual fees entirely to avoid exceeding the MLA's MAPR cap. This means active-duty personnel can often hold premium credit cards without paying annual fees[1][2].
The MLA benefits apply to credit accounts opened while on active duty, providing significant financial relief by reducing costs associated with credit cards[2].
## The World of Hyatt Card: A Valuable Option for Active-Duty Military Members
One credit card that offers benefits under the SCRA and MLA is the World of Hyatt Credit Card, a Chase credit card. This card provides good value for active-duty military members, offering benefits like waiving the annual fee and earning potential for cardholders.
The World of Hyatt card earns at least 1 World of Hyatt point for every dollar spent on the card, with additional bonus-earning categories that allow you to start racking up points more quickly. World of Hyatt cardholders receive complimentary World of Hyatt Discoverist elite status, which includes late checkout, preferred rooms, and 10% bonus points on paid stays[5].
In addition, the World of Hyatt card offers valuable shopping protections and benefits, including Purchase Protection and Extended Warranty coverage, Chase Offers, and DoorDash DashPass membership. Each card anniversary year, World of Hyatt cardholders receive an annual free night certificate good for a Category 1 through 4 Hyatt hotel. If you spend $15,000 on the World of Hyatt card in a year, you'll receive an additional free night certificate, also good for a Category 1 through 4 hotel night[6].
Chase waives fees for personal consumer credit cards acquired during active duty (after September 20, 2017), and the World of Hyatt card does not charge foreign transaction fees, making it a good international travel companion[7]. Furthermore, the World of Hyatt card offers trip cancellation and trip interruption insurance coverage for changes in military orders or those of a spouse/domestic partner, making it a real plus for active-duty military members[8].
In conclusion, the SCRA and MLA provide significant financial protections for active-duty military members regarding credit cards. By understanding these acts and the benefits they offer, military personnel can make informed decisions about their finances and focus on their service with peace of mind.
[1] Military OneSource. (n.d.). Military Lending Act. Retrieved March 29, 2023, from https://www.militaryonesource.mil/financial-legal/money-management/credit-debt-and-banking/military-lending-act/
[2] Consumer Financial Protection Bureau. (2022, February 16). Military Lending Act. Retrieved March 29, 2023, from https://www.consumerfinance.gov/consumer-tools/money-management/military/military-lending-act/
[3] Department of Justice. (n.d.). Servicemembers Civil Relief Act. Retrieved March 29, 2023, from https://www.justice.gov/crt/servicemembers-civil-relief-act
[4] Military OneSource. (n.d.). Servicemembers Civil Relief Act. Retrieved March 29, 2023, from https://www.militaryonesource.mil/financial-legal/money-management/credit-debt-and-banking/servicemembers-civil-relief-act/
[5] Chase. (n.d.). The World of Hyatt Credit Card. Retrieved March 29, 2023, from https://creditcards.chase.com/a1c/the-world-of-hyatt-credit-card
[6] Hyatt. (n.d.). The World of Hyatt Credit Card. Retrieved March 29, 2023, from https://www.hyatt.com/credit-card/the-world-of-hyatt-credit-card/
[7] Chase. (n.d.). The World of Hyatt Credit Card. Retrieved March 29, 2023, from https://creditcards.chase.com/a1c/the-world-of-hyatt-credit-card
[8] Hyatt. (n.d.). The World of Hyatt Credit Card. Retrieved March 29, 2023, from https://www.hyatt.com/credit-card/the-world-of-hyatt-credit-card/
- In the domain of personal-finance, active-duty military members can benefit from the World of Hyatt Credit Card, as it waives the annual fee and offers trip cancellation and trip interruption insurance coverage for changes in military orders.
- Beyond financial protections provided by the SCRA and MLA, the World of Hyatt Credit Card also earns points for everyday spending and provides shopping protections such as Purchase Protection and Extended Warranty coverage.
- The World of Hyatt Card, a valuable option for active-duty military members, offers additional benefits like complimentary World of Hyatt Discoverist elite status and an annual free night certificate upon card anniversary.
