First Bankcard is thankful for the service men and women that protect our freedom and we want to help you understand your rights under the Servicemembers Civil Relief Act (SCRA). The SCRA allows persons on active duty in the United States Military to devote their full attention to service by easing some of their financial obligations.
As an active duty member of the United States Military, you may be eligible for SCRA benefits on consumer, small business, and commercial loans.
Reduction on interest rates and reduced payments
- If you have an existing loan when you enter active duty, you may be entitled to a lower interest rate.
- SCRA provides a reduced interest rate of 6% on debt incurred prior to beginning active duty, and the 6% rate is in effect for your entire period of active duty service.
- If your interest rate is higher than 6%, your payments will be reduced to reflect the lower interest rate.
- The reduced rate benefit extends one year beyond your period of military service.
- In certain circumstances, you may be eligible for further interest rate reduction.
- Active duty member in the Army, Navy, Air Force, Marine Corps or Coast Guard.
- A member of the National Guard of the Army, Navy, Air Force, Marine Corps or Coast Guard who is called to active duty for more than 30 consecutive days under federal orders issued by the President or Secretary of Defense.
- Commissioned officers of the National Oceanic & Atmospheric Administration and Public Health Service.
- A US citizen serving with the military forces of a nation with which the US is allied in the prosecution of a war or military action.
- To apply for SCRA interest rate benefits,we’ll need a copy of your military orders calling you to active duty service along with a cover letter requesting the benefit. You’ll be notified by mail once your request has been reviewed.
Fax Orders to: 402-633-2520
Or Mail Orders to: SCRA
1620 Dodge Street
Omaha, NE 68197-3153
Or Contact Us at: 855-868-8446
- You must provide all required documentation to receive the SCRA benefits.
- Servicemembers have up to 180 days from the date military service is completed to request benefits and provide documentation.
- If you’re worried about repossession or foreclosure, it’s a good idea to alert your lenders of your military status, although you’re not required to do so.
- These benefits do not relieve you of your responsibility to make your loan payments on time, nor do they prevent us from reporting past due payments to credit bureaus. If you're having trouble making payments, please contact us to discuss your options.