However, there are specific eligibility requirements and enrollment processes that must be followed to receive this valuable perk.
While the MLA provides significant protection, itdoesnt automatically waive annual feeson credit cards like the Amex Platinum.
Under the SCRA,interest rates on debts incurredbeforeactive duty are capped at 6%.
While this can provide financial relief, it doesnt directly address annual fees on credit cards obtainedafterentering active duty.
This is often referred to as theAmex Military Lending Act (MLA) benefit.
Frequently Asked Questions (FAQs)
1.
Will Amex automatically know I am in the military and waive the fee?
No, American Express willnot automaticallyknow your military status.
You must proactively inform them during the tool process or after you become an existing cardholder.
What documentation is required to prove my military status?
Acceptable documentation usually includes:
3.
Can I get the fee waived for my authorized user cards as well?
However, this isnot always guaranteed.
Contact American Express directly to inquire about waiving fees for authorized user cards.
It often depends on the key in of card and the active duty status of the authorized user themselves.
What happens if I am deployed overseas?
Deployment doesnot change your eligibilityfor the MLA benefit.
How long does it take for the fee waiver to be applied after I submit my documentation?
What if I am denied the fee waiver even though I am eligible?
If you believe you are eligible and have been denied, contact American Express immediately.
Escalate the issue to a supervisor if necessary, andprovide any additional documentationthat supports your claim.
Does this fee waiver apply to other American Express cards besides the Platinum?
Yes, Amex offers MLA benefits on many of their other cards.
However, the terms and conditions can vary.
It is recommended that youreview the specific termsfor each card before applying.
Is there a limit to how many Amex cards I can have with waived fees under the MLA?
American Express typicallylimits the number of cardseligible for fee waivers under the MLA.
Its best to contact Amex directly to confirm their specific policy.
What if I am a reservist or National Guard member not currently on active duty?
Eligibility for the fee waiver is generally tied toactive duty status.
Reservists and National Guard members not currently activated may not be eligible.
However, if you are activated, you become eligible during the period of your active duty.
Will the fee waiver affect my credit score?
The fee waiver itselfwill not directly affect your credit score.
Does the SCRA provide the same fee waiver benefits as the MLA?
The SCRA and MLA offer different protections.
Can my spouse also get an Amex Platinum with a waived fee if I am on active duty?
Yes, eligiblespouses of active-duty service membersare also typically covered under the Amex MLA benefit.
What happens if I leave active duty?
Will the fee waiver stop immediately?
The fee waiver typically ends when you leave active duty.
American Express will likelyre-evaluate your eligibilityat the end of your active duty period.
Are there any restrictions on using the benefits of the Amex Platinum while on active duty?
There areno specific restrictionson using the benefits of the Amex Platinum while on active duty.
Where can I find the official terms and conditions for the Amex Platinum military fee waiver?
Search for American Express Military Lending Act or Amex MLA benefits.
Always remember to verify your eligibility directly with American Express and keep your documentation up-to-date.
