Can I get any reduction in the interest rate I am charged on any new purchases I make using my credit card while I am on active duty?

The law only regulates the interest rate that lenders charge on amounts that you owed at the time you entered the military or were called up to active duty. If you continue to make purchases with your card while on active duty, you can be charged your regular APR on this new balance. However, your card issuer must apply towards the new balance any monthly payment you make that exceeds the minimum amount due – and this will reduce the total amount of interest you pay on the card. 

Some credit card companies may give you a reduced interest rate on new purchases as well as on the balance you owed when you went on active duty. You should check with your credit card company to see what, if anything, it will do for you.

Was this page helpful to you?

Note: Do not include sensitive information like your name, contact information, account number, or social security number in this field.

Legal disclaimer

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.

Read full answer Hide full answer