Thanks for watching everyone! Give this video a LIKE to support my channel and be sure to check out my entire video playlist on Military Finance and Investing topics: th-cam.com/play/PLscTZuOqKWIycpttIOB044CBFLdPpgiYu.html
Not sure if you have mentioned it before, but uniformed members be aware: I opened a Chase Freedom Unlimited in 2015, one year after joining active duty. I just called to upgrade that card to the Reserve card to get the benefits and save my hard inquires. Thinking I have been on active duty the entire time of having the Chase account and should be covered for annual fees, I talked to the military department who told me I am not covered. Not MLA because it is for accounts after 2017, and not SCRA because I needed to have the account opened before joining active duty. Thanks for the videos, Jake.
I like my limit to be higher than 10k on some cards though, because as a homeowner who tends to hire contractors, it’s not uncommon for me to spend several thousand on a project, and it’s great to earn benefits on the card without risking too high of a utilization percentage.
For sure! If you have a lot of home repairs or a side business and can earn the points, that's a great benefit. I live pretty frugally at the moment. There is no way I could get these sign up bonuses if it weren't possible for me to pay my rent with a credit card for a 1% fee.
Chase Sapphire Reserve is the 1st card to recommend if stationed overseas. If stationed domestically, Amex Platinum and Amex Gold are the best options.
If service members are just looking for a couple cards, then those 3 are excellent. If they want to open a bunch of cards like I am doing, then they should wait on AmEx and go for all of Chase's cards first because of 5/24.
I was station in South Korea 4 years ago loved it currently in Germany cool i found a channel same topics that i try to advocate to my soldiers take advantage.
interesting points of views since you sounded like travel was your main interest. My main goal with credit cards is business capital so actually none of these benefit me hahaha thanks for the sweet info though
I just got off the phone with an AMEX representative and he tone me that he couldn’t tell me about waiving the fee or any military benefits because i wasn’t a card member 🤔
What are the top three credit card you will recommend it to me as a new enlist airman? I don't plan to buy a car anytime soon. I don't ever plan to take out any loan that more than I can affords.
Just another reason why i want to join the military. Unfortunately I'm not eligible to enlist because of my mental health needs. :-( . its sucks because I've been on the same meds for 2 yrs with no problems. I'm also age 33 so getting kinda old to join. I hope you know how lucky you are!!
I do appreciate all the benefits that I am getting. It is an honor serve and I value it so much more knowing there are others who want to serve but can not. Thanks for the support Sam Sung!
I keep finding all these videos about how active duty can get cards with no annual fee, but i cant find anything for reservists, is there anything similar out there??
The two pieces of legislation used are the Service Members Civil Relief Act and the Military Lending Act and they specifically give guidance to banks on just people serving on active duty orders.
It depends on the Mortgage company. You are going to have to submit some documents and proof to Plastiq, they are the ones who verify if it is allowed or not. If it isn't, there is no issue and you won't be charged. th-cam.com/video/OX-KLSzQsz4/w-d-xo.html
Jake, I know you mentioned that you opened up a citi card with future hopes of getting the prestige annual fee waived. Please make a video on that process if you are successful! I’m wanting to try and get the prestige as my next card. Thanks!
I got the Citi Double Cash card, which is a no annual fee card. I then called them to ask to have SCRA benefits applied. They told me (and sent me a letter) saying I was ineligible since I did not have a banking relationship with them before going active duty. Honestly, I am just going to ignore Citi. Amex, Chase, US Bank, and Capitol One all have way more cards than I can ever get.
@@JakeBroe I'm curious, if you have a commercial credit card for travel (gov't travel credit card or gtcc), would that count as an established relationship with Citi or is it just specific to a banking relationship? I had thought about getting a Citi card but if they can't honor both SCRA and MLA benefits, then that's one less customer they are building long term relationships with.
Hey Jake, what about the U.S. Bank Altitude Reserve credit card? They waive the annual fee for active military and give you a $325 travel credit like the CSR.
Yes, they do! The only additional barrier to getting it is you must open a checking account first and then wait 30 days. I actually applied for it, but they told me I had too many recently opened accounts in the last 12 months, so they rejected me. I'll try again next year.
I went for the SKYPASS first. Comes with 200 travel credit. Easy to use. The benefit of family pooled miles on KAL is awesome. We use the inflight duty free coupons and lounge when no PP. after 30 days I went for the AR. No issue. 525 in travel cash. Mobile payments trump Citi DC.
How would you structure it to get the AmEx Plat for at least a year in a 4 year enlistment then get out and close all the ones with fees without damaging my credit score greatly. Also do I have to hit the bonus points to keep it?
You can ignore the SUB if you like. Additionally, SCRA/MLA benefits extend up to a year after getting out. Since this is a charge card with no downgrade path to a no annual fee card, you just have to cancel it. Take the hit.
@@JakeBroe What do you mean? Thanks that is useful to know, I also heard you get unemployment compensation up to a year so is it possible to basically use that as a vacation? I have been "researching" and have heard if you are wanting to take advantage of the annual fee waive but are not trying to take maximum advantage or "churning" get the CSR which is also good but the AmEx has 200 travel credit, 200 food/transportation credit, and 100 clothing credit. I am thinking of going Navy or Air Force 4 year so I don't know if I would be able to even use the credit card benefits since newbies make poverty level income.
The Military Lending Act and Service Members Civil Relieve Act only applies to Active Duty or Guard and Reserve on active duty orders. I have heard guard and reservists can apply for these guards when on Active Duty orders and get the fees waived the first year, but I personally don't know anyone who has done this.
Hey Christian! SCRA / MLA protections only apply to service members when on active duty orders, which can apply to Reservists when activated, but I don't have personal experience with how this works.
I actually have neither yet. This is just my plan to get them. I have also heard you are only allowed one or the other. I will get the AmEx card first since it has a $450 value, then someday try for the Chase if they let me.
If you are active duty, it is covered under the Military Lending Act (MLA). Download your card user agreement and CTRL+F for Military Lending Act to see if you are a covered borrower. If you are, you won't be paying the annual fee.
What number did you call to apply for citi prestige for military? I called and they just transfer me from different department. Or did you apply first then ask for a waiver
Since making this video, I have not gotten the Citi Prestige. I have talked to them several times, they cannot guarantee me that they will waive the annual fee. I did talk to their SCRA representative and she took my information to see if I qualified, but then I never got an e-mail or follow up message. I don't think Citi will waive them now.
At the same time? I was leaning more towards the Amex gold because I feel like I would use those benefits more in the military and when I get out. I don't really travel that often outside of the military so idk about the platinum card
Jake Broe gotcha! So would you recommend getting all the chase cards first for the 5/24 deal before getting the platinum card? I’m about to enter active duty and want to get things sorted out beforehand. I currently only have the freedom unlimited card and about a 760 credit score for background info. Thanks for your help btw!
@@TeamDM24 yep. The First card anyone should get is the Chase Sapphire Reserve. The $300 credit and bonus points are incredible. Then look for any Chase cards that have a promotional signup bonus. For example, the IHG Rewards Club Premier Card is the card of the month with an increased sign up bonus ($800 value in hotels after reaching minimum spend). I'm going to request that one in a week and this might be the point where Chase cuts me off. Eventually you will start getting denied by Chase for having too many cards. At that point you can switch to American Express and you'll never run out of options. There are 7 cobranded AmEx Platinum charge cards, of which 5 (or 4) are possible for us to get. That's $20,000 of minimum spends to get thousands of dollars in AmEx points. This will take you years to do. Pace yourself.
I also just have to caution you. Do not spend money you weren't going to spend otherwise. If you are spending money unnecessarily to reach minimum spends, then this is not free value. I am about to make a video about the company Plastiq showing how you can pay your rent with cards to help easily reach minimum spends.
Got it! So get the chase sapphire reserve first if I qualify for it then go with other chase cards, until I max out the 5/24. Then switch to AMEX. If I don’t qualify for the reserve for some reason, should I just go with the chase preferred card first? And yes I will be pacing myself and letting my family use my credit card in order to pay for the necessities we already spend on, then they will just quick pay me so I can pay off the credit card! Thanks for the help, definitely subscribed!
I mean it kinda just started in 2016. It's not like it's been there for a long time so... that's why I kinda wish it covered vets yall active duty members have enough
@@JakeBroe yeah I get that. I think I was just making a point because in this video I got the impression that u thought this was going on for a long time or something.
Jake Broe guard And reserve do fall under this. However, they must be on active duty orders of 90 days or more to receive those benefits. I’ve gotten my platinum card while I was on deployment orders and af was waived.
Evan Luu yeah I just called Chase and now I’m upgrading to the CSR. I’m In the Army Reserve currently deployed overseas and they said I should the SCRA benefits for 2 years at that point they will check my active duty status again and most likely take me off the SCRA.
Jack McGregor hey Jake, love your videos. Ty for them. FYI, Amex does not charge any annual fee as long as the primary or co-signer is an active duty as a company perk. Chase and CITI will only do it, if the card was opened prior to service (per the SCRA) Once the active duty move to a key state such as Luisina, they will automatically retroactively remove the annual fee and the interest rate is cap to 4-6% depending on the company.
@@carlosbermudez7854 , I don't have any cards with Citi, so I can't speak for them, but I opened my Chase Sapphire Reserve card after joining and they waived my annual fee. So Chase cards are good to get.
Thanks for watching everyone! Give this video a LIKE to support my channel and be sure to check out my entire video playlist on Military Finance and Investing topics: th-cam.com/play/PLscTZuOqKWIycpttIOB044CBFLdPpgiYu.html
Not sure if you have mentioned it before, but uniformed members be aware: I opened a Chase Freedom Unlimited in 2015, one year after joining active duty. I just called to upgrade that card to the Reserve card to get the benefits and save my hard inquires. Thinking I have been on active duty the entire time of having the Chase account and should be covered for annual fees, I talked to the military department who told me I am not covered. Not MLA because it is for accounts after 2017, and not SCRA because I needed to have the account opened before joining active duty. Thanks for the videos, Jake.
Great summary of benefits... Thanks for your service to our great nation as well!
Thanks for your support Andrew! Cheers!
I like my limit to be higher than 10k on some cards though, because as a homeowner who tends to hire contractors, it’s not uncommon for me to spend several thousand on a project, and it’s great to earn benefits on the card without risking too high of a utilization percentage.
For sure! If you have a lot of home repairs or a side business and can earn the points, that's a great benefit. I live pretty frugally at the moment. There is no way I could get these sign up bonuses if it weren't possible for me to pay my rent with a credit card for a 1% fee.
Chase Sapphire Reserve is the 1st card to recommend if stationed overseas. If stationed domestically, Amex Platinum and Amex Gold are the best options.
If service members are just looking for a couple cards, then those 3 are excellent. If they want to open a bunch of cards like I am doing, then they should wait on AmEx and go for all of Chase's cards first because of 5/24.
What kind of documents Amex will ask to prove the military status?
Thank you!
Great vid man! I’m binging all your military finance vids rn😂 (specifically credit cards) and I’m gaining a lot of value from them, so thank you!
I was station in South Korea 4 years ago loved it currently in Germany cool i found a channel same topics that i try to advocate to my soldiers take advantage.
Welcome to the channel! I have lots more content coming soon!
interesting points of views since you sounded like travel was your main interest. My main goal with credit cards is business capital so actually none of these benefit me hahaha thanks for the sweet info though
Saw you on the mastermind page. Good stuff!
Thanks for coming over!
I just got off the phone with an AMEX representative and he tone me that he couldn’t tell me about waiving the fee or any military benefits because i wasn’t a card member 🤔
Can you have Amex platinum and gold waived the fee at the same time for military?thanks!
yep, you can have both annual fees waived!
What are the top three credit card you will recommend it to me as a new enlist airman? I don't plan to buy a car anytime soon. I don't ever plan to take out any loan that more than I can affords.
Just another reason why i want to join the military. Unfortunately I'm not eligible to enlist because of my mental health needs. :-( . its sucks because I've been on the same meds for 2 yrs with no problems. I'm also age 33 so getting kinda old to join. I hope you know how lucky you are!!
I do appreciate all the benefits that I am getting. It is an honor serve and I value it so much more knowing there are others who want to serve but can not. Thanks for the support Sam Sung!
I love your content by the way! Keep it up!
I am getting better. I've only been at this two months now. Thanks for the views, sub, likes, and comments! It helps other people find my content!
I keep finding all these videos about how active duty can get cards with no annual fee, but i cant find anything for reservists, is there anything similar out there??
The two pieces of legislation used are the Service Members Civil Relief Act and the Military Lending Act and they specifically give guidance to banks on just people serving on active duty orders.
Hi Jake, we are planning to use Amex platinum to pay our mortgage via Plastiq, curious to know if that’s possible. Thanks in advance
It depends on the Mortgage company. You are going to have to submit some documents and proof to Plastiq, they are the ones who verify if it is allowed or not. If it isn't, there is no issue and you won't be charged.
th-cam.com/video/OX-KLSzQsz4/w-d-xo.html
@Jake Broe, did Citi Bank ever waive any fees for you while you were active duty?
Jake, I know you mentioned that you opened up a citi card with future hopes of getting the prestige annual fee waived. Please make a video on that process if you are successful! I’m wanting to try and get the prestige as my next card. Thanks!
I got the Citi Double Cash card, which is a no annual fee card. I then called them to ask to have SCRA benefits applied. They told me (and sent me a letter) saying I was ineligible since I did not have a banking relationship with them before going active duty. Honestly, I am just going to ignore Citi. Amex, Chase, US Bank, and Capitol One all have way more cards than I can ever get.
@@JakeBroe I'm curious, if you have a commercial credit card for travel (gov't travel credit card or gtcc), would that count as an established relationship with Citi or is it just specific to a banking relationship? I had thought about getting a Citi card but if they can't honor both SCRA and MLA benefits, then that's one less customer they are building long term relationships with.
If my DD214 says I am TDRL can I still get the waver for a annual fee?
So even if chase waives ur annual fee u still get travel credit and every benifit?
I do, yes.
Ya, I am going to get them and never carry any balance!
Hey Jake, what about the U.S. Bank Altitude Reserve credit card? They waive the annual fee for active military and give you a $325 travel credit like the CSR.
Yes, they do! The only additional barrier to getting it is you must open a checking account first and then wait 30 days. I actually applied for it, but they told me I had too many recently opened accounts in the last 12 months, so they rejected me. I'll try again next year.
I went for the SKYPASS first. Comes with 200 travel credit. Easy to use. The benefit of family pooled miles on KAL is awesome. We use the inflight duty free coupons and lounge when no PP. after 30 days I went for the AR. No issue. 525 in travel cash. Mobile payments trump Citi DC.
jake do they still offer this? my son is Army national guard, should he wait for his 3 weeks active duty to apply for cards?
How would you structure it to get the AmEx Plat for at least a year in a 4 year enlistment then get out and close all the ones with fees without damaging my credit score greatly. Also do I have to hit the bonus points to keep it?
You can ignore the SUB if you like. Additionally, SCRA/MLA benefits extend up to a year after getting out. Since this is a charge card with no downgrade path to a no annual fee card, you just have to cancel it. Take the hit.
@@JakeBroe What do you mean? Thanks that is useful to know, I also heard you get unemployment compensation up to a year so is it possible to basically use that as a vacation? I have been "researching" and have heard if you are wanting to take advantage of the annual fee waive but are not trying to take maximum advantage or "churning" get the CSR which is also good but the AmEx has 200 travel credit, 200 food/transportation credit, and 100 clothing credit. I am thinking of going Navy or Air Force 4 year so I don't know if I would be able to even use the credit card benefits since newbies make poverty level income.
Are those 3 institutions only for active duty, or does that implie active duty guard, traditional guard or reserve?
The Military Lending Act and Service Members Civil Relieve Act only applies to Active Duty or Guard and Reserve on active duty orders. I have heard guard and reservists can apply for these guards when on Active Duty orders and get the fees waived the first year, but I personally don't know anyone who has done this.
Capital One waives the annual fee as well.
Very true Jordan! I just wish they had more higher end premium cards.
@@JakeBroe I have their Venture card. Love it!
Would this apply to reserve or ROTC people?
Hey Christian! SCRA / MLA protections only apply to service members when on active duty orders, which can apply to Reservists when activated, but I don't have personal experience with how this works.
@@JakeBroe Jake it’s an honor that you replied to my comment and please keep up the high quality videos. You will take off soon!
I thought you could only get one of the Marriott card, either from Chase or Amex. Did you get both and if so, how>? TIA
I actually have neither yet. This is just my plan to get them. I have also heard you are only allowed one or the other. I will get the AmEx card first since it has a $450 value, then someday try for the Chase if they let me.
@@JakeBroe Got it! My wife and I both have the Marriott by Amex and just curious since you listed.
Why are retire military don’t get anual fee
Chase denied my account for SCRA benefits because my account was started after I started active duty .
If you are active duty, it is covered under the Military Lending Act (MLA). Download your card user agreement and CTRL+F for Military Lending Act to see if you are a covered borrower. If you are, you won't be paying the annual fee.
@Doug Austrom , I have the CSR and as far as I am tracking, the annual fee is still being waived for active duty military.
Is it only current active duty or is it for vets too?
Only active duty! Sorry...
What number did you call to apply for citi prestige for military? I called and they just transfer me from different department. Or did you apply first then ask for a waiver
Since making this video, I have not gotten the Citi Prestige. I have talked to them several times, they cannot guarantee me that they will waive the annual fee. I did talk to their SCRA representative and she took my information to see if I qualified, but then I never got an e-mail or follow up message. I don't think Citi will waive them now.
Does the no annual fee apply to military spouses?
No it does not, but you can add authorized user cards to military accounts for a spouse and the authorized user fees are waived.
@@JakeBroe thanks for the reply! Love your content!
Actually it does. I don’t pay anything for my wife’s platinums, Gold, Green, Reserve, Hilton, Marriott, and CSR. Haven’t tested Citi yet
does this work for guard?
Unfortunately no, just active duty.
The best card for active duty military amex platinum and amex gold
Don't forget about the Chase Sapphire Reserve! The $300 travel credit is free money!
At the same time? I was leaning more towards the Amex gold because I feel like I would use those benefits more in the military and when I get out. I don't really travel that often outside of the military so idk about the platinum card
Question! Does getting charge cards, such as the AMEX platinum card affect the chase 5/24 rule?
It does unfortunately. Still a hard pull on your credit history.
Jake Broe gotcha! So would you recommend getting all the chase cards first for the 5/24 deal before getting the platinum card? I’m about to enter active duty and want to get things sorted out beforehand. I currently only have the freedom unlimited card and about a 760 credit score for background info. Thanks for your help btw!
@@TeamDM24 yep. The First card anyone should get is the Chase Sapphire Reserve. The $300 credit and bonus points are incredible. Then look for any Chase cards that have a promotional signup bonus. For example, the IHG Rewards Club Premier Card is the card of the month with an increased sign up bonus ($800 value in hotels after reaching minimum spend). I'm going to request that one in a week and this might be the point where Chase cuts me off.
Eventually you will start getting denied by Chase for having too many cards. At that point you can switch to American Express and you'll never run out of options. There are 7 cobranded AmEx Platinum charge cards, of which 5 (or 4) are possible for us to get. That's $20,000 of minimum spends to get thousands of dollars in AmEx points. This will take you years to do. Pace yourself.
I also just have to caution you. Do not spend money you weren't going to spend otherwise. If you are spending money unnecessarily to reach minimum spends, then this is not free value. I am about to make a video about the company Plastiq showing how you can pay your rent with cards to help easily reach minimum spends.
Got it! So get the chase sapphire reserve first if I qualify for it then go with other chase cards, until I max out the 5/24. Then switch to AMEX. If I don’t qualify for the reserve for some reason, should I just go with the chase preferred card first? And yes I will be pacing myself and letting my family use my credit card in order to pay for the necessities we already spend on, then they will just quick pay me so I can pay off the credit card! Thanks for the help, definitely subscribed!
Can't u get centurion card
The centurion card is invite only. I have to spend like $500,000 in a single year on my AmEx platinum to get invited.
I mean it kinda just started in 2016. It's not like it's been there for a long time so... that's why I kinda wish it covered vets yall active duty members have enough
It's just how the law is written.
@@JakeBroe yeah I get that. I think I was just making a point because in this video I got the impression that u thought this was going on for a long time or something.
do you have to be active duty? i literaly just got out of the air force a month ago. Do i get anything as a veteran ?
Unfortunately veterans, guard, and reserve do not fall under the MLA/SCRA protections. It is just active duty. It is just how to law is written.
Jake Broe guard And reserve do fall under this. However, they must be on active duty orders of 90 days or more to receive those benefits. I’ve gotten my platinum card while I was on deployment orders and af was waived.
@@stevena8653 , wow, that's amazing. I didn't know anyone who had done this before.
Steven A i thought it was 30 days active duty.
Evan Luu yeah I just called Chase and now I’m upgrading to the CSR. I’m In the Army Reserve currently deployed overseas and they said I should the SCRA benefits for 2 years at that point they will check my active duty status again and most likely take me off the SCRA.
I assume they don’t waive fees for veterans, though, huh?
Unfortunately, no. SCRA and MLA benefits only extend to people on active orders. I don't believe guard and reservists qualify either.
AMEX platinum is the hot hot heat.
Agreed! Credits and status!
👍🏼
Let me know if you have questions, Jack!
Jack McGregor hey Jake, love your videos. Ty for them. FYI, Amex does not charge any annual fee as long as the primary or co-signer is an active duty as a company perk. Chase and CITI will only do it, if the card was opened prior to service (per the SCRA) Once the active duty move to a key state such as Luisina, they will automatically retroactively remove the annual fee and the interest rate is cap to 4-6% depending on the company.
@@carlosbermudez7854 , I don't have any cards with Citi, so I can't speak for them, but I opened my Chase Sapphire Reserve card after joining and they waived my annual fee. So Chase cards are good to get.
Jake Broe nice! We tried it and they denied us, since it was after service. Thankfully we are moving to LA