Credit Card Companies Step Up to Help with COVID-19 Pandemic
In these unprecedented times, even credit card companies are stepping up to help their customers facing financial hardship due to the ongoing COVID-19 pandemic.
Introduction to the Current Situation
With anxiety and uncertainty becoming the norm, credit card providers are adapting their policies to ensure their customers do not completely lose control of their finances during these difficult times.
Overview of Major Credit Card Issuers' Assistance Programs
American Express
American Express is encouraging customers who are experiencing financial hardship due to the pandemic to contact the company via phone or online chat. Solutions may include reducing monthly payments, waiving fees temporarily, lowering interest rates, or preventing accounts from going past due.
Bank of America
Bank of America is taking a case-by-case approach, allowing customers to skip payments without penalties but with accruing interest during that period. They also offer alternative payment programs for those struggling to keep up with bills.
Barclays and Capital One
Barclays and Capital One are also addressing financial hardships by encouraging customers to reach out and offering assistance with minimum payments, skipping payments, or waiving fees. However, these options require contacting the respective companies directly.
Chase
Chase is being proactive, urging affected customers to call the company to discuss options and warning them against scams. They are also cautioning cardholders to be cautious about sharing personal information.
Citibank
Citibank is more forthcoming, offering credit line increases and collection forbearance programs. Cardholders can contact customer support for more information.
Discover
Discover is working on a dedicated COVID-19 page but is currently stating that qualified customers may receive assistance. Contacting Discover is the recommended way to proceed.
Goldman Sachs (Apple Card)
Goldman Sachs, the issuer of the Apple Card, announced a special program where affected customers can skip their March payment without incurring interest. Enrollment is required online.
PNC Bank and U.S. Bank
PNC Bank and U.S. Bank are promising assistance by waiving fees, enhancing payment deferral programs, and offering credit limit increases. They encourage direct contact with the banks to learn about available options.
Wells Fargo
Wells Fargo has promised assistance but is yet to provide detailed information. They encourage customers to reach out and be prepared for potential wait times due to high call volumes.
Conclusion and Additional Resources
If your credit card issuer is not listed here, contact customer support to see if any relief measures are available. It's important to stay informed and proactive during the crisis.
To learn how to pay off credit card debt once and for all, check out The Ascent's free guide. You can save up to $1,863 in interest and pay off $10,000 in debt in just three minutes.
About The Motley Fool
Launched in 1993, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month, The Motley Fool champions shareholder values through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services. Their name comes from Shakespeare's wise fools, who instructed and amused while speaking the truth to the king without beheading.
Contact Information: Just an email away, check my bio for more information.
Keywords: credit card limits, financial assistance, pandemic relief