Credit card issuers are beginning to roll out assistance programs for cardholders who may be affected by coronavirus

March 23, 2020

 

As coronavirus (COVID-19) continues to incite global economic fears and threaten public health,  We have already had several clients that we were able to work out very favorable terms with credit card companies and lenders. Feel free to reach out to us with questions, but you can do this on your own with no costs to you.  Please share with others too as these programs are in place and it simply involves contacting your credit card issuer and asking what they can do for you as you (or your business) as you are being impacted by COVID-19.

American Express

American Express cardmembers who experience financial hardship as a result of coronavirus can reach out to Customer Care Professionals by calling the number on the back of any Amex card, using online chat or through the Amex app. The issuer is working with customers on an individual basis to find personal solutions which may include waiving late fees or return check fees, waiving interest charges for a period of time, reduced monthly payments or a temporary interest rate reduction.


Bank of America

Bank of America has a help page for customers to find resources they can use if affected by coronavirus. Call the number on the back of your card or reach out online or via mobile app to ask about individual assistance options or the bank’s hardship program. According to a recent report from the New York Times, Bank of America may allow skipped payments due to hardship, but will not waive interest.


Barclays

Customers already experiencing difficulty or anticipating problems making payments are encouraged to reach out to the specialist teams at Barclays for assistance. The issuer is also “enabling customers to apply for a temporary increase on their credit card limit.”

 
Capital One

Cardholders are encouraged to use digital tools online and via the Capital One mobile app for account management. According to the same New York Times report, Capital One may allow eligible cardholders facing hardship to skip payments without accruing interest, but those impacted financially by the virus should contact Capital One to work out an individual solution. “We understand the concern and uncertainty people may be experiencing surrounding the coronavirus (COVID-19) and are committed to being responsive to the needs of our customers and associates as the situation evolves,” a Capital One spokesperson said via email. “We also understand that there may be instances where customers find themselves facing financial difficulties. Capital One is here to help, and we encourage customers who may be impacted to reach out so we can discuss and help find a solution.”


Chase

Account holders who have been affected by coronavirus should call the number on the back of their credit card or on their monthly statement. As a precaution against potential scams, the issuer also advises that, if someone from Chase reaches out to you, they will not ask for confidential information such as your name, password, PIN or other account information.


Citibank

Eligible Citi credit cardholders may make use of “always on” assistance programs, which include credit line increases and collection forbearance options. According to a representative from the issuer, cardholders are encouraged to reach out if they need assistance so Citi can work with them individually to understand their particular needs and ensure assistance accordingly.


Discover

In a statement, Discover said it “will be extending relief to qualified customers who are experiencing financial difficulty caused by the spread of COVID-19. Discover customers may receive assistance that can include support related to payment timing, fees and late payments.”


Fifth Third Bank

Fifth Third developed an assistance program for customers facing hardship due to the coronavirus. Credit cardholders may defer payments (up to three payments) and will not be charged late fees during the deferral period. The bank has a dedicated hardship assistance line which customers can reach by calling 866-601-6391 between 8 a.m. and 5 p.m. ET, Monday through Friday.


Goldman Sachs (Apple Card)

Apple notified its Apple Card customers via email that any cardholder seeking assistance may enroll in a Customer Assistance Program, allowing them to skip March payments without accruing additional interest charges on their balances.


Synchrony

Synchrony, which issues retail credit cards for many popular national brands like Lowe’s, Sam’s Club and PayPal, is available to assist cardholders impacted by the coronavirus and will work with customers individually, according to a statement via email. Customers facing financial hardship should contact Synchrony and engage with the issuer’s customer service teams to discuss options. These may include waiving fees and charges across credit card accounts, evaluating credit limits to assist with purchasing power and waiving fees on Synchrony Bank deposit accounts as needed.


U.S. Bank

U.S. Bank advises customers who have been impacted by coronavirus to reach out by calling 888-287-7817 to discuss individual solutions.


Wells Fargo

Wells Fargo customers experiencing hardship related to coronavirus and in need of assistance are encouraged to call 1-800-219-9739 to speak with a trained specialist about available options. “Wells Fargo is working on a daily basis to ensure we are putting measures in place to support the needs of our customers impacted by COVID-19 in the most effective ways,” a representative from the issuer said in a statement via email. “We are currently providing assistance including fee waivers, payment deferrals, and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact us, and we will continue to communicate with customers as the situation evolves.”