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Is Your Credit Card Company Helping You During the Virus?

 

Many businesses have shut down during the coronavirus outbreak, and a lot of people are wondering how they will be able to pay their next, mortgage or credit card payments. This article will help guide you on what you can do and where you need to go to find some help. At the bottom there is a list of  most of the major credit card companies in the country with what they are doing and their contact info!

 

Image result for credit cards

 

Some consumers have financial concerns about emergency savings and being able to keep up with the bills.

The social distancing programs have shuttered restaurants, bars, gyms, movie theaters and other places where people like to gather. This has a lot of people wondering how they will be able to afford their next mortgage payment or even credit card payments.

For many Americans, their primary source of income has been called into question (for a period of time). Consumers are nervous because they don’t know how long it will last and how they will stay up with all there bills until they can get back to work.

Banks are stepping up to offer relief amid virus

Some credit card companies are allowing customers to skip their next monthly payment (some are willing to do more than  just one) without charging interest. These include Apple CardAmerican Express and Capital One.

The key here is without interest accruing – many other issuers are offering temporary relief like reduced minimum payments or forbearance, but interest is continuing to stack up, which can add up.

Most important part here is if you’re having trouble, contact your credit card companies and ask for help. Consider using online chat or social media, because many call centers are light staff and very busy. So while you are quarantining and watching Netflix reach out to your credit card companies and see what they will do for you. Remember if you are having trouble making the payment reach out to the creditor communicate with them and evaluate what they have to offer and always ask how it will be reported on your credit report. If you run into questions you don’t understand please reach out to us we are here to help.

See list below from creditcards.com is your credit card company on it?

 

American Express

Cardholders who are having difficulties paying their bills can contact American Express by calling the number on the back of their card or by online chat or the Amex app to discuss their situation.

Solutions are tailored to an individual’s situation. These might include offering flexibility in paying bills or directing them to American Express’s financial hardship program. Under the financial hardship program, consumers might be able to have reduced monthly payments, get temporary relief from late payment fees, get a temporary reduction in interest rates or prevent their accounts from going past due.

In a March 17 report, CreditCards.com sister site The Points Guy noted some of its readers were getting relief from Amex in the form of refunded interest charges and waived or refunded late fees on both personal and business credit cards. However, one reader reported that if you accept the assistance, your account is frozen until it’s paid off and you can’t use your Membership Rewards.

Bank of America

A customer who has trouble paying their credit card bill related to the coronavirus is encouraged to call Bank of America customer service at (800) 732-9194, visit a bank branch or connect via online banking or mobile application for assistance. The company also has a hardship program in place to provide assistance to consumers and small business clients.

Barclays

Barclays urges credit card account holders to call for assistance if they have problems paying their bills because of COVID-19. Barclaycard’s number for general inquiries in the U.S. is (866) 928-8598.

Capital One

“We understand that this is a time of uncertainty for many people, and we know 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 to discuss how we might be of assistance,” Capital One said in a statement.

Because each customer’s situation is different, the bank encourages customers to call it directly. To contact Capital One customer service about an existing account, call (800) 227-4825. Options might include reduced minimum payments or fee waivers.

A March 17 report by the New York Times suggested Capital One is allowing cardholders to skip payments without incurring interest if they request it. (The same report noted Barclays and Bank of America are allowing some customers to pause their payments while still accruing interest, while Discover “would not commit” to stopping interest charges.)

See related: The Fed’s rate cuts won’t help much if you’re in credit card debt

Chase

Chase encouraged its customers to call the number on the back of their cards if they’re affected by COVID-19 and need help with their accounts.

Citi

The bank said it is offering a range of assistance to impacted credit card customers, including offering increases in credit lines and forbearance from collections. Cardholders can call the number on the back of their cards to find out about assistance programs.

For those with bank accounts, Citi is offering waivers on monthly service fees and penalty waivers for early withdrawals from CDs. Customers can contact the bank for assistance with their individual or small business needs.

“We continue to monitor developments closely and will evaluate additional actions to support our clients and communities as needs arise,” Selva said.

Discover

Discover 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.

“We encourage them to contact us by calling, and are directing them to www.Discover.com/coronavirus for phone numbers for each product line and other FAQs,” Discover said in a statement. “We also can provide relief through our mobile text app, which connects a customer directly with an agent.”

Goldman Sachs

Apple Card customers were sent an e-mail offering enrollment in an an assistance program that will allow affected cardholders to skip their March card payments without incurring interest charges. If you have questions, contact an Apple Card specialist at (877) 255-5923 or via chat in the Wallet app.

Synchrony

The bank said it is monitoring the situation to determine what action is needed.

Truist (formerly SunTrust and BB&T)

Truist is offering payment relief assistance to customers with personal and business credit cards, among other products. The bank is also offering 5% cash back when SunTrust and BB&T consumer credit card holders use their cards for qualifying purchases at grocery stores and pharmacies through April 15, 2020.

Truist encourages customers to call (800) 786-8787 or visit SunTrust.com if they’ve been negatively affected by the coronavirus crisis.

“As we assist clients and businesses who may be affected by the coronavirus situation, we’re also listening and learning from those conversations to help us evaluate and possibly implement additional client relief measures as they emerge,” the bank said in an e-mail to customers.

Wells Fargo

The bank encourages consumers to call customer service at (800) 219-9739 to discuss options to aid in their specific situation.

 

Blog- Bo Thomas

Do you have questions about your credit report? If you would like to speak with one of our attorneys or credit advisors  and complete a free consultation please give us a call at 1-800-994-3070 we would be happy to help.

If you are hoping to dispute and work on your credit report on your own, here is a link that provides you with a few ideas on how to go about DIY Credit Repair.

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