Credit Card Relief During Coronavirus

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Anxiety and uncertainty may feel like the norm these days. But as the COVID-19 pandemic continues to spread, we’ve also seen people and businesses come together to help each other in ways we’ve never seen. This includes credit card companies that have rolled out new options for credit card relief during coronavirus to ensure COVID-19 doesn’t ruin their customers’ finances.

If you’re facing financial difficulties due to COVID-19, check out the list below of the major credit card issuers and the financial assistance they’re offering during the pandemic. 

American Express

Customers who are experiencing financial hardship and need credit card relief during coronavirus should contact the bank. They can reach out via phone or online chat on the company’s website to discuss their options. American Express will work with each customer individually. Solutions may include waiving late fees or a payment holiday.

Bank of America

Bank of America’s credit card hardship assistance program lets customers request deferred payments through their online account. This means you can skip payments without incurring late fees, although your balance will continue to accrue interest.

Barclays

Barclays is also allowing customers to request credit card relief during coronavirus through their online accounts. This lets them skip payments without getting a late fee. Customers who have exhausted this payment relief can find more options for credit card relief during coronavirus through their online accounts.

BBVA USA

You can request credit card payment deferral by visiting the bank’s online Payment Assistance Portal. You can also call the bank to begin this process, though requesting a deferral online is faster.

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BMO Harris

BMO Harris has also set up an online relief form for credit card hardship assistance. Due to heavy call volume, the bank warns that it could take up to four business days to review your request and get back to you to discuss your options.

Capital One

Capital One is also offering hardship assistance to customers who need credit card relief during coronavirus, but it doesn’t go into detail on its website. You can reach out to Capital One if you are facing financial difficulties. A representative will work with you to come up with a suitable solution.

Chase

Chase is allowing credit card customers affected by the pandemic to defer a payment without incurring a late fee. You must enroll in its COVID-19 Payment Assistance Program to take advantage of this service.

Citibank

You can find out what Citibank offers for credit card relief during coronavirus by logging into your account and accessing the COVID-19 support form there. You can also try calling the bank, though you’ll probably get a faster response online.

Citizens Bank

Citizens Bank is waiving late fees and letting its credit card customers defer payments for up to 90 days with no effect on their credit scores. However, balances continue to accrue interest during the deferral period. You must contact Citizens Bank by phone to discuss your options and enroll in its credit card hardship assistance program.

Discover

Discover credit card customers who are struggling financially can request assistance by reaching out to the company by phone or through the Messaging Center in their online accounts. There currently isn’t an online form for requesting credit card payment assistance.

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HSBC Bank

HSBC Bank says it will reduce its credit card customers’ payments and waive interest charges and late fees for up to 90 days from the time they enroll in the bank’s hardship assistance program. It doesn’t let customers defer payments, but it’s one of the few financial institutions that isn’t charging interest to customers enrolled in its program.

Huntington National Bank

Huntington National Bank credit card customers can request payment deferral by calling the bank during business hours. There isn’t currently an online form to request assistance.

KeyBank

KeyBank is letting its credit card customers defer payments for up to three months without getting late fees. However, your balance will still accrue interest. There’s an online form on the company’s website you must submit to use its payment deferral program.

PNC Bank

You can apply for credit card hardship assistance with PNC Bank by filling out the online form on its website. Most customers will find out instantly if they’re approved for the hardship program, though a few customers may need to wait for the bank to review their application.

Synchrony Bank

Synchrony Bank has offered to waive fees or reevaluate credit limits for those who are struggling financially due to COVID-19. It doesn’t go into a lot of detail about its services on its website, so you should call the bank to find out what options are available to you.

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TD Bank

The TD Cares program helps customers financially affected by the pandemic by waiving or refunding fees and reviewing payment options. Some customers may be able to delay payments as well. Call the bank to find out what your options are.

TIAA Bank

TIAA Bank has temporarily suspended late payment fees for credit card customers. It’s also letting them skip one monthly payment without penalty if they meet eligibility requirements. Contact TIAA Bank to see if this is an option for you.

U.S. Bank

U.S. Bank is also offering credit card relief during coronavirus, though its website doesn’t provide details. Customers should call the bank using the number listed on the back of their card to discuss possible solutions.

Wells Fargo

Wells Fargo has an online payment assistance request form for credit card relief during coronavirus. You can fill it out if you’re not able to keep up with your credit card payments right now. This lets you defer payments, though your balance will still accrue interest. You can also call the financial institution to apply.

If your credit card issuer isn’t listed here, contact it to find out if it’s offering any type of credit card relief during coronavirus. It’s possible that current relief options may be extended or expanded as the pandemic continues, so keep a close eye on any correspondence you receive from your credit card company. And if you’re interested in learning about other types of financial relief available to you, check out our coronavirus resources.

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View more information: https://www.fool.com/the-ascent/credit-cards/credit-card-relief-during-coronavirus/

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