Credit Cards
What to do if you’re struggling to pay your credit card bills
While some credit card issuers are still determining the measures, they will take to aid credit card users, many companies are urging consumers to contact them to discuss the financial hardships they face because of the coronavirus.
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.
The mission of NAMI McHenry County is to provide support, education and advocacy in order to improve the quality of life of individuals with mental illness and their families.
NAMI McHenry County ~ 620 Dakota St. ~ Crystal Lake, IL 60012 ~ 815.308.0851 ~ www.namimchenrycounty.org
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: How to clean your credit card
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.
The mission of NAMI McHenry County is to provide support, education and advocacy in order to improve the quality of life of individuals with mental illness and their families.
NAMI McHenry County ~ 620 Dakota St. ~ Crystal Lake, IL 60012 ~ 815.308.0851 ~ www.namimchenrycounty.org
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.
The mission of NAMI McHenry County is to provide support, education and advocacy in order to improve the quality of life of individuals with mental illness and their families.
NAMI McHenry County ~ 620 Dakota St. ~ Crystal Lake, IL 60012 ~ 815.308.0851 ~ www.namimchenrycounty.org