As coronavirus continues to spread across the globe, credit card companies are offering relief by waiving fees and allowing customers to skip payments.
The World Health Organization (WHO) declared COVID-19 a pandemic on March 11. Since then, major players such as Visa and Mastercard have slashed their revenue outlooks for the next few months due to lack of consumer spending.
In addition, there has been increasing pressure on financial institutions to put measures into place to help those struggling financially.
As a result, a number of major credit card issuers have started offering relief policies to their customers:
According to The Points Guy, the payments giant will waive/refund interest fees, late fees and returned check fees for customers as long as they contact customer support.
Amex cardholders can contact the customer support team by calling the number on the back of their credit cards. They can also use the Amex app or 24/7 chat feature on he Amex website.
On March 15, Apple announced it would allow its card users to skip their March payment without interest for that cycle.
In an email to its customers, the tech giant said: “We understand that the rapidly-evolving COVID-19 situation poses unique challenges for everyone and some customers may have difficulty making their monthly payments.
“Apple Card is committed to helping you lead a healthier financial life. Should you need assistance, please enroll in our Customer Assistance Programme, which will allow you to skip you Mach payment without incurring interest charges.”
The UK bank is offering customers the option to apply for a temporary increase in their credit limit. It also suggests that customers speak to Barclays’ specialist teams who have a range of support measures available.
Barclays is also waiving late payment and cash advance fees on credit cards for the next 90 days.
Capital One is offering assistance on a case-by-case basis. This includes deferred loan payments and financial assistance for minimum payments.
The credit card issuer said: “As always, the health, safety and well-being of our customers, associates, and our communities is of paramount concern. We continue to monitor this quickly evolving situation and we’re here to assist our customers as needed.”
Like, Capital One, Chase is also providing relief on a case-by-case basis. It advises cardholders to contact the customer support number on the back of their credit card.
Citi credit card holders may utilise the bank’s assistance programmes, including credit line increases and forbearance programmes. Banking customers will also get their monthly fees waived.
Discover said it will offer support for payment due dates, late payments and fees for qualifying customers affected by the crisis.
Truist is temporarily waiving ATM surcharge fees and providing payment relief for credit card accounts. It is also providing 5% cashback on consumer credit cards for grocery and pharmacy purchases until April 15 2020.
U.S. Bank has reduced fees and interest on a number of loan products. However, the bank does not have a specific COVID-19 relief programme yet.
Every day more and more financial institutions are announcing coronavirus relief programmes. To keep up-to-date, follow our timeline.