Creditors Offer Assistance for COVID-19 Circumstances
Virtually all Americans and people around the world are being affected by the global coronavirus disease (COVID-19). For many, it means incomes have been drastically reduced or even eliminated with no warning. Federal relief is on the way, but it will take some time for everyone to receive funds. Fortunately, many creditors are taking steps to assist consumers financially impacted by COVID-19.
As you review what various creditors are offering, please keep in mind that none of these programs will be applied universally. You MUST contact your creditors directly to enroll or arrange COVID-19 relief. Due to a reduced workforce and remote workers, it may take longer than usual to get through. Try using creditors’ online tools first.
If you qualify, American Express will waive late fees and interest for personal and business card holders. They also have a financial hardship program, which provides short- and long-term assistance to cardholders experiencing financial challenges. Find out more here.
Apple Card (Goldman Sachs)
When you enroll in Apple’s customer assistance program, you may skip your March payment without incurring any interest charges. Chat with a customer service rep through the Wallet app on your iPhone, or call 1-877-255-5923.
Bank of America
The B of A Client Assistance Program allows impacted customers to apply for deferred payments, fee waivers and refunds of fees. Learn more about their COVID-19 relief here.
Capital One is also offering to waive fees and interest for affected cardholders, with additional assistance determined on a case-by-case basis. Find out more here.
Chase is offering help to affected consumers in a number of ways, including waiving fees, changing payment due dates for credit cards, vehicle loans and mortgages, increasing credit lines and assisting with changing or canceling travel bookings. Learn more here.
Consumers with a Citibank credit card may apply for higher credit lines or enroll in collection forbearance programs. Learn more and find additional options here.
Comenity is working one-on-one with affected customers to help find payment solutions. Find out more here.
Discover Card is addressing cardholders’ individual needs by offering to adjust payment dates and fees for affected consumers. See Discover’s coronavirus response here.
Customers experiencing financial difficulties due to COVID-19 may receive fee waivers or a credit limit increase to assist with immediate financial needs. Learn more here.
Wells Fargo is evaluating customers’ situations on a case-by-case basis and may grant fee waivers, deferred payments, and other assistance to consumer and business lending clients. Find out more here.