Heads up! We share savvy shopping and personal finance tips to put extra cash in your wallet. Android Central may receive a commission from The Points Guy Affiliate Network. Please note that the offers mentioned below are subject to change at any time and some may no longer be available.
As the coronavirus pandemic continues to spread, many are worried of the economic impacts that the virus may have on people’s jobs and their ability to pay their monthly bills. One such common expense is the monthly credit card payment.
Thankfully, the following credit card companies have announced they are offering assistance programs to their cardholders in case you are going through financial hardship due to the virus.
According to a new report by The Points Guy, American Express is waiving interest, late fees, and offering payment options to its cardholders. The company released the following statement when asked if it would be helping customers during this time:
“Yes, American Express is ready to assist our customers having financial difficulties due to the effects of COVID-19. They can reach our Customer Care Professionals anytime by calling the number on the back of their card or through our digital servicing channels – online chat or the Amex app. As you know, the situation is changing rapidly, so our approach to providing the best possible support and service to our customers is also evolving in real-time. We will work together to find a solution for each customers’ particular situation, which can include waiving late fees, return check fees, and interest charges. We have several financial hardship programs offering a range of short-term to long-term assistance.”
If you’d like to see if you qualify for relief, you can visit the company’s Financial Hardship website to start a chat or call them directly at 1-866-703-4169. Keep in mind that, if you take advantage of this program, your card and its rewards will most likely be frozen.
Best cash back
Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. Earn 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% Cash Back on select U.S. streaming subscriptions, 3% Cash Back at U.S. gas stations, 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more, and 1% Cash Back on other purchases. Low intro APR: 0% for 12 months on purchases and balance transfers, then a variable rate, currently 12.99% to 23.99%. $95 annual fee.
Bank of America
A report from The New York Times has indicated that Bank of America is allowing customers to request that their March payment be skipped, a move similar to that of Goldman Sachs. However, it is apparently not waiving the accrued interest. That will continue to accrue and be added to the total amount owed on the card.
The company has built a help page on its website for new developments on how they are handling the situation and the options available to customers.
Barclays has not made it clear if it will allow customers to skip a payment or take advantage of options regarding their interest, but the company has said that they are “enabling customers to apply for a temporary increase on their credit card limit”.
The company has a help page dedicated to the crisis for customers to understand their current options as well as contact a representative for help. It does encourage customers to ” to speak to our specialist teams who have a range of measures available to support customers”.
Capital One has not announced a wide-ranging policy regarding options for customers impacted by COVID-19. That said, the New York Times report states that when they reached out to Capital One about the issue, the company replied that it is allowing customers to skip a payment without accruing interest.
According to Capital One, they are “here to help, and we encourage customers who may be impacted or need assistance to reach out to discuss and find a solution for you”. You can get in contact with a representative to figure out your options through the company’s dedicated help page.
Simple cash back
One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening. Earn unlimited 1.5% cash back on every purchase, every day. 0% intro APR on purchases for 15 months; 15.49% to 25.49% variable APR after that. 0% intro APR on balance transfers for 15 months; 15.49% to 25.49% variable APR after that; 3% fee on the amounts transferred within the first 15 months. Pay no annual fee or foreign transaction fees.
Chase announced that the company will be working with customers who are impacted by the virus individually, but has not released a wide-ranging policy on the matter.
According to the announcement, “customers who affected by COVID-19 and need help with your accounts or making payments, please reach out to us”. You can do so by calling the number on the back of the card or getting help through their website.
More cash back
Grab a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening. Also, get 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Outside of that, earn unlimited 1% cash back on all other purchases. Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers (then a variable APR of 16.49% to 25.49%). No annual fee.
Citi is offering its “always-on” assistance programs for credit card members who may be undergoing financial hardship. According to the company, it is offering eligible cardholders “credit line increases and collection forbearance programs.”
The company has built a help page to inform customers of their financial hardship options.
Double the cash
Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 14.99% to 24.99%, based on your creditworthiness. Balance Transfers do not earn cash back. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
Discover has a banner on its homepage announcing that “if you have been impacted by COVID-19, our team is here to help. Contact us any time online, by mobile app or phone”.
According to a report by MSN, the company released a statement that it will be “extending relief to qualified customers who are experiencing financial difficulty caused by the spread of the coronavirus” and that “Discover customers may receive assistance that can include support related to payment timing, fees and late payments”.
Goldman Sachs (Apple Card)
Goldman Sachs and Apple have announced that they will allow cardholders to enroll in its Customer Assistance Program and skip their March payment without incurring interest charges or any kind of penalty fee. Apple Card members were emailed about the program and are able to sign up through an automated process in the Messages app, chatting with a specialist through the Wallet app, or calling into the customer service line at 1-877-255-5923.
Once enrolled, you won’t be charged interest on the statement that generates in March. You’ll also be able to skip your March payment, and Apple will move your next payment to whenever your bill is normally due in April. The company did note that “if your account is past due, it will remain past due until all past due payments are made. Your purchases may continue to be restricted”.
US Bank has not released what options are available to its customers on its website that is dedicated to information about COVID-19, but it is asking customers who are impacted by the virus to contact them directly.
The company says that “if you’ve been financially impacted by COVID-19 and need help, call us at 888-287-7817”.
Wells Fargo says that the company is “committed to helping customers experiencing hardships, including from COVID-19.” The company is asking customers who need assistance to use their Customer Service page to contact a representative, warns that “due to coronavirus concerns, there may be higher call volume and longer wait times in our Call Center”.
Contact your credit card issuer
While some companies are being more transparent about what they are doing for cardholders, others are currently deciding to offer options on a more individual basis. The best thing you can do to find out your specific options is to contact your credit card company directly, whether that be through online chat or by phone.
We may earn a commission for purchases using our links. Learn more.