Some banks won’t press on card payments for now
If you can’ᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚt pay your credit card because you lost your job owing to the coronavirus pandemic, your card company might help.
Depending on the card, the issuer might let you🗹 ski💯p a month, waive fees or extend your credit line.
Banks, the big credit card issuers, are “working to identify and assist affected clientꦡs and provide the right support to address their unique pe💝rsonal needs,” said a spokeswoman for the American Bankers Association.
Indeed, Apple Card is permitting cardholders to skip recent payments without incurrin🦄g interest.
“It allowed cardholders to pass on both March and April. This is the most generous relief program i💯n the industry,” according to Ted Rossman, a card industry analyst with .
“The card industry is trying to be empathetic,” said Bill Hardek♕opf, the founder of . “The industry is trying to help, b🐻ut also avoid another 2008 crisis,” he added. That’s when millions of cardholders defaulted.
Bank of America “is encouraging customers affected by the coronavirus who need financial help to call the bank’s dedicated client-care number at the phone number listed on their credit or debit card or🐲 stateme🍌nt,” the company said.
Discover Card “is extending relief to qualified customers who are experiencing financial difficulty caused by🎶 the spread of the coronavirus,” the company said. “Discover customers may receive assistance that can include support related to payment timing, fees and late payments.”
Capital One, PNC, Wells Fargo and Chase have said they will work with cardholders “on🍒 a case-by-case basis.”
Some🍸 banks are also allowing clients to temporarily increase credit limits.
“Speak up and tell the card company if you are having a problem,” Hardekopf advises. “And be sure to get any relief offers in writing. A promise of som♊eone on an 800 line isn’t the same as having it in writing.”
Putting it in writing, Hardeko♒pf added, is important because payment problems “could irreparably damage” a cardholder’s credit ratings.