Some Banks To Ease Up On Credit Card Payments During Pandemic
If your bills are stacking up due to being out of work during the current COVID-19 pandemic, there may be a little relief in sight.
According to the New York Post, some credit card companies might let you skip a month, waive fees or even extend your credit line to help you get by.
According to a spokeswoman for the American Bankers Association, big credit card issuers are “working to identify and assist affected clients and provide the right support to address their unique personal needs."
Cards such as Capital One, PNC, Wells Fargo and Chase have said they will work with cardholders “on a case-by-case basis.”
The New York Post reported that Discover Card said they will be, "extending relief to qualified customers who are experiencing financial difficulty caused by the spread of the coronavirus,” and the company added, “Discover customers may receive assistance that can include support related to payment timing, fees and late payments.”
Bank of America is suggesting to its customers that they call the bank’s client-care number at the phone number listed on the credit or debit card to discus options available.
Bill Hardekopf, the founder of LowCards.com, says that credit cards companies understand the problems people are facing financially right now and they want to help.“The industry is trying to help, but also avoid another 2008 crisis,” noting that’s when millions of cardholders defaulted.
The best advice is, if you are having problems making your monthly payment, call your credit card company to find out what type of plan or arrangements can be made.