Issuer assistance
In response to the virus outbreak so far, several issuing banks have released statements regarding their ongoing monitoring and response for customers. For credit cardholders specifically, here’s what each issuer stated:
American Express
According to reporting from The Points Guy, American Express cardmembers who experience financial hardship as a result of coronavirus can reach out to Customer Care Professionals by calling the number on the back of any Amex card, using online chat or through the Amex app. The issuer is working with customers on an individual basis to find personal solutions which may include waiving late fees or return check fees, waiving interest charges for a period of time, reduced monthly payments or a temporary interest rate reduction.
Bank of America
Bank of America has a help page for customers to find resources they can use if affected by coronavirus. Call the number on the back of your card or reach out online or via mobile app to ask about individual assistance options or the bank’s hardship program. According to a recent report from the New York Times, Bank of America may allow skipped payments due to hardship, but will not waive interest.
Barclays
Customers already experiencing difficulty or anticipating problems making payments are encouraged to reach out to the specialist teams at Barclays for assistance. The issuer is also “enabling customers to apply for a temporary increase on their credit card limit.”
Capital One
Cardholders are encouraged to use digital tools online and via the Capital One mobile app for account management. According to the same New York Times report, Capital One will also allow cardholders facing hardship to skip payments without accruing interest. Customers impacted financially by the virus should contact Capital One to discuss whether this is an option and work out an individual solution.
Chase
Account holders who have been affected by coronavirus should call the number on the back of their credit card or on their monthly statement. As a precaution against potential scams, the issuer also advises that, if someone from Chase reaches out to you, they will not ask for confidential information such as your name, password, PIN or other account information.
Citi
Eligible Citi credit cardholders may make use of “always on” assistance programs, which include credit line increases and collection forbearance options.
Discover
Discover “will be extending relief to qualified customers who are experiencing financial difficulty caused by the spread of the coronavirus,” according to a statement. “Discover customers may receive assistance that can include support related to payment timing, fees and late payments.”
Goldman Sachs (Apple Card)
Apple notified its Apple Card customers via email that any cardholder seeking assistance may enroll in a Customer Assistance Program, allowing them to skip March payments without accruing additional interest charges on their balances.
U.S. Bank
U.S. Bank advises customers who have been impacted by coronavirus to reach out by calling 888-287-7817 to discuss individual solutions.
Wells Fargo
Wells Fargo customers experiencing hardship related to coronavirus and in need of assistance are encouraged to call 1-800-219-9739 to speak with a trained specialist about available options.