If you are worried about not being able to pay your credit card bill during the coronavirus pandemic, don’t worry.
The New York Post reported that credit card companies might be able to help you with paying off your card if you lost your job during the COVID-19 crisis.
Depending on what company you use, the issuer may allow you to waive fees, skip a month, or even extend your credit line.
A spokeswoman for the American Bankers Association said the big credit issuers and banks are “working to identify and assist affected clients and provide the right support to address their unique personal needs.”
Big company names like Apple Card are not allowing cardholders to skip recent payments without incurring interest.
“It allowed cardholders to pass on both March and April. This is the most generous relief program in the industry,” Ted Rossman, an analyst with CreditCards.com, said.
Several banks have their own policy when dealing with credit card holders during the crisis.
Bank of America is suggesting its customers call the bank’s client-care number at the phone number listed on the credit or debit card.
However, Discover Card said it's extending relief to customers who are qualified and are experiencing difficulty during this time. “Discover customers may receive the assistance that can include support related to payment timing, fees, and late payments,” the company said.
Chase, Wells Fargo, and Capital One said they would work with people “on a case-by-case basis.”
For the time being, some banks are also allowing people to increase credit limits.
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