TAMPA, Fla. (WFLA) – Nearly 67 million Americans anticipate problems in paying down credit card debt during the COVID-19 pandemic, a new Wallethub study says.
Unfortunately, financial worries don’t end there.
President Donald Trump announced Wednesday that all foreclosures and evictions would be suspended. And for the fourth time in two weeks, the stock market screeched to a halt from record-breaking lows.
Americans are scrambling to find solutions to looming financial hardships. If you are a credit card holder, many major card issuers are trying to accommodate the economic slow-down.
Here’s what some of those credit card companies are doing to help customers:
American Express
American Express cardholders who experience financial difficulties stemming from COVID-19 can contact Customer Care by calling the number on the back of their card or using online chat. American Express will work with customers on a case-by-case basis to find appropriate solutions which may include waiving late fees, returning check fees, waiving interest charges for a period of time, reduced monthly payments or temporarily reducing interest rates.
Bank of America
Bank of America created a help page with resources for card members impacted by coronavirus. Cardholders can call the number on the back of their card or each out through the company’s website to ask about assistance options or Bank of America’s hardship program.
Capital One
Cardholders should contact Capital One to work out an individualized solution.
“We understand the concern and uncertainty you may be experiencing surrounding the coronavirus (COVID-19) and are committed to being responsive to the needs of our customers and associates as the situation evolves,“ the company said on its website.
Chase
Chase is warning that, as a precaution against potential scams, never give confidential information such as your name, password, PIN or other account information to someone who says they’re from Chase.
“If you’re affected by COVID-19 and need help with your accounts or making payments, please reach out to us,” the company said in a statement.
Discover
Discover said it “will be extending relief to qualified customers who are experiencing financial difficulty caused by the spread of COVID-19.” Discover’s cardholders may receive assistance waiving late fees or delaying payments.
Synchrony
Synchrony, which issues retail credit cards for many popular national brands like Lowe’s, Sam’s Club and PayPal, is available to assist cardholders impacted by the coronavirus and will work with customers individually, according to a statement via email.
Customers facing financial hardship should contact Synchrony and engage with the issuer’s customer service teams to discuss options. These may include waiving fees and charges across credit card accounts, evaluating credit limits to assist with purchasing power and waiving fees on Synchrony Bank deposit accounts as needed.
Wells Fargo
Wells Fargo is encouraging cardholders to reach out through their customer service phone number or the company’s website if they are affected by coronavirus.
Wells Fargo is providing help including fee waivers, payment deferrals and other expanded assistance for all aspects of their business.
Customers experiencing hardship related to coronavirus and in need of assistance are encouraged to call 1-800-219-9739 to speak with customer service about available options.
“Credit card companies should give relief to affected customers, just like they’ve done during major natural disasters in recent years,” said WalletHub CEO Odysseas Papadimitriou. “Roughly 67 million Americans anticipate having trouble paying their credit card bills because of the coronavirus. Their struggles could easily ripple through the economy if left unaddressed, especially considering the more than $1 trillion in credit card debt currently owed by U.S. consumers.”
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