BIRMINGHAM, Ala.—Some of the major card-issuing institutions in the U.S. have responded to the coronavirus pandemic with pricing and fee changes to provide cardholders with some relief, while others have yet to act.
As CUToday.info reported here, nearly 70-million Americans have expressed concerns over their ability to pay credit card bills due to the coronavirus outbreak.
LowCards.com has compiled some of the relief policies announced by card issuers, including:
- American Express: American Express will waive/refund interest fees, late fees and returned check fees for customers as long as they contact customer support. This includes online chat support and phone support.
- Apple Card: Cardholders can skip their March payment without incurring interest for that billing cycle.
- Bank of America: No specific relief program at this time, but it is offering phone/digital support. BofA said it will update its policies "as developments emerge."
- Barclays: Credit card customers may apply to temporarily increase their credit limit.
- Capital One: Capital One is providing relief on a case-by-case basis, including deferred loan payments and financial assistance for minimum payments.
- Chase: Chase is also reviewing accounts on a case-by-case basis. In the past, the bank has extended credit lines, waived fees and offered refunds for crisis relief, but it is not yet offering that relief at this time, LowCards.com said.
- Citi: For an initial 30 days effective March 9, Citi cardholders can request a credit line increase or temporarily postpone their payments.
- Discover: In a statement to USA Today, Discover said it will offer support for payment due dates, late payments and fees for qualifying customers affected by the crisis. Discover does not have a coronavirus support page at this time.
- Fifth Third Bank: The bank has not specified the type of relief credit card customers will receive, but there are hardship programs in place.
- PNC Bank: The bank does not have designated relief efforts, but it is providing hardship assistance on a case-by-case basis.
- Synchrony: Synchrony does not have a specific hardship program for COVID-19, but it will consider credit line increases and fee waivers for select customers. Synchrony is the issuer behind many retail credit cards, including Lowe's, Amazon, PayPal, and others, noted LowCards.com.
- Truist(B&B and SunTrust Banks): Truist is temporarily waiving ATM surcharge fees and providing payment relief for credit card accounts. The bank is also providing 5% cash back on consumer credit cards for grocery and pharmacy purchases, effective through April 15, 2020.
- U.S. Bank: U.S. bank has reduced fees and interest on several loan products, but it does not have a specific relief program for their credit cards yet. Customers can call 888-287-7817 to request assistance.
- Wells Fargo: Customers may call 1-800-219-9739 to discuss hardships. Agents will evaluate the best course of relief for their circumstances, according to the bank.