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The novel coronavirus (COVID-19) pandemic has majorly impacted all industrial sectors around the world. The banking & finance industry, in particular, has been hit badly in 2020. The pandemic has not only dipped the stock market valuations of leading financial institutions but also led to temporary or even permanent layoffs.

Millions of debt holders around the world are unable to make their payments. Banking experts believe that credit card holders are the ones who are facing the most payment difficulties. With near-zero income, the majority of credit card holders are dependent on their credit cards for survival.

Some Signs of Relief from Major Credit Card Issuers

As a timely move to comfort its credit cardholders, some of the world’s leading credit card companies are offering various types of financial aid. According to recent reports, major credit card issuers are responding to the financial needs of their costumers and reducing their burdens.

Top Credit Card Companies Providing Financial Assistance During Coronavirus

Here are the five major players of the credit card industry who are following a suit of financial assistance for their customers.

Chase

Chase is helping its credit card customers based on how badly they were impacted by the COVID-19 situation and their 2019 payment history. Chase has released details on how its customers can postpone their payments for three months and send a secure message through their Chase card account for availing further financial assistance. Recent travel bookings made via Chase’s Ultimate Rewards portal can be refunded if the trip exceeds for more than seven days. Chase’s customer support team has also released several online forms to reach out to its troubled cardholders.

Bank of America

By setting up a new “Help” page for customers impacted by the coronavirus outbreak, Bank of America continues to regularly update the details of its financial assistance programs. Cardholders unable to make their payments are expected to submit an online request for payment deferrals. Then, the customer support team from Bank of America would get in touch with these cardholders and run them through some financial support options.

Citigroup

Like Chase, Citi has also launched some online forms for assisting its credit card customers with monthly payments. A Citi cardholder can avail of a waiver of late-payment fees for the past two to three months. Similarly, the bank has also relieved cardholders from making minimum payments for a period of two consecutive months.

The coronavirus resources page on Citi’s website and customer service portal is seeking information from cardholders on potential credit line increments. It also shares updates on the collection forbearance programs that give customers more time to pay off their Citi credit card bills.

Amex

American Express cardholders have gained a short-term relief from late-payment charges and interests. The credit card issuer levies low-interest rates for its cardholders based on their requests for financial assistance and eligibility. Amex cardholders can not only skip payments without any interest accrued but also have their interest fees waived off.

The American Express COVID-19 support team is having discussions with its cardholders to know their financial situation. The Amex account services offer financial relief if the cardholders are able to explain their difficulties with payment adequately. Some Amex cardholders are also able to freeze their fees until their financial situations go back to normal.

Do You Qualify to Claim Relief From Credit Card Payments?

Each credit card issuer has its own set of terms & conditions for the eligibility criteria. A cardholder is assessed in a specific way for its position not to pay off credit card balances. If you have a clear payment history and have been a loyal cardholder, then the issuer is willing to offer you lucrative financial aid. If you seek only short-term payment relief, then your eligibility would primarily depend on your adjustments in the payment plan. Some banks are also ready to offer tailor-made financial solutions to cardholders stuck in complicated situations.

Bottom Line

This pandemic has rattled the financial situations of even the most secure people in the world. Thankfully, leading credit card issuers offer relief options to the financially vulnerable and restore their faith in the global banking sector.