The coronavirus pandemic is altering the way Americans live and work and unfortunately causing financial hardship for thousands of consumers. Whether you've been laid off or have seen a reduction in working hours, you may find it difficult to make credit card bill payments.
Thankfully, most major card issuers have released statements outlining how they plan to assist customers during this challenging time. Cardholders may be able to skip payments, avoid late fees and receive lower interest rates. Keep in mind, the assistance you receive depends on your individual situation. Not everyone will qualify for the same coverage.
Card issuers encourage customers to use online account management and mobile apps for 24/7 account access and call or chat to speak to a representative about available options.
Below, CNBC Select rounds up what assistance card issuers are currently offering credit card holders.
This list is updated on a regular basis.
Credit card issuer customer assistance
Many of the top credit card issuers have released statements and created webpages dedicated to customers' coronavirus concerns. See below for a summary of what card issuers are offering as relief.
American Express
To ease the financial hardship and difficulties many Americans are already facing, American Express is waiving interest and late payment fees for eligible personal and business cardholders. Amex also suggests members consider its Financial Relief Program, which offers both short-term and long-term assistance, such as monthly payment or interest rates temporarily lowered or relief from late payment fees for qualifying cardholders. Learn more about Amex's coronavirus assistance.
Updates
- April 2: Amex is offering new cardholders three more months to earn welcome bonus
- April 10: Some Amex cardholders can now enjoy 20% off Amazon purchases and other limited-time offers during coronavirus
- April 21: American Express launches 'Stand for Small' coalition to support small businesses impacted by coronavirus
Goldman Sachs, Apple
The Goldman Sachs-backed Apple Card was one of the first to offer relief to cardholders. Apple sent out an email on March 15 that stated: "We understand that the rapidly-evolving COVID-19 situation poses unique challenges for everyone and some customers may have difficulty making their monthly payments. Apple Card is committed to helping you lead a healthier financial life."
Upon enrollment in Apple's Customer Assistance Program, cardholders are able to skip their March credit card payment without incurring interest charges. Learn more about Apple's coronavirus assistance.
Update April 1: Cardholders can now skip April payments. If you previously enrolled in the March Customer Assistance Program, you will need to enroll again to be eligible to skip April's payment.
Bank of America
Bank of America has one of the most extensive webpages dedicated to coronavirus assistance, including statements from top executives. "If you have been negatively impacted by coronavirus and need additional assistance related to your account please visit our website or you can give us a call," Holly O'Neill, head of consumer, small business and wealth management client care at Bank of America, said in a video statement on the client assistance webpage.
Available assistance includes the ability for credit card holders to submit an online request form for a payment deferral. Learn more about Bank of America's coronavirus assistance.
Capital One
Like Amex, Capital One is also including waived interest and fees in its assistance program for both personal and business cardholders. According to a Capital One spokesperson, "The specific provisions offered really depend on the individual customer's needs, but can include fee suppression, minimum payment assistance and deferred loan payments." Learn more about Capital One's coronavirus assistance.
Chase
Chase cardholders may receive assistance with both bill payments and travel bookings. "When customers call us with financial challenges related to coronavirus, our customer service specialists have been helping them with things like waiving fees, extending payment due dates for cards, auto loans and mortgages, or increasing credit lines for consumer and small business customers," a Chase spokesperson tells CNBC Select.
Chase also created a coronavirus trip management page dedicated to changing or canceling travel booking, which states they will work with customers "to help find solutions for changing or cancelling a trip whether you paid with your credit card, debit card, or with rewards." Learn more about Chase's coronavirus assistance.
Citi
Citi's coronavirus webpage states that eligible Citi credit card customers can receive credit line increases and enroll in collection forbearance programs. If you qualify for assistance, you may be able to ask for a larger line of credit or the ability to temporarily pause minimum payments. Learn more about Citi's coronavirus assistance.
Update April 7: Citi expands assistance to include late fee waivers and deferral of minimum payments for two months. Coronavirus relief options are also extended until May 8, 2020 and Citi will continue to monitor the situation to determine if assistance should be further extended or expanded. Citi credit cardholders can also now submit a request for assistance online after logging in.
Discover
A Discover spokesperson tells CNBC Select that, "Discover customers may receive assistance that can include support related to payment timing, fees and late payments." Cardholders can call customer service or chat with a representative about available options. Learn more about Discover's coronavirus assistance.
Wells Fargo, U.S. Bank and other issuers
Other card issuers, such as Wells Fargo and U.S. Bank, encourage customers to call and discuss possible solutions. If your card issuer doesn't provide the assistance you need, consider opening a new credit card with benefits that are better suited to your needs.
Consider 0% APR credit cards to get out of debt
If you're in a temporary bind due to the coronavirus, you may want to consider cards that offer no interest for up to 20 months. These typically require a good credit score, but if you qualify a 0% APR credit card can help you pay off debt or new purchases over time without incurring interest charges, as long as you make the minimum payment and pay off your balance before the intro period ends. Below, we list some of our favorite no-interest credit cards.
Citi Simplicity® Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening.
Regular APR
19.24% - 29.99% variable
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees. Terms apply. Read our Citi Simplicity® Card review.
Pros
- No annual fee
- Balances can be transferred within 4 months from account opening
- One of the longest intro periods for balance transfers
Cons
- 3% foreign transaction fee
- No rewards program
U.S. Bank Visa® Platinum Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% for the first 18 billing cycles on balance transfers and purchases
Regular APR
18.74% - 29.74% (Variable)
Balance transfer fee
An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater
Foreign transaction fee
3%
Credit needed
Excellent/Good
Terms apply.
Pros
- No annual fee
- Cell phone protection plan
Cons
- No rewards program
- Has a foreign transaction fee
- Balances must be transferred within 60 days from account opening
Chase Freedom Unlimited®
Rewards
Enjoy 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
Welcome bonus
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
Credit needed
Excellent/Good
Member FDIC. Terms apply.
Read our Chase Freedom Unlimited® review.
Pros
- No annual fee
- Rewards can be transferred to a Chase Ultimate Rewards card
- Generous welcome bonus
Cons
- 3% fee charged on foreign transactions
