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If you're a USAA credit cardholder, you may be able to defer your credit card payments for 90 days.
The San Antonio-based financial company has joined other major card issuers like American Express, Chase and Bank of America in offering assistance to its members who have been financially burdened by the coronavirus pandemic.
Such temporary relief measures include payment arrangements, deferrals, due date extensions, deductible and co-insurance waivers and annuity withdrawal fee forgiveness. These programs apply to health and life insurance, credit cards, consumer loans, mortgages, credit lines, investments and retirement products.
This is welcome news for cardholders — whether you have the USAA® Preferred Cash Rewards Visa Signature® Card that offers unlimited 1.5% cash back on all purchases, or the USAA® Military Affiliate American Express® Card that offers an introductory 0% APR on balance transfers for 12 months (after, 10.90% to 25.90% variable APR).
If you are approved for a deferral program, you will not be penalized for your late payments — but your card may still incur interest on your unpaid balances. Still, deferral can be a good option if you don't think you will be able to make your credit card payments on time these next few months. Remember, deferrals and forbearance look better on your credit report than late payments.
USAA membership is free and open to military members and their families. To discuss your financial relief options, USAA asks that members call and speak to customer service.
Make sure you have your credit card and necessary forms of documentation ready, plus any responses to security questions on your account that you may be asked to provide. Once connected, you will be able to explain your financial situation and any recent hardship you have experienced, including a recent layoff, reduction in working hours or furlough.
Here are the numbers to call for customer service:
- Bank (deposits, credit cards, consumer loans): 855-764-4617
- Auto and property insurance: 800-531-8722
- Mortgage: 855-430-8489
- Life and health insurance: 800-531-8068
- Home equity line of credit: 800-531-0832
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