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Millions of Americans are struggling to pay their bills and need some help, especially with credit card debt relief. Fortunately, many credit card lenders are offering some form of assistance that won’t affect your credit score negatively.
If you’re in the position where you can’t make a payment, contact your lender or bank immediately. They may be able to delay or lower your payment.
If you’re unsure what your bank or credit card provider is doing to help customers affected by COVID-19, check the list below. I’ve highlighted all the major credit card companies and what debt relief assistance they’re providing their customers.
1. Capital One instructs you to contact them if you’re facing financial difficulties.
2. American Express’s financial relief program can help you lower your bill.
American Express’s financial relief program can help you:
- Lower your bill
- Avoid late payment fees
- Lower your interest rate
- Prevent your accounts from going past due
You can give them a call at (866)703-4169 for help or chat with them online.
3. Bank of America’s Client Assistance Program offers payment deferrals.
Bank of America’s Client Assistance Program (CAP) allows you to request refunds for overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
When you land on the page, click “Request payment deferral.” They promise there will be “no negative credit bureau reporting for up-to-date clients.”
They also have paused foreclosure sales, evictions, and repossessions for the time being if you have a home loan.
Call them at (800) 432-1000, or schedule an appointment.
4. Chase will let you delay up to three payments on your personal credit card.
5. Citi is waiving minimum payments and late fees for two billing cycles.
Citi is waiving minimum payments and late fees on credit cards and personal loans for two billing cycles for customers who request COVID-19 assistance online.
6. Synchrony is encouraging customers to contact them about credit card payments.
Synchrony doesn’t have a dedicated coronavirus page. Rather, they encourage you to contact them personally if you’re having trouble meeting your monthly credit card payment.
7. Discover instructs you to contact them if you need assistance.
- Card customers: (800) 497-2816
- Online banking customers: (800) 347-7000
- Personal loan customers: (877) 256-2632
- Home loan customers: (855) 295-2193
- Student loan customers: (800) 223-5614
8. Goldman Sachs (Apple Card) will let you skip a payment without interest charges.
According to Apple Card’s COVID-19 response, Apple will let you skip your April monthly payment without incurring interest charges if you enroll online in their Customer Assistance Program.
When you enroll, credit bureaus will report your account as being enrolled in the Customer Assistance Program.
Enroll with your iPhone, iPad, or Mac:
- Apple posted a link that uploads a pre-written message in the Messages App; click the link, then log in to the Messages App with your Apple ID
- Tap the send button
- Tap the “Connect” button
- Reply “Yes”
- Confirmation of your enrollment will be sent to the email address associated with your Apple ID
Enroll with the Wallet app:
- Open the Wallet app and tap Apple Card
- Tap the “More” button
- Tap “Message,” and type in, “I want to enroll in the Customer Assistance Program”
- Tap send
- Make sure you’re signed in to iMessage with your Apple ID to ensure you’re enrolled
You can then cancel a scheduled payment after you enroll. Here’s how:
- Open the Wallet app on your iPhone and tap “Apple Card”
- Tap the “More” button
- Under Scheduled Payments, tap the payment you want to cancel
- Tap “Cancel Payment”
9. Comenity has payment programs to help affected customers.
Comenity’s COVID-19 response instructs customers to contact them by calling the “phone number on the back of your credit card” to inquire about their credit card debt relief program.
10. HSBC is deferring and reducing payments for 120 days.
HSBC’s coronavirus response allows for customers to defer or reduce payments for 120 days after “enrollment.”
Their page doesn’t detail who’s eligible for assistance or how to enroll in their credit card debt relief programs. Your best bet is to download the HSBC app and contact them there, or to register for online banking and get in touch.
11. Barclays is offering credit card and personal loan payment relief.
On Barclays’ COVID-19 page, they instruct cardholders to log in to their account at the “website listed on the back of your card.”
From there, they instruct you to choose “Contact Us” and then “Payment Relief” to submit your request.
If you have a personal loan, log in to your account and choose “Payment Relief Request.”
For customer support, call them at (877) 523-0478.
12. Navy Federal Credit Union is offering late fee refunds and extensions.
Navy Federal Credit Union is offering a number of debt relief programs for their customers, including credit card payment deferrals, credit card limit increases, late fee refunds, and other loan arrangements for those with student, auto, or home loans.
13. PNC may allow you to postpone your credit card payment.
You won’t accrue late fees during the postponement period if you’re enrolled. If you have questions specifically about your credit card, visit their FAQ page or call (800) 558-8472 for 24/7 assistance.
14. Truist is offering payment relief for BB&T and SunTrust customers.
You can also request payment relief by phone:
- For BB&T customers, call (800) 226-5228
- For SunTrust customers, call (877) 820-2103
15. U.S. Bank instructs customers to call them about their options.
U.S. Bank’s COVID-19 page doesn’t provide explicit instructions for credit card holders. They only claim that they’re “offering financial solutions” for customers that could help.
16. USAA has a 90-day credit card payment deferral program.
USAA is offering special payment assistance programs for eligible members.
Your options include a:
- 90-day credit card payment deferral
- 60-day payment extension
17. Wells Fargo is offering fee waivers and payment deferrals on a case-by-case basis.
According to Wells Fargo’s coronavirus response, credit card customers can get late fee waivers, payment deferrals, and “expanded assistance” on a case-by-case basis.
18. Your FICO Score and VantageScore shouldn’t be affected by coronavirus.
- If you’re facing financial difficulties, contact your lender first. Your lender may have several options to help you, including forbearance programs or reporting your account to credit bureaus under natural disaster coding.
- Forbearance plans and deferral payment plans, which include reduced payments, interest-only payments, or no payments, will not negatively affect your FICO Score or VantageScore
19. Experian, Equifax, and TransUnion are offering free credit score reports.
The three major credit bureaus are offering free credit reports through the end of April.
You can also get one free credit report every 12 months from any of the three credit bureaus.
If you think your credit score has been negatively affected by the coronavirus, you can submit a 100-word consumer statement to your report by law. According to Equifax, the following statement should suffice:
“Be advised that the negative accounts on my credit report are related to the Coronavirus. I intend to make these up as soon as I can.”
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