Credit Card Issuers Provide Debt Relief Amid Pandemic

As more and more Americans are hit by the growing pandemic, a number of credit card issuers in the country have taken steps to provide cardholders with debt and credit relief efforts. These actions reportedly come as numerous Americans across the nation have experienced a significant decrease in working hours or have been laid off due to the economic downturn. Lockdowns and community quarantines have also kept individuals from coming to work and for earning their wages.

In light of this outbreak, a number of major credit card issuers have issued statements that detail their plans for providing debt relief in these trying times. According to CNBC, cardholders who have cards from these issuers and financial institutions may file for assistance. Depending on the card issuers, individuals may also apply for delayed payments without incurring late fees and charges. Others may also receive preferentially or lower interest rates.

Some of the banks and credit card issuers who are extending assistance today include Bank of America, American Express, Capital One, Chase, Citi, Apple, Goldman Sachs, and Discover.

Credit Card Issuers Provide Debt Relief

In a statement to CNBC, a Chase spokesperson said, “When customers call us with financial challenges … 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.”

The same sentiments were echoed by the chief executive officer of Citi’s Consumer Bank in the United States, Anand Selva, who states they are dedicated to helping customers in this “rapidly evolving situation,” notes International Business Times.

However, all credit card issuers maintain that each situation and individual is unique, so reaching out to the establishment is a must. Cardholders may also opt to utilize online banking services or mobile apps.