Are your Credit Cards Really Helping You During the COVID-19 Crisis

Some banks and credit card companies are offering “help” to those affected by COVID-19. We will continue monitoring what the card issuers are doing to help and post updates here. For now, most banks do not seem to offer much help and the details are nowhere to be found. Below is a list of some credit card issuers reflecting what they are offering to consumers in this time of crisis.

What we know now is the following:  

  1. American Express said they may waive late fees, return check fees and some interest and the monthly payment for a period of time. They are working with everyone on an individual basis. 
  2. Bank of America may allow skipping payments but will not waive interest. They are also working with customers on an individual basis.
  3. Barclays is offering a temporary credit line increase. 
  4. Capital One is allowing some customers to skip payments without interest. They are working with everyone on an individual basis.
  5. Chase is warning about identity theft but offers nothing online in the way of help. 
  6. Citi is offering credit line increases and collection forbearance options. 
  7. Discover is offering assistance in relation to payment timing, fees and late payments
  8. Fifth Third Bank “may” defer payments up to 3 months without charging a late fee
  9. Goldman Sachs (Apple Card) May skip March payments without “additional” interest
  10. Synchrony is working with customers on a one on one basis. They said they “may” waive some fees and charges across the board along with evaluating credit limit increases to give consumers more purchases power. 
  11. U.S Bank have not said they are doing anything. They only insist customers reach out to them and they will take each situation on a case by case basis. 
  12. Wells Fargo claims to provide assistance including fee waivers and payment deferrals

Some would say something is better than nothing. In these cases, we say nothing is better than something.

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