Credit Card Companies Respond to COVID-19
In these unique times, many have experienced some form of economic challenge and altered lifestyle due to health and financial concerns. To assist with these hardships, companies are coming up with new ways to help those who may need it, credit card companies being one of them.
Many credit card companies have modified hardship programs to help customers in financial stress due to the coronavirus. We wanted to make you aware of these potential options in case you or anyone you know could use some assistance navigating pandemic hardships.
Payment Deferment. Consumers who have always guarded their credit rating may worry about asking for a deferment, but if a company agrees to defer your payments, it won’t report those payments as late. However, your credit score could still be damaged if a card balance grows while payments are deferred. It’s best to discuss reporting concerns with the company.
Overdue Payments. If you have overdue payments because of coronavirus, a consumer statement can be filed with the credit bureau explaining the unique circumstances that led to falling behind and the intention to catch up.
Credit Checks. Credit bureaus are allowing consumers to check credit reports once a week at no cost through April of 2021 at AnnualCreditReport.com.
Even if you haven’t experienced income loss this year, there are other limited time benefits to take advantage of, among these are:
- awarding extra points for restaurant, grocery, or gas purchases
- allowing holders to redeem travel points at grocery stores and restaurants
- providing statement credits for grocery or restaurant delivery services
- offering statement credits for streaming entertainment, wireless phone, or shipping services
To see what your credit card offers in terms of support during these times, visit its website or call customer service. Making your money go farther and protecting your assets are important to us. If we can help you evaluate your options for spending, saving, and investing your money to support your financial goals during this time, please reach out.
PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites.