How to Manage Credit Card Payments During COVID-19
The COVID-19 pandemic has made keeping up with monthly bill payments In an effort to provide some financial relief, a number of credit card companies have introduced policies to offer temporary help. If you have credit card debt and you’re struggling to manage your payments during the coronavirus crisis, this guide breaks down what’s available from the 10 top card issuers.
KEY TAKEAWAYS
- Many credit card companies and banks are offering temporary financial relief to borrowers who are experiencing financial hardship because of the COVID-19 pandemic.
- Managing your credit card payments is important for protecting your credit score and avoiding negative reporting to the credit bureaus.
- Credit card relief isn’t automatic; you’ll need to reach out to your card issuer to determine which options are available and what you qualify for.
Major Credit Card Issuers Offer a Variety of COVID-19 Relief Options
Credit card companies can use their own discretion when deciding what financial relief, if any, to offer cardholders who are experiencing financial difficulties. Help can take different forms from one issuer to the next, so it’s important to follow up with all of your credit card companies if you’re having trouble making payments because of the coronavirus pandemic. This table sums up some of our findings (blank spaces mean the information was unavailable):
| COVID-19 Credit Card Relief: Top 10 Card Issuers | |||
| Card Issuer | Temporary Suspension of Payments | Fee Waivers | Temporary Credit Limit Increases |
| American Express | No, but payments can be reduced | Yes | |
| Bank of America | Yes | No, but late fees can be refunded | |
| Barclays | Yes | Yes | Yes, on a case-by-case basis |
| Capital One | Contact Capital One for options | Contact Capital One for options | Contact Capital One for options |
| Chase | Yes | Yes | |
| Citi | Yes | Yes | Yes |
| Discover | Contact Discover for options | Contact Discover for options | Contact Discover for options |
| HSBC | Yes | Yes | |
| U.S. Bank | Yes | Yes | |
| Wells Fargo | Yes | Yes |