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News: Credit Card Issuers Are Ready To Help Consumers Affected By COVID-19 - Credit-Land.com

Many major credit card issuers organize additional assistance to help consumers during the coronavirus (COVID-19) outbreak.

On March 9, 2020, the FDIC encouraged financial institutions to prepare for more American consumers experiencing financial problems caused by the COVID-19 outbreak. Credit bureaus, like Experian, also encourage consumers to be proactive and give some pieces of advice in case of financial hardship.

In response to the FDIC press release, some major banks posted information on their websites to express their readiness and willingness to deal with consumer concerns. Among the issuers, who posted their message, consumers will see such names as Capital One, Chase, Citi, Wells Fargo, and U.S. Bank, with potentially more names to come.

The banks encourage consumers to use online account access or mobile apps to manage their finances form the comfort of their homes. Luckily, many credit card issuers offer mobile banking and provide 24/7 online account access and support. More than that, credit card issuers have announced emergency support, which includes credit line increases, fee waivers on monthly service fees, and collection forbearance programs.

As the situation with the coronavirus outbreak remains uncertain, many consumers are concerned with how they will finance everyday expenses as an increasing number of American stays at home during the outbreak. In this situation, a credit card with promotional financing may seem a good option as it allows to spend now and pay low monthly payments, and pay them all off later. But make sure you plan before you apply for a credit card with 0% intro APR to avoid more debt to pile up.

tags : American Express Credit Cards Payments Covid

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.