Buzz
Worried about paying your credit card bill right now? Your card issuer might be able to assist you.
Apple Card is giving customers the option to skip their March 2020 payment if the coronavirus has affected their finances, according to an email sent to cardholders this weekend. This isn't automatic; you will need to reach out to Apple Card support to sign up for their Customer Assistance Program. Once enrolled, you can skip this month's payment without accumulating interest on your balance.
Assistance programs for customers are not new, but if you've never faced serious financial difficulties, you may not know what to expect.
To request help from your card issuer, call the number on the back of your card or start a live chat while logged into your online account. Explain that your income is uncertain because of the coronavirus and inquire about available options. If there's a specific request that could make things easier for you—like waiving a late fee—don't hesitate to ask. However, stay open to what the representative suggests, as you might be eligible for more assistance.
Common forms of assistance from credit card issuers include:
Increasing your credit limit to help with essential expenses
Pausing collections on overdue accounts
Waiving late payment charges
Reducing or eliminating interest fees
Waiving future annual fees
While exploring your options, make sure to inquire about any potential long-term consequences. For example, Apple Card is offering to waive interest fees if you miss this month's payment, but other credit cards may not provide the same benefit. Be aware that even with accommodations, your credit card balance could still increase due to accruing interest, which might result in higher payments over time.
Many credit card issuers are sending emails to customers to inform them about available assistance, while others are posting notices on their websites encouraging customers to reach out for help.
If you’re wondering why some credit card companies aren’t publishing blanket statements on their websites, it’s because they prefer to assess customer needs individually. If you can pay your bill on time, your card issuer isn’t likely to offer any relief. However, if you’re feeling stressed about money, now is the time to speak up. You’re definitely not alone.
If you’ve successfully requested accommodations from your card issuer, feel free to share your experience in the comments or email me at [email protected]. I’m curious to know what adjustments you were able to get and how long they last.
