Credit Card Relief During the COVID-19 Pandemic
Credit card relief during the current coronavirus pandemic may be something you are curious about. Many people are suffering financial hardships right now with lost jobs and wages. If you are already in debt, this is something that can really help you out at least temporarily. With that being said, many credit card issuers are offering various forms of credit card relief to their cardholders.
In this article, we’ll share some examples of the type of relief you may be able to get from your credit card issuers while the COVID-19 pandemic continues. You should be aware that the relief won’t simply fall into your lap, and you’ll need to be proactive about contacting the credit card company directly.
Have you been struggling to pay your bills on time because you’re waiting on unemployment checks or other sources of income? You may be able to ask for credit card relief in the form of waived late fees and deferment of your minimum payments. This is being done for the most part on a case-by-case basis only. However, if you can get your credit card issuer to agree to this, you’ll be able to buy some time and avoid pesky fees.
Credit line increase
If you are hurting for cash, a credit line increase may be the credit card relief you need. This can really serve as a lifeline when you’re short on cash. When you’re asking for a credit line increase, you should ask if they will need to do a “hard pull” of your credit. Ideally, you’ll want to avoid the “hard pull”, since it can impact your credit score. However, the benefits of having an increased line of credit may outweigh the potential drawbacks of the “hard pull”.
Extensions for bonuses
Did you sign up for a new credit card right before the pandemic hit? If so, you may not have been able to meet the spending minimums required to receive any bonuses or rewards. Some credit card issues are extending the time period during which new credit card holders can reach their spending minimums. You may want to check on these updated policies.
Waived annual fees
Are you paying an annual fee on one of your credit cards? If so, now may be a great time to call your credit card issuer and see if you can get it waived due to financial hardship. The issuer may say “no”, but it really doesn’t hurt to try, especially if you’ve been a loyal customer.
Lower interest rates
Interest rates are typically high on credit cards but they are not fixed. If you have decent credit, it is worth your time to contact your credit card company for a reduced rate.
A few things to remember when asking about credit card relief
Entering into a credit card relief program with your credit card issuer may not be so cut and dry. It is important to get all the details about what they are offering. You want to make sure you are not entering into something that may hurt you financially once things return to normal. In addition, you want to make sure to get a copy of the agreement in writing.