If you are looking for temporary relief, you must first contact your lender first to discuss an agreement. Skipping payments without an agreement in place could result in a negative impact to your credit score.
One of the most effective moves you can make is to call the customer service number on the back of their credit cards to ask about flexibility options during the coronavirus outbreak. Many banks, lenders, and card issues are offering flexible payment options during the coronavirus pandemic to help you prioritize your bill payments and have set up specific pages on their websites related to their coronavirus response.
We are updating this list daily to include the latest from these companies as well as direct links to their customer service pages for more details and contact information.
- Ally Financial: Existing customers that have auto loans and/or mortgages might be able to defer payments for up to 120 days with no late fees. If you have a bank account through them, you can get those fees waived as well.
- American Express: Due to the impact of COVID-19, for eligible Card accounts approved from January 1, 2020 through April 30, 2020 for which you are eligible for a welcome offer, the period to make eligible purchases to earn your welcome bonus will be extended for an additional 3 months. Eligible Cards are U.S. Consumer and Business Cards issued by American Express National Bank to a Basic Card Member. Additionally, cardmembers can reach out to Customer Care Professionals, who will work with you to find personal solutions which may include waiving late fees or return check fees, waiving interest charges for a period of time, reduced monthly payments or a temporary interest rate reduction.
- Bank of America: They are offering assistance to qualifying consumer and small business clients facing hardships, including forbearance with certain fees.
- Barclays: Customers are encouraged to reach out to the specialist teams at Barclays for assistance. They are also enabling customers to apply for a temporary increase on their credit card limit.
- Capital One: All customers will be eligible for assistance depending on the type of product they have and their individual needs, including minimum payment assistance, deferred loan assistance, and fee suppression.
- Chase: The bank is working with our customers on a case-by-case basis right now.
- Citibank: Customers are encouraged to contact the bank for support with waivers on monthly service fees, waived penalties for early CD withdrawal, fee waivers on remote deposit capture for small business customers, credit line increases, collection forbearance programs, and mortgage hardship programs.
- Discover: Customers may receive assistance that can include support related to payment timing, fees, and late payments.
- Fifth Third Bank: They are offering coronavirus hardship assistance for customers needing loan support.
- LendingClub: They have the ability to work with their borrowers on skipping payments and delaying payments when hardship related to this does occur.
- Wells Fargo: Customers experiencing hardship from the coronavirus disease can call customer service to speak with a trained specialist about their options.
Other Banks and Lenders Offering Relief
- Apple: You can enroll in their Customer Assistance Program, which will allow you to skip your March payment without incurring interest charges on your Apple Card.
- CBC Federal Credit Union: Members may qualify for fee waivers, options to skip payments, or low interest, short-term loans.
- Gesa Credit Union: If you are already a member, you might be able to get a low (or even a zero) interest rate personal loan based on financial hardship because of the coronavirus.
- Marcus by Goldman Sachs: Customers can postpone their loan payments by one month, without interest charged during the deferral period. They are also waiving early withdrawal penalties on CDs.
- Navy Federal: Fees for Western Union and early CD withdrawals are being waived for Navy Federal members.
- NetCredit: They have developed an FAQ section on their website for current borrowers and are willing to work with impacted customers to adjust their payment schedule.
- ORNL Federal Credit Union: Members can apply for an unsecured loan at 0% interest for the first six months and 3% fixed interest for the remainder of the term.
- PNC Bank: Customers are encouraged to reach out directly, and the bank is working with them on a case-by-case basis.
- Santander: Those with loans through them are encouraged to call and learn about options.
- Synchrony: They are urging members to reach out if they need assistance with paying their bill.
- Truist: Customers experiencing financial hardship due to coronavirus can reach out to customer service.
- U.S. Bank: The bank is offering product discounts and other customized solutions, including lowered interest rates on select loan products.
Please comment below if you have any other companies that you know of that should be added to the list. In the meantime, Credit Sesame can be a free valuable resource to help you monitor your finances during these uncertain times. And most importantly, please stay safe and healthy.