Credit cards offering coronavirus relief with fee waivers, payment flexibility
110M Americans entered coronavirus outbreak with credit card debt: Survey
Creditcards.com Industry Analyst Ted Rossman discusses how credit card companies are helping cardholders during the coronavirus pandemic.
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Continue Reading Below
As the coronavirus outbreak reached the U.S., 110 million people had underlying credit card debt, according to a new to a CreditCards.com poll.
With the uncertainty surrounding the virus and the economic hardships it's caused for many Americans, some credit card issuers are offering relief to cardholders — including those in debt.
“Banks are being remarkably generous when it comes to cardholders who are struggling,” CreditCards.com industry analyst Ted Rossman told FOX Business’ Maria Bartiromo on Monday. “They'll give you a break if they know about it.”
PRE-CORONAVIRUS CREDIT CARD DEBT CARRIED OVER FOR 110M AMERICANS
For example, American Express tailors credit relief to individuals, which could include flexibility in paying bills. And under its financial hardship program, customers can potentially have reduced monthly payments and temporary relief from late payment fees, according to CreditCards.com. Citibank credit relief includes increased credit lines and forbearance from collections.