At the end of March American Express launched it’s financial hardship/financial relief program due to COVID-19. At the time this program was only available via phone, but it’s now available online. This program helps cardholders with:
- Lower monthly payments and interest rates
- Provide relief from future late payment fees
- Prevent accounts from going past due or further past due
There are two versions of this program. One is for periods less than 12 months and the other is for periods for more than 12 months (36 or 60 months). With the 12 month program your cards remain open (with a reduced spending limit) whereas the longer term programs your card is cancelled. This should go without saying but I’ll say it anyway, only use this program if you actually need to.
Hat tip to discovideo3
