American Express has been very proactive about COVID-19 and its customers. The popular issuer was among the first to extend credit card relief to cardholders struggling to pay their bills. Since then, it has gone on to add special “at home” perks to some of their premium travel cards. Now, Amex is extending its financial hardship program online. Here is what you need to know about the new rollout of the Amex COVID-19 financial relief program.
Amex COVID-19 Financial Relief Program
The American Express financial hardship program is designed to help current cardholders struggling to make payments due to the coronavirus pandemic. Stay-at-home orders and the global shutdown are severely restricting the economy. The result is that millions of Americans currently find themselves out of work.
To help combat this issue, many lenders are extending financial hardship relief for those who are out of work or simply cannot afford to make payments due to COVID-19. Amex is one of these issuers, and their program helps cardholders:
- Reduce their monthly payments
- Lower their current interest rates
- Receive forbearance for the next month’s payments
- Prevent late fees, penalty APRs, and other issues
The current Amex hardship program consists of two different plans. The first runs for 12 months, where the cardholder’s account remains open, though with a reduced spending limit. The second plan offers terms of either 36 or 60 months, though Amex cancels the card account. The latter option provides better value and relief – at the expense of the account holder’s American Express card.
Relief Now Available Online
The Amex financial relief program is now available online, as well as over the phone. Previously, the service was only offered via phone. While the online extension of the program isn’t groundbreaking, it does provide a greater reach for customers seeking assistance.
For more information on the American Express coronavirus hardship program, visit their dedicated relief page.
Related Article: Updated Coronavirus Credit Card Relief Contact Information
