Chase Bank will now allow cardholders to defer their credit card payments online for up to three months. This coronavirus update comes as a follow up to our previous article on the relief measures the issuer began offering back in March. Up to this point, Chase’s policies regarding financial assistance during the pandemic seemed to be handled on a case-by-case basis.
However, with more and more workers experiencing layoffs, congested customer service lines have only grown more overwhelmed. These “extremely long wait times”, as Chase describes them, make it even more difficult for cardholders to request the help they need. In response, many issuers – Chase now among them – have decided to offer more standardized relief that can be easily requested online.
How to Delay Credit Card Payments with Chase Bank
Though delayed credit card payments were an option with Chase back in March, the process has become more streamlined. Cardholders can now easily request deferred payments on all of their Chase credit cards through their online accounts.
Here are a few things you should keep in mind if you plan to request payment deferment:
- The delay lasts for a maximum of three months
- You can only defer payments on each of your credit cards once
- If you use autopay to pay your credit card bill, make sure to turn this feature off
- You will still accrue interest on any balances you carry
To complete the process, you can visit the Chase coronavirus resource page and click the link for delaying credit card payments. You will be prompted to sign in to your account before being taken to the online deferment form. If you need other assistance or information, you can still elect to speak with a customer service representative through your account’s secure message feature.
Other Chase Coronavirus Resources
In addition to its own relief, Chase also offers a resource page regarding the federal stimulus checks. The IRS reportedly began issuing the first wave of payments on Apr. 11. On this page, the bank lays out some steps that can help you prepare to receive your check, if eligible. This includes downloading the Chase mobile app and setting up direct deposit alerts.
Related article: Everything to Know About the COVID-19 Stimulus Check