Apple Card Will Let You Skip Payment This Month
Worried about paying your credit card bill right now? Your card issuer may be able to help you.
Apple Card allows customers to skip payments for March 2020, if the coronavirus affects their finances, according to the email sent to cardholders this weekend. It’s not automatic; you need to contact Apple Card Support to enroll in the company’s customer support program. This will allow you to skip this month’s payment without charging interest on the statement balance.
Customer assistance programs are not new, but if you’ve never been in dire financial straits, you may not know what to expect.
To request assistance from your card issuer, you need to call the number on the back of the card, or start a live chat by logging into your online account. Explain that your income is uncertain due to the coronavirus, and ask what options are available to you. If you know there is something that could make your life easier – for example, waiving late fees – you can ask for it. But be open to what the representative shares, as you may be eligible for additional living conditions.
General living conditions from credit card issuers include:
- Increasing your line of credit so you can cover basic expenses
- Suspension of the process of collecting overdue invoices
- Waiver of late payment fees
- Refusal or reduction of interest charges
- Waiver of upcoming annual fees
While you are exploring your options, be sure to ask and make sure you understand any long-term implications. For example, Apple Card waives interest charges if you don’t make a payment this month, but that might not be the case for other credit cards. You should be aware that your credit card balance can still go up due to interest charges even if you get some housing, which could mean you have to pay more in the long run.
Many card issuers send emails to customers informing them of the availability of help, while others post notes on their home pages inviting customers to call.
If you are wondering why more and more credit cards are not posting generic statements on their websites, it is because they prefer to assess customer needs on a case-by-case basis. If you can pay your bill on time, your card issuer will not voluntarily give you a break. But if you are stressed about money , now is the time to speak up. You are certainly not alone.
If you were able to request accommodation from your card issuer, share your experience in the comments or send me an email at [email protected]. I am interested to know more about what adjustments you were able to get and for how long.