So you have credit card debt. Not only that: You could really use the financial wiggle room that another credit card could provide. What’s a cash-strapped individual to do? Read more...
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In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more
According to a WalletHub survey, 67 million Americans anticipate trouble paying their credit card bills due...According to a WalletHub survey, 67 million Americans anticipate trouble paying their credit card bills due to the economic impacts of the coronavirus. The Apple Card, issued by Goldman Sachs, will allow customers to skip a payment without accruing interest. American Express and Capital One are reportedly offering this assistance to eligible customers as well. If you aren't able to pay your statement balance, call the number on the back of your card to discuss your options. You may find that your bank is willing to offer assistance that it hasn't publicly advertised based on your situation and need. See Business Insider's list of the best credit cards with intro APR offers. Not only has COVID-19 led to a dramatic dip in the stock market, but the coronavirus pandemic has also resulted in both temporary and permanent layoffs. According to a survey by WalletHub, 67 million Americans anticipate difficulties paying their credit card bills because of the coronavirus. Fortunately, most major credit card issuers are responding by offering assistance to their customers. Goldman Sachs, which issues the Apple Card, is allowing customers to skip their March payments (and, now, their April payments) without accruing any interest fees. American Express and Capital One are following suit with similar programs for eligible cardholders. Here's a roundup of how other major US credit card issuers are offering assistance to their customers. If you're not in a position to pay off your credit card balances and you don't see any options for your issuer listed here, you should call the number on the back of your card and explain your situation. Your bank may be willing to come up with a solution such as a payment plan tailored to your specific situation. American Express As reported by Richard Kerr of The Points Guy, Amex will waive interest charges and late fees and offer lower interest rates on a case-by-case basis for those who request assistance. According to The New York Times, American Express will also allow cardholders to skip payments without accruing interest. Don't just skip a payment and expect to see your interest fees waived; if you have a consumer or business Amex card and you're not in a position to pay your statement balance, call the number on the back of your card or log into your account and start a chat. Be prepared to explain how COVID-19 has impacted your financial situation, and note that if Amex account services does offer any financial relief, your accounts will be frozen until they're paid off, and you won't be able to access your Membership Rewards points balance until your accounts are paid off. Additionally, if you booked a trip through Amex Travel and need to change or cancel your reservation, Amex will honor the travel provider's policies. It's also waiving the Amex Travel fee for making flight modifications through April 30, 2020. See the Amex COVID-19 information page for more info. Bank of America Bank of America has a coronavirus help page, which it recently updated to add details about the assistance it's offering to cardholders. If you're not able to make your Bank of America credit card payment on time, you can submit a payment deferral request online. If you have any questions about what other options might be available, call the number on the back of your card. Barclays Barclays is allowing cardholders to request to skip a payment online. If you request this via the online form, you'll be able to skip the minimum payment due on your next two payment due dates. If you need additional assistance, you should contact the issuer. On its coronavirus help page, Barclays also says it's allowing cardholders to dispute transactions through their account online. Capital One Capital One encourages cardholders facing financial difficulties to contact the issuer. The New York Times reports that Capital One is offering cardholders the ability to skip payments without interest, but again, contact the issuer to discuss your options before assuming you're eligible for this. Chase Chase recently released more details on how it's helping credit card customers financially impacted by COVID-19. The issuer also launched an online form where you can enroll to delay three monthly payments on your personal and business card accounts. If you need additional financial assistance, you should send a secure message through your Chase card account to see what options are available to you. If you booked travel through Chase's Ultimate Rewards portal and your trip is more than seven days out, you can request to cancel your booking and get a refund via an online form. (For trips seven or less days out, Chase recommends contacting its customer support team via the number on the back of your card). Citi Citi launched an online form where credit card customers can request assistance for their accounts. You can request waived late fees and waived minimum payments for two consecutive billing periods. Additionally, according to Citi's coronavirus resources page, cardholders can contact the issuer to discuss credit line increases and collection forbearance programs, which could allow you more time to pay off your bill. Call the number on the back of your Citi card for more information. Discover Discover hasn't published any specific assistance program details, but it told USA TODAY that it will offer qualified cardholders support "related to payment timing, fees and late payments." On its website it says customers who have been impacted by COVID-19 should contact the issuer via phone, the mobile app, or online. KeyBank If you have a credit card with KeyBank, you can request to defer your payments via an online form. You can request payment deferral for three billing cycles. The bank won't charge late fees on deferred payments, but you will continue to accrue interest. Synchrony Bank According to USA TODAY, Synchrony Bank — which issues several popular store credit cards — is encouraging customers who need assistance to reach out online to discuss options including waiving certain fees and increasing credit lines. U.S. Bank In a statement to USA TODAY, U.S. Bank said it's "reactively waiving credit card fees" and "working to enhance skip-a-pay and payment deferral programs to meet U.S. Bank cardholders' needs during this pandemic." It also continues to offer its usual financial hardship assistance including increased credit limits and waived fees. Wells Fargo Wells Fargo announced that it's offering fee waivers, payment deferrals, and "other expanded assistance" for credit card customers who contact the company. See Business Insider's list of the best credit card intro APR offers » Related Content Module: More Credit Card Coverage Join the conversation about this story » NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly
If you’ve racked up a lot of credit card debt on several different cards, you know...If you’ve racked up a lot of credit card debt on several different cards, you know it can be hassle to keep track of them all. Not only does each card have a different due date—they probably all have different interest rates, too.Read more...
It's a good idea to know what type of credit score you'll need to for a...It's a good idea to know what type of credit score you'll need to for a given rewards credit card before you apply. One of the most popular cards, the Chase Sapphire Preferred Card, generally requires a minimum credit score in the high 600s, but it's easier to be approved for than the more premium Chase Sapphire Reserve. The Capital One® Venture® Rewards Credit Card also requires an excellent credit score. Other cards can be easier to get approved for, including some from Amex and the Alaska Airlines Visa from Bank of America. Different cards have different credit score requirements, but all "requirements" are really just guidelines. The issuer will always make the final credit decision. See Business Insider's list of the best credit cards for building credit » If you have your eye on a rewards card like the Chase Sapphire Preferred or the Gold Delta SkyMiles® Credit Card from American Express, you might be wondering whether your credit score is sufficient to get approved. And it's a good question — after all, many of the most popular cards are aimed at luxury travelers. You might expect all rewards cards to require a high credit score, but that's not the case. Every card issuer has its own underwriting criteria, which isn't based strictly on credit score. Other factors can include employment, income, and any existing relationship with the bank. Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. What credit card issuers look at in your application Although no banks make their underwriting criteria public (in fact, banks consider this a trade secret), consumers are free to report their experiences applying for credit cards. Online forums (such as /r/churning on Reddit) contain hundreds of posts with anecdotal information. Keep in mind that this is "anecdata." Underwriting criteria for the banks can change at any time, and general criteria may not apply to your specific situation. For example, it's not unusual for banks to tighten lending requirements in a slowing economy, or to have tighter lending criteria for people working in historically volatile industries. Remember that the bank is ultimately making a calculation about risk — specifically how high of a risk you will be. Read more: The best credit card sign-up bonuses available now How to determine what credit score you'll need to open a credit card You won't find one definitive answer to what credit score you need to open a given card like the Chase Sapphire Preferred. Instead, you can get a sense of the range of scores of successful applicants. Credit Karma can be a good tool in this research — when you look up a card on its website, you'll see that many reader reviews include their credit score at the time of their application Here are the five categories of credit score, according to FICO: Poor: 300-579 Fair: 580-669 Good: 670-739 Very good: 740-799 Excellent: 800-850 If you have a limited credit history, you might need to start smaller with a secured credit card or an option aimed at those new to credit. Check out our list of the best cards for students and others with limited credit history. Chase Sapphire Preferred Credit score of successful applicants, as reported on Credit Karma: High 600s to 850 What's a good consolation prize if you have great credit, but won't qualify for the premium Chase Sapphire Reserve? The Chase Sapphire Preferred, which comes with many of the same excellent benefits and a higher sign-up bonus than the Chase Sapphire Reserve: 60,000 Chase points after you spend $4,000 in the first three months vs. 50,000 points with the same spending requirement. The Sapphire Preferred has a minimum $5,000 credit line. Although a credit score of 720 or above is typical for successful applicants, the underwriting criteria are more relaxed than for the Chase Sapphire Reserve, and even college students with income from a part-time job have been approved for this card. Y ou must fall under the strict Chase 5/24 requirements to obtain this card — that means you can't have opened more than five new credit card accounts in the last 24 months. Click here to learn more about the Chase Sapphire Preferred » Chase Sapphire Reserve Credit score of successful applicants, as reported on Credit Karma: Low 700s to 850 Chase is a notoriously strict card issuer, but for the Chase Sapphire Reserve, it really takes it to the next level. This card is a Visa Infinite card, with a credit line minimum of $10,000. You'll need an excellent credit score (typically above 720) to qualify for this card, along with a sufficient income to service an account with this large a credit line. You also must meet the infamous Chase 5/24 rule. Should you apply if you don't meet these criteria? Maybe. The best way to apply is with a Chase banker in a branch, who can work to understand your personal financial situation and advocate for you with underwriting. Another option is to apply for the Chase Sapphire Preferred (which is easier to get) and ask to upgrade after the first year. This is often possible. Click here to learn more about the Chase Sapphire Reserve » Read more: Chase Sapphire Preferred vs. Chase Sapphire Reserve Capital One Venture Rewards card Credit score of successful applicants, as reported on Credit Karma: Mid 700s to 850 (but very few data points) Capital One makes its underwriting criteria clearer than most issuers, with detailed information on credit quality required to open its cards. And yes, we did say credit quality; it isn't looking just at your credit score, but how you use credit. To Capital One, "excellent" means: "I've never declared bankruptcy or defaulted on a loan; I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year; I've had a loan or credit card for 3 years or more with a credit limit above $5,000." Since Capital One spells its requirements out clearly, don't apply unless you meet them. The Capital One Venture earns 2x miles on all purchases. You can redeem miles to offset travel purchases on your statement, which makes it one of the best cards for people who don't have time to maximize award charts. You can also transfer miles to airline partners like Air Canada and Etihad. Click here to learn more about the Capital One Venture » American Express cards Although American Express is perceived as one of the higher-end issuers, as long as you're currently in good financial shape, it's believed to be relatively easier to get an American Express card than other cards. That being said, not all Amex cards follow the same underwriting criteria. It's generally harder to get approved for cards like the Platinum Card® from American Express that have higher credit lines. Meanwhile, even college students (with no adverse credit history) have reported being approved (with a low credit line) for lower-tier Delta cobranded cards like the Gold Delta SkyMiles® Credit Card from American Express. If you have terrible credit, you probably won't be approved for an American Express card. But you might be approved (albeit with a low credit line) if your credit isn't perfect, especially if your recent credit history is good and your income and employment meet the (hidden) criteria. Alaska Airlines Visa Signature credit card Bank of America has an unusual approach to the Alaska Airlines Visa card. It has a Visa Signature version of the card, which has a minimum credit line of $5,000. It also has a Platinum Plus version, which has slightly different card benefits and a credit line below $5,000. When you apply for the Alaska Airlines Visa, your application will be evaluated against the criteria for both cards —meaning that if you don't qualify for the higher credit line of the Visa Signature card, you could still be approved for the Platinum Plus card. The sign-up bonus and companion fare offer used to be different for both cards, disappointing many applicants. Fortunately, this has now changed and you'll receive the welcome bonus you expect (and the companion fare you expect) if you're approved for either credit card. Bank of America is relatively lenient when it comes to approval for the Platinum Plus card, offering this card even to people with limited credit history. Accordingly, this may be one of the easier travel rewards credit cards to get. Click here to learn more about the Chase Sapphire Preferred » More credit card coverage What's the best airline credit card? The best cash-back credit cards Southwest credit card review Best credit card reward programs Join the conversation about this story » NOW WATCH: How to find water when you're stuck in the desert