Credit card Companies are Relieving Cardholders of Coronavirus fears - News-Credit-Mortgage-Coin


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Friday, April 10, 2020

Credit card Companies are Relieving Cardholders of Coronavirus fears

Some cardholders affected by corona viruses may be able to delay payments. Read on to find out what issuers are doing to help

In response to the coronavirus pandemic, several large credit card companies have started to offer relief to their customers.
In the U.S. alone, more than 4,400,000 cases have been diagnosed, according to the New York Times, and at least 16,000 people have died from the virus in the U.S.

"This is a rapidly evolving situation and we want our customers to know that we are here to help when they need it," said Anand Selva, CEO of Citi Consumer Bank, in a statement.

As this pandemic continues to impact the US economy, there is a risk that workers will be laid off or work less hours. In the last two weeks of March, nearly 10 million workers have applied for unemployment benefits, according to the New York Times.

The situation is evolving and the reaction of the credit card companies is evolving. In March, many issuers decided to offer support on a case-by-case basis and encouraged customers to request help through regular customer support channels. By April 8, six of the eleven banks surveyed had advised customers of online help programs for the coronavirus pandemic.

At the same time, fraudsters are now trying to take advantage of corona virus concerns by sending fake emails about the virus that are used to steal consumers' personal and financial information or to infect their computers with malware.

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