American Express Waives Fees (and Interest) For Current Cardholders

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I think most of us can agree that the current situation is unprecedented and individuals and small businesses need some kind of relief.

With many people being laid-off and having limited income, many will find themselves with outstanding balances on their credit cards.

Well, American Express is waiving fees, discussing payment options and financial hardship programs with customers who are having trouble making payments due to disruptions from the coronavirus. For more information on your the programs and various options, click HERE.

I have not seen an official policy yet from American Express but I have a plethora of data points that say all you need to do is call and ask. One particular data point said that American Express “would waive all credit card payments this billing cycle, no fee will be charged” and also received “10k MR points for being on hold for about 20 minutes.”

There is one caveat that’s worth noting…if you take advantage of the programs, your cards and your points will be frozen. If you want to use your cards or points you’ll have to exit the Financial Hardship program.

American Express wants to provide relief but also doesn’t want you to continue adding to the debt that you are having trouble paying off.

FINAL STAMP

Personally, I reached out to Amex through the chat feature and received a very similar message on both my personal and business American Express cards (e.g. no interest, late fees or other fees).

Don’t worry, I run a very, very (probably unnecessarily) lean lifestyle and have prepared for “rainy days” so I just called to verify this information before writing this post. However, I understand that life happens for everyone and I pray that the readers of 1TP do not find themselves behind but if so, know that there is relief.

Have you had a similar, or different experience, with American Express and other issuers?