Amex waiving interest, late fees on accounts requesting COVID-19 relief
Over the weekend several TPG readers commented in our Facebook groups they had received relief from interest, late fees and other fees on both their personal and business American Express cards when requesting help over the chat feature on the American Express website.
Want more credit card news and advice from TPG? Sign up for our daily newsletter!
We reached out to American Express this morning to confirm the relief being offered and requesting how cardmembers can gain assistance. Amex offered the following statement:
Yes, American Express is ready to assist our customers having financial difficulties due to the effects of COVID-19. They can reach our Customer Care Professionals anytime by calling the number on the back of their card or through our digital servicing channels – online chat or the Amex app.
As you know, the situation is changing rapidly, so our approach to providing the best possible support and service to our customers is also evolving in real-time. We will work together to find a solution for each customers' particular situation, which can include waiving late fees, return check fees, and interest charges. We have several financial hardship programs offering a range of short-term to long-term assistance. Details can be found here about these programs.
On the American Express Financial Hardships page, you can log in to your regular Amex accounts and begin a chat session with a live rep to evaluate your individual situation.
I logged into my own Amex account to try and replicate reader experiences. I asked what criteria would be needed to invoke the financial hardship relief and what all was included. The chat agent requested I provide clarification on how COVID-19 has impacted me. I said I was inquiring for informational purposes and the agent suggested I call the Account Services Department at 1-866703-4169 to have my accounts reviewed for potential relief.
There are some important caveats I learned to accepting the offer. According to reader Alex, who spoke with the Account Services Department, if you accept the relief, your accounts are frozen and may not be used further until they are paid off. Your Membership Rewards points are also frozen and cannot be used. However, if financial relief is what you need, this seems like a fair trade-off to prevent accruing further indebtedness.
Related reading: Choosing the best American Express credit card for you
Bottom Line
Thousands of small and medium businesses are going to continue to be on hard times over the coming weeks. Restaurants, bars, entertainment venues, caterers and service providers are just a few of the businesses that will benefit greatly from the generous move by American Express. We'll be checking shortly with the other credit card issuers to see what reliefs they may or may not be offering.
TPG featured card
at Bilt's secure site
Terms & restrictions apply. See rates & fees.
| 1X | Choose to earn up to 1X points on rent and mortgage payments with no transaction fee |
| 2X | Earn 2X points + the option to earn 4% back in Bilt Cash on everyday purchases |
Pros
- Choice to earn up to 1 Bilt Point per dollar spent on rent and mortgage payments
- Elevated everyday earnings with both Bilt Points and the option to earn Bilt Cash
- $400 Bilt Travel Portal hotel credit per year (up to $200 biannually)
- $200 Bilt Cash annually
- Priority Pass membership
- No foreign transaction fees
Cons
- Moderate annual fee
- Designed primarily for members seeking a premium, all-in-one card
- Earn points on housing with no transaction fee
- Choose to earn 4% back in Bilt Cash on everyday spend. Use Bilt Cash to unlock point earnings on rent and mortgage payments with no transaction fee, up to 1X.
- 2X points on everyday spend
- $400 Bilt Travel Hotel credit. Applied twice a year, as $200 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- $200 Bilt Cash (awarded annually). At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- Welcome bonus (subject to approval): 50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 90 days + $300 of Bilt Cash.
- Priority Pass ($469/year value). See Guide to Benefits.
- Bilt Point redemptions include airlines, hotels, future rent and mortgage payments, Lyft rides, statement credits, student loan balances, a down payment on a home, and more.