American Express announced today it is introducing enhancements to its current Financial Relief Program to support U.S. Consumer and Small Business Card Members who need additional financial assistance due to the wide-ranging impacts of the COVID-19 crisis.
For more than a decade, American Express has offered a relief program with a range of short-term to long-term payment plans to support Card Members who are unable to make their American Express Card payments get their finances back on track. Given today’s environment, American Express is rolling out additional features to its program to provide Card Members with more support to navigate through these tough times.
“We recognize many of our long-standing small business Card Members are seeing their revenue virtually disappear and are now seeking ways to manage cash flow to keep their businesses operating despite severe disruptions,” said Anna Marrs, President, Global Commercial Services. “By making our Financial Relief Program more flexible with a number of options including the ability to continue making purchases while enrolled in a payment plan, we aim to support small businesses, so they can remain in operation and ultimately recover from the financial challenges they may be facing during this difficult time.”
When U.S. Consumer and Small Business Card Members are enrolled in the Financial Relief Program and follow the terms, American Express can temporarily:
- Lower monthly payments and interest rates,
- Provide relief from future late payment fees, and
- Prevent accounts from going past due or further past due.
When Card Members enroll in the program and make required payments, we’ll keep reporting their account to the credit bureaus as current, or if it’s past due it will not be reported as any further past due.
Additionally, the following features are now being introduced:
- Retain Card Membership – Card Members enrolled in either the long-term or short-term payment plan will not need to reapply after successfully completing the program.
- Keep Using Their Card – Card Members enrolled in the short-term payment plan, who are current on their payments, can continue making purchases with their Card up to a reduced limit. They will also to continue to earn and can redeem rewards.
“Many of our best customers are dealing with uncertainty brought on by COVID-19, and some are navigating unexpected financial challenges for the first time in their lives,” said Doug Buckminster, President, Global Consumer Services. “We’re enhancing our Financial Relief Program to give these Card Members extra breathing room to manage their finances and to help them retain their American Express Membership.”
To learn more about American Express’ Financial Relief Program, including terms, eligibility and how to enroll in the program, Card Members can go to amex.co/financialrelief.
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