AMEX Waiving Late Fees & Interest Due to Covid-19

Old Mar 19, 20, 7:49 pm
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AMEX Waiving Late Fees & Interest Due to Covid-19

A quick search didn't turn up anything so am starting this thread, If inappropriate mods please feel free to move or delete.

AMEX is offering to waive late fees and interest (for two months according to some reports) for business and personal account holders experiencing COVID-19 related hardships.

That is the good news; the bad is accounts and MRP will likely be frozen until things are brought current.

https://www.dansdeals.com/credit-car...ships-caveats/

https://thepointsguy.com/news/amex-w...vid-19-relief/

Many small businesses have been caught unawares by sudden mandated shutdowns, and or personal account holders may have had interruptions in their finances, so this is a good thing I suppose. Of course for those who have actually come down with Covid-19 this can prove a blessing.

There doesn't seem to be anything automatic about this generosity (unlike some other CC/banks), and appears one must speak to a specialist that will review account. But again if someone is between a rock and hard place.....
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Old Mar 20, 20, 11:32 am
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Interest? Charge cards don't accrue interest.
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Old Mar 20, 20, 11:34 am
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Originally Posted by OUTraveling View Post
Interest? Charge cards don't accrue interest.
They do if you don't pay on time.
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Old Mar 20, 20, 11:39 am
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Originally Posted by OUTraveling View Post
Interest? Charge cards don't accrue interest.
AMEX does offer other products such as loans, Pay Over Time, and credit cards like Blue that all charge interest on outstanding balances.
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Old Mar 20, 20, 11:39 am
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My general stance is, if you can pay off the balance (principal), do so. Two months later, the balance will still be there, just much steeper since it would be an accumulation of multiple periods.
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Old Mar 20, 20, 11:46 am
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At least with their charge cards AMEX will freeze usage and points if you are certain number of days late. It isn't much IIRC, something like less than several days past statement closing date. So this scheme seems to just be a bit more of the same, but also waives fees and does something about interest.

Am wondering however if making such a request causes account to go into a hard review then or at some point in future. Especially if someone is going to need more than two months to get themselves sorted.
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Old Mar 20, 20, 1:14 pm
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Originally Posted by Repooc17 View Post
My general stance is, if you can pay off the balance (principal), do so. Two months later, the balance will still be there, just much steeper since it would be an accumulation of multiple periods.
At least with small business owners what am hearing is many are trying to conserve cash, especially in places like CA, NY and others where entire states have pretty much gone into lock down.

Paying off balance on a AMEX is fine if you know (or expect) money will be coming in next week or month; but that may not be case for many businesses or even individuals for several weeks or months.
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Old Mar 20, 20, 2:04 pm
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Originally Posted by BugsyPal View Post
At least with small business owners what am hearing is many are trying to conserve cash, especially in places like CA, NY and others where entire states have pretty much gone into lock down.

Paying off balance on a AMEX is fine if you know (or expect) money will be coming in next week or month; but that may not be case for many businesses or even individuals for several weeks or months.
Cash is king right now. Deferring payments without penalty is a very attractive option to businesses and individuals.
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