Many around the world are already drawing comparisons between present day and the financial crisis of 2008. It’s painful, but American Express appears to be one of the first major companies to offer a green, silver, gold and platinum lining.
According to vast reports from customers, and now confirmation from American Express, the card issuer is offering help to those impacted by current economic developments, however they may be. I’ve gotta say, I think it’s fantastic.
On Reddit, you can find a growing list of positive data points about American Express that will make you feel just a little bit better about the state of the world. Cardholders are being granted interest free periods, allowed to pay next month without penalty, and a variety of other options are being offered to alleviate current woes.
Some even report being given bonus Membership Rewards Points for waiting to chat!
Here’s a statement from American Express…
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
Basically, Amex is working with cardholders wherever they can, in admirable ways.
Naturally, this does not mean you shouldn’t pay your bills, and absolutely does not mean you should use this to ever incur interest, but it’s a kindness many would not often associate with a major credit card brand. I’m loving it. So far, it seems all you have to do is ask.
As per the release, there’s no official policy from American Express on the relief you’ll personally be offered, and any offers will be on a case by case basis.
In GSTP’s editorial opinion, you should not ask for assistance if you don’t actually need assistance, since it may limit the companies ability to offer it to those who actually do. If you do need it, go for it.
So, how do you get in touch?
Reports state that the chat feature works while logged into your account, as does the old fashioned way – picking up the phone. While banks and credit card companies were not a positive force in the 2008 financial crisis, this gesture offers hope that they’ll be a green, silver, gold or platinum lining if 2020 proves to be an even more trying time.
And hey, the new Amex Green is made of recycled plastic, so it’s already doing its part.
Ha, we should all be dancing in the streets if this is “only” as bad as the 2008 financial crisis. This is going to verge on a full on depression. Millions are going to be out of work by the time this subsides.
“ Millions are going to be out of work by the time this subsides.”
Not if businesses are given enough assistance to tide them over until the virus induced stoppage is lifted and not if individuals receive assistance so they can pay their bills and buy normal food and essentials. Structurally all of the demand that was there in February is still there. People will want to go to concerts and go shopping. Travel to international locales, cruises and domestic tourism will be down. Only if support isn’t adequate will it be a problem.
That’s very optimistic, considering nearly every airline has sent a majority of employees on unpaid leave already.
Just spoke to AMEX and they said they’re not offering payment holidays at this time 🤔
What country are you based in?
What will happen to those that have pre existing conditions that will be making them to be more vulnerable to the virus and they decided to drop their medical jobs and take home isolation, will they be qualified for help.
So far in the US this winter, 22,000 people have died of the usual ‘regular’ flu vs 110, admittedly so far, of the Covid 19 Virus.
I’m beginning to think that we may have more deaths because of the various shutdowns than if we had just acted normally.
Thanks to Amex …& This informational site during these uncertain times.
Hey All,
My partner and I are RE investors we have a $20k revolving line Amex Platinum. We spend over $200k a year(not a big company but significant amount).
Amex said they would defer our next payment and waive late fees. However the following period the entire balance is still due and interest and pay over time fees still apply.
As an example – if we owe $8k each month, next payment we owe $0, next period we owe the entire $16k. In that 30 day period I would imagine we will have many tenants who can’t pay and virtually no income from short term rentals.
I don’t see their currently policy as being particularly helpful to our business. Their actual policies are quite different from what this article and title suggest.
Hope that info is helpful
Hey Stan,
Good data point. I guess obviously if you continue to spend, it’s not all that helpful, but for someone who has a credit line, rather than a pay in full charge card, the same relief would be white useful.
In other words, if I owe $2000 this month, with a $200 minimum payment and just need 30 days to make said payment, this would be big. Even if I had a charge card with a $2k balance which must be fully paid, an entire extra month to cobble together the funds is generous.
Again, if you keep spending it’s not as useful, but for people who aren’t running businesses thats much more possible.
Amex is full of BS…I cancel my cart in december after 21 years with them due to 2 big mistake on their part during an purchase with their miles concierge , Rude and unprofessional they still ask me to paid the annual fee $175 plus late fee PLEASE dont be blind with this them.
I’m an Amex customer and like most I pay in full. Because It’s a charge card not credit card. This article was as much help to me as Amex was…none.
Amex has a variety of cards that are credit cards, not charge cards. In fact, a majority of it’s portfolio are co-branded credit cards.
American Express has terrible customer service and doesn’t work with people. Even considering this, they are just another typical greedy company. People are naive. I actually just got a full balance transfer from my local credit union to take care of my American Express Headache. I was a solid customer for 10 years and never had one late payment.They never once helped with anything including lowering my ridiculously high interest rate after years of me asking and complaining. I have a good credit score with 0 delinquent remarks too so ***k Amex.
American Express is not going to help anyone but themselves. I had to deal with them during the recession in 2008. Their collections people called every other day wanting updates on when we would make another payment. (Our company was small, so as we collected receivables, we paid them about 40% – 50% of what we collected.) It was never enough and never soon enough to please them. They hired really uncaring people that had zero business understanding. Their supervisors were just as bad.
By late 2017 we were finally back in the black. Reasonably profitable and with a decent amount of working capital. Our building will be paid off by April, 2021. Our business model remains the same for delivering immediate service with billing terms except we no longer accept American Express.
I like Amex because they still run their company much like a family owned business in comparison to any bank cards. Banks make you feel like you owe them for being a customer.
Amex did not work with us or offer to do so. We’ve paid hundreds of thousands of dollars to Amex on time for many years. We had paid 2/3 of the balance and transferred the rest to a low interest card. The transfer was going to be one or two days late. I called to let them know. They put our spending priveledges on hold immediately and charged fees when it arrived late. When this is over, I may find a more customer oriented card.