As soon as COVID-19 started to impact the economy and many American livelihoods, we saw banks start to offer programs to help customers get through the pandemic. At Trim, there was a natural opportunity to add COVID-19 Relief to our existing set of Bank Negotiation services. This relief can come in many forms: reduced APRs, deferred payments, credits refunded, and more.
We have gathered A LOT of data about what each bank is offering and have decided to open-source these learnings so that all of you can benefit. We hope that this guide makes clear what offers are available — keep in mind that banks evaluate each case individually, so your eligibility is not assured until you speak with your bank. Banks are updating their policies daily, so be sure to check with your bank for the latest information.
We hope that this information helps to provide financial relief during this pandemic. Trim is offers Bank Negotiation where our team can negotiate with your bank to defer your credit card and loan payments, lower APRs, and get fees credited back (e.g., interest charges, late payment fees, and overdraft fees).
Trim’s COVID Relief Bank Guide
*Note: Most banks are offering to have payments deferred for 1-3 months. If you are approved to have your payments deferred, you should not incur any late payments. However, you will most likely accrue interest. Please see the table below for exceptions.
|Bank Name||Offer(s)||Additional Notes|
|American Express||Option 1: APR lowered to 5.99% for 12 months|
Option 2: APR lowered to 7.99% for 36 to 60 months
|-May be able to still spend using card up to reduced amount (12 month option only)|
-May impact credit limit
-Other cards with <$100 balance will be closed
|Discover||Option 1: APR lowered to 9.99% for 6 months|
Option 2: 1 month payment deferral
|-May not be able to spend on this card while on Option 1|
-There is also a 12 month program, however, the APR is not set.
|Wells Fargo||Option 1: 3 months payment deferral|
Option 2: APR lowered to 10% for 12-60 months. Card would close.
|-Interest should not accrue; a benefit not offered by other banks|
-Request can also be set up in account page
-If more time is needed, 2 more months deferral is offered but interest will accrue.
|Synchrony||Option 1: 1-3 months payment deferral|
Option 2: APR lowered to 0% for 12-60 months. Card would close.
|-Request can also be set up in account page|
|USAA||3 months payment deferral|
|Barclay||3 months payment deferral|
|Citi||2 months payment deferral||-Request can also be set up in account page or via the automated system|
|US Bank||2 months payment deferral|
|Capital One||1 month payment deferral||-Call back after every cycle if another deferral is needed and to see if eligible|
|Bank of America||1 month payment deferral||-Request can also be set up in account page|
|Chase||1 month payment deferral||-Request can also be set up in account page|