Apple Cardholders facing sudden financial distress because of the COVID-19 pandemic can skip their April payments without interest.
Goldman Sachs, which backs the new Apple credit card, offered the same program to cardholders who had trouble making March payments.
“We understand that the COVID-19 situation poses unique challenges for everyone and some customers may have difficulty making their monthly payments,” Apple wrote in an email to card users. “If you previously enrolled in the Customer Assistance Program in March, you will need to enroll again.”
Apple Card carriers will need to register for the deferment program by sending a message to Support through the Wallet app on their Apple device.
Tens of thousands of workers lost their jobs as states began mandating shutdowns of all non-essential businesses in an effort to contain the fast-spreading coronavirus.
As a result, many banks and mortgage lenders have offered programs to clients facing financial pressure. Some are like the program for Apple Card while others wave overdraft fees, late fees and no negative reports to the credit bureau.
Among those lending support include Capital One, Bank of America, Citi and JP Morgan Chase.
Source: Bloomberg
