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Credit Card Issuers Waive Fees For Workers Facing Furlough

[Monday, January 7th, 2019]

For government employees facing a shutdown, there are numerous worries – as well as some upsides. It might be nice to take an extended vacation from your job, but bills and expenses don’t go away just because your job does.

One bright spot for anyone facing an unexpected break from their job and their paycheck is that Chase Bank is offering hardship programs to their credit card customers. These programs will automatically waive service fees on Chase checking and savings accounts, as well as credit card fees that may be incurred during a government shutdown. If the fees have already been charged, they will be refunded.

“We’re here for our government worker customers whose pay may be disrupted,” said Chase’s CEO of Consumer Banking, Thasunda Duckett. “We hope this will be resolved soon.”

Credit card companies often give help to customers down on their luck

Even if you’re not a government worker on furlough, your credit card company may be ready to offer assistance if you find yourself unable to pay a balance due. Many banks and credit card issuers offer hardship programs that can help folks get back on track with payments when they’re facing a difficult life event.

Job loss, divorce, illness, the birth or adoption of a child, a family member with special needs: all of these might be reasons why a person would need extra time to pay a balance, or a reduction in interest or credit card fees. Usually, companies are very sympathetic to these circumstance and are happy to offer alternatives so that their customers can remain in good standing.

No-fee credit cards are more common than ever

Until a few years ago, overdrawing your account or making a late payment was guaranteed to result in a fee by your credit card issuer. Now though, more and more cards are doing away with these punitive fees.

Cards such as Citi Simplicity do not charge late fees or overdraft fees, and there is no annual fee for the card, either. For people who need a little help – government workers or not – this is welcome news.

Call your credit card issuer to discuss what programs are available to you before you pay another credit card fee again.

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