Joseph Bulebush, WalletHub Analyst
@joeybule
The American Express hardship program, which is officially called the Amex Financial Relief Program, aims to make payments easier for customers having money problems. To do so, the issuer offers plans with temporarily-reduced monthly payments and interest rates for up to 48 months.
American Express might also provide relief from future late payment fees and annual membership fees, if applicable. Although many Amex hardship program plans don’t allow cardholders to keep using their Amex cards, some short-term plans do – albeit with a lower credit limit.
Things to Know About the Amex Hardship Program
- How to enroll: If you are struggling to make payments on time, consider reaching out to American Express to see if you are eligible for enrollment. If eligible, you can choose a plan by either logging in to the American Express Financial Relief Program page or by calling (866) 703-4169.
- Eligibility: Amex will check your delinquency status, any prior enrollment in the program, and the balance on the account when considering eligibility.
- Program relief benefits: Your minimum payment and APR will be reduced (as applicable), and any late and membership fees may be removed. Also, you may still be able to make purchases in some cases, up to a reduced spending limit, among other benefits.
- Program requirements: Note that enrollment requires a payment on the account by the following statement closing date, the amount of which varies depending on your plan. So, only call to enroll when you can afford to make a payment toward your debt on the same month.
- Impact on your credit score: Enrollment in the program may decrease your credit score, especially due to the lowered credit limit that accompanies many plans.
American Express continues to support customers experiencing financial difficulties due to unforeseen events, such as natural disasters. If you've been impacted by events like Hurricane Melissa or devastating floods, it's advisable to discuss your situation with a Financial Relief Program representative. American Express has demonstrated flexibility in assisting affected customers, offering options like providing payment accommodations to help them recover from such challenges.
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