How does the Chase Credit Card Hardship Program work?

The Chase credit card hardship program temporarily reduces monthly credit card payments in the event of unforeseen financial setbacks. Chase might waive over-limit fees and late fees, reduce your interest rate and/or put you on a payment plan. But you must prove a legitimate financial hardship, including but not limited to: serious illness or injury, death in the family, unemployment, divorce or natural disaster.

How to enroll in the Chase credit card hardship program:

If your financial situation qualifies as a hardship, contact Chase by calling (800) 432-3117 and inquire about enrolling in the program. Chase and other issuers don’t advertise these programs, so it will require some effort on your part to find info on it. With Chase, you can begin by calling the number you see on the back of your credit card. There is no specific phone number, website or department for the hardship program, so you may have to speak to several representatives before you actually get any information on the program.

When you speak to a representative who can assist you, they will ask if your situation warrants enrollment in the program and how much you can reasonably afford to pay each month. Make sure you’ve done your calculations before you call. Chase may not accept your initial proposal, so be prepared to negotiate. Don’t propose an amount that you’re not sure you’ll be able to pay for the duration of the agreement.

How to avoid hurting your credit:

Once you've reached a new payment plan agreement, you'll need to stick with it. Chase has the right to terminate the agreement if you don't meet your obligations. Chase reports your payment history under the program, good or bad, to the major credit bureaus. So, if you're dropped from the program, it will show up on your credit report.

Also keep in mind that if you enroll in the Chase hardship program, your credit card will be suspended. This means you won't be able to make any transactions on the card until you pay off your existing balance.