A reader of The Gate sent to me a notice from a credit card company under the guise of being helpful to its customers during the 2019 Novel Coronavirus pandemic by allowing them to skip payments for a couple of months if doing so would assist them financially…
Why You Should NOT Skip Credit Card Payments During the Pandemic
…except that in this specific case — as sent to me — skipping the payment does anything but help the customer financially, with the identifying information replaced with the letter X and pertinent verbiage highlighted in red:
Skip-Payment Plan:
Enroll Today if Needed
Log in online or call 855-XXX-XXXXThe impacts of COVID-19 are now felt in communities across the nation. It’s affecting different households in different ways, and XXXX is here to help during these trying times.
If it would assist you financially, you have the option to skip your XXXX Visa® payments until your June payment due date.
This process is not automatic. To enroll, simply log in to your account at www.xxxxxxxx.com and select to enroll in the Skip-Payment Plan when prompted or call our Customer Care Center at 855-XXX-XXXX to discuss waiving your April and May payments.
During the skip-payment timeframe, you won’t incur any late fees or have a minimum payment due, but your account will still accrue interest per the terms of your Cardmember Agreement.
We hope to provide you time to secure your financial well-being if it is needed.
We are here to help.
Xxxxx Xxxxx
Senior Vice President
Despite the assurance, this is of little help — especially depending on what percent of interest is charged on the account monthly; and if the interest compounds each month that the payment is not received in a timely manner, the customer can potentially lose even more money.
Summary
I would dare say that this “gesture of financial kindness” of “securing your financial well-being” helps the credit card company significantly more than the customer.
If you are having problems paying your bills, consult with your accountant, your local government, or the local office of the state or federal government in which you reside for assistance. Many programs exist which are truly designed to help you — especially during a pandemic which has affected many people around the world — and you are far from alone.
Corporations and businesses using a major emergency as a marketing opportunity is bad enough; but when a legitimate company attempts to use that emergency to profit off of a customer under the guise of being helpful, then it becomes a scam within the bounds of the law and is little more than shameful, in my opinion.
If you happen to be the target customer, do not fall for this. You may be able to save money on the late fee — something which you would otherwise not incur if you pay your bill on time every month and therefore not save money at all — and postpone the minimum payment due for those months, on which you do not save money either…
…but in this case, you are better off paying your bill on time each month.
This article is the latest in a series pertaining to the 2019 Novel Coronavirus — which is also known as COVID-19 or 2019-nCoV or SARS-CoV-2 — pandemic in an effort to get the facts out with information derived from reliable sources…
…as well as attempt to maintain a reasoned and sensible ongoing discussion towards how to resolve this pandemic.
Other articles at The Gate which pertain to the 2019 Novel Coronavirus include:
- Are Some Room Rates Not Being Reduced Because of Discrimination?
- What is the Difference Between Cleaning, Disinfecting, and Sanitizing?
- One Way Rental Car Offers in the United States 2020 — 2019 Novel Coronavirus
- Where Can You Find Gasoline for Less Than 90 Cents Per Gallon in the United States?
- Get 10 Percent Additional Value When Exchanging for Future Travel Voucher With Qatar Airways
- What is Wrong With This Photograph? Part 34: Coronavirus Edition
- Is Sheltering in Place Ordinance Unconstitutional? Man Sues Local Government
- One Illogically Irrational Aspect of the 2019 Novel Coronavirus Pandemic is…
- Updated Policies of 23 Lodging Companies Worldwide: 2019 Novel Coronavirus Pandemic
- More States Where You Can Find Gasoline for 99 Cents Per Gallon
- Do You Miss Dining on Airline Food? This Can Help…
- Do Not Read This Article. Take a Walk Instead. If You Can.
- Hilton Extends Status and Points For Everyone; Flexible Reservation Policy Updates: 2019 Novel Coronavirus Pandemic
- 5 Reasons Why I Have Not Changed Anything Despite 2019 Novel Coronavirus
- Revealing Parts of My Body to Help With Pandemic of 2019 Novel Coronavirus
- 2 Reliable Resources of Countries With Travel Entry Restrictions Due to 2019 Novel Coronavirus
- Most Restaurants Now Offer Free Delivery. What About the Gratuity?
- Most Trusted Traveler Programs Enrollment Temporarily Suspended Due to 2019 Novel Coronavirus
- Where Can You Find Gasoline for 99 Cents Per Gallon in the United States?
- Have We Become a Society of Wimps Addicted to Drama?
- Four Overused Terms of the 2019 Novel Coronavirus Era
- Several Rental Car Companies Waive Young Adult Fees Due to 2019 Novel Coronavirus
- National Park Service Suspends All Entrance Fees Due To Coronavirus Pandemic
- Passport Services Delayed Beyond 8 Weeks; Expedited Passport Services Suspended Indefinitely
- Global Level 4 Health Advisory Issued by Department of State of the United States
- What is Wrong With This Photograph? Part 30: Coronavirus Edition
- Countries With Travel Entry Restrictions Due to 2019 Novel Coronavirus: An Updated Comprehensive List
- 2019 Novel Coronavirus: Should You Travel Within the United States?
- $250 Billion Bailout Requested by Lodging Companies
- Countries With Travel Entry Restrictions Due to 2019 Novel Coronavirus: A Comprehensive List
- $50 Billion Bailout Requested by Airlines; Trump to “Back the Airlines 100%”
- Global Level 3 Health Advisory Issued by Department of State of the United States
- All Domestic Travel Banned For Personnel of Department of Defense of the United States
- March 15 2020: Checking Back In on 2019 Novel Coronavirus — My Opinions, If Anyone Cares
- Hotel Deploys Robots to Sanitize and Disinfect Rooms
- Ireland and the United Kingdom Added to Suspension for Most Foreign Nationals For 30 Days From Europe to the United States
- Change Fee and Cancellation Fee Policies and Waivers of 46 Airlines Due To 2019 Novel Coronavirus
- Up to 12 Ounces of Hand Sanitizer is Permitted Through Airport Security Checkpoints
- I Swear, If I Receive One More Message About How My Health and Safety are Their Top Priority…
- Four Reliable Resources For Travel and the 2019 Novel Coronavirus
- Just Shut Down the Entire Planet. Problem Solved?
- Stop the Hyperbole: Travel is NOT Banned Between the United States and Europe…
- Travel From Europe to the United States Suspended for Most Foreign Nationals For 30 Days
- My Unproven Secret to Not Contracting a Virus in Years
- Pandemic of 2019 Novel Coronavirus Declared by World Health Organization
- Official Warning Issued Against Travel by Cruise Ship Due to 2019 Novel Coronavirus by the Department of State of the United States
- Now the Entire Country of Italy is Under Quarantine
- 16 Million People Quarantined in Northern Italy
- Are Masks Effective Against 2019 Novel Coronavirus That People are Stealing Them?
- As Many as 46,000 People May Have Died in the United States Alone From…
- Lodging Companies Issue Travel Waivers and Elite Status Extensions 2020 Due to 2019 Novel Coronavirus
- Update: More Airlines Suspended Change and Cancellation Fees 2020 Due To Coronavirus
- Airlines Which Suspended Change and Cancellation Fees 2020 Due To Coronavirus
- Should You Be Concerned About Coronavirus?
- Travel Alert February 2020: Italy Now Affected by 2019 Novel Coronavirus
- Travel Alert February 2020: Northern Italy Now Affected by 2019 Novel Coronavirus
- Travel Alert February 2020: South Korea Now Affected by 2019 Novel Coronavirus
- A Deal to Antarctica Because of 2019 Novel Coronavirus — But Hurry
- Update: Do Not Travel to China Due to 2019 Novel Coronavirus, Says United States Department of State
- Travel Alert January 2020: Hong Kong Now Affected by 2019 Novel Coronavirus
- Update January 2020: Additional Airlines Issue Travel Waivers for 2019 Novel Coronavirus
- Travel Alert January 2020: 2019 Novel Coronavirus Affecting Air Travel
All photographs ©2016 by Brian Cohen.