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All,
I was having problems with making payments on my Amex Green and Gold Card.
Amex told me I was eligible for their "Financial Hardship Program". I didn't know such program existed.
On the surface, it seems to be a good program. I have not found any down side at this point, other than it may be harder to be approved for another Amex card down the road for a little while. And another issue is I can't use my Amex cards during this period.
In a nut shell, Amex put my 4 Amex cards on a 36 and 60 month long payment program. During this time, my interest is reduced to 7.99 percent on credit cards I believe. On my Green card, there is no interest.
Prior to my enrollment in this program, I was paying close to $1000.00 to pay my Amex cards every month, and now its been reduced to one single payment of ~ $250 for my 4 cards. My cards will be reported as paid current on all my cards. I was in danger of it being reported to the credit agenices. After I exit the program, I will be able to use the Amex cards again and do not need to reapply.
If anyone has Amex Cards and you are having problems making the minium payments, you may want to ask about their financial hardship program.
Congrats.
Thanks for sharing the info.
Are the Green and Gold cards carrying significant POT balances? Typically these would be paid in full each month anyhow?
Have you been making payments for some time? What balances are owed on each card?
My Amex Gold card has about 5 k on it, however, I had 4 k balance in POT on it.
Had about 2k on Green card since about February of this year. I have been making payments on both cards.
I havent been able to the Green card in full for a few months, however, it was never reported to credit agencies as late because I did not fall 60 days late. Amex seems to have a policy of reporting to CRA if you are 60 days late.
Here is site: https://www.americanexpress.com/us/customer-service/financial-hardship.html