Help with credit card debt and bills from American Express.
American Express in one of the credit card companies that is offering to help consumers with their credit card debt and also assist them with creating budgets. The company is taking a comprehensive approach to assisting consumers. They offer a credit card hardship program, and they also have put in place a program to help people manage their budgets by using a spending limit.
A new service from American Express provides cardholders with the ability to set maximum spending limits on additional credit cards that are opened on their account. This could be useful if an additional card is needed for a teenager in the family, a college student, or another member of the household.
The reason for this new service is straightforward and simple. Many consumers and cardholders are continuing to ask for extra control features to keep family spending down in order to help them control their budget, and American Express had the means to easily implement this control to help.
A major benefit of this new program is that parents can have their kids begin to accumulate a credit history, and they can teach their kids how to use credit responsibly by using the caps that are in place. By using a credit card at a mature, but, early still somewhat age, teenagers and young adults have the chance to build and maintain not only a solid credit history, but they can also accumulate a detailed and lengthy history that will reflect their usage under the cap. One potential major downfall to this feature is that if the person is still too young or immature, they may not use the card in a responsible way, but the maximum spending limit will be there to contain any damages.
In addition, this new tool from American Express will also give the “primary” cardholder the ability to modify the maximum spending limits at any time, and they can also set up a feature to receive text messages and alerts when a spending limit has been hit on the Amex card.
There are many benefits to using additional cards with this feature, such as the ability to earn reward points faster with an additional credit card being used or to build up a credit history in less time. But consumers always need to be mindful of not getting carried away and let credit card debt grow, so that it presents challenges to repay it. If you do get into trouble with your credit card, find programs that can help you get out of debt below.
American Express Credit Card Hardship Program
American Express also offers people who need help with debt a hardship program. While it is hard to find the details, on the American Express FAQ page they do have given a couple of phone numbers to call if you are experiencing problems with paying your credit card debt or bills on time, and the number to call is 1-800-678-0738.
There are other steps to take in order to get the details on a credit card hardship program from American Express that can help you get out of debt. There have been examples of them waiving interest for 6 months, and then even reducing the interest rate for a period of time after that 6 month reduction ends. Find examples of AMEX hardship programs and real examples of how customers saved.
To the best of our knowledge, we have discovered that the American Express hardship program will offer lower interest rates (as low as 0%) and they will also lower your minimum monthly payment. They are also waiving late fees and other miscellaneous customers.
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