AMERICAN EXPRESS FINANCIAL RELIEF PROGRAM TERMS
Eligible Card Members may request to enroll in either the short-term payment plan or the long-term payment plan of the American Express Financial Relief Program (the “Program”) by [calling 1-866-703-4169]. The short-term payment plan can provide relief benefits for 12 months following enrollment and the long-term payment plan can provide relief benefits for 36 or 60 months following enrollment. Eligibility for the 36 or 60 month long-term payment plans will be based, in part, on your American Express Card product and will be communicated to you before you submit your request for enrollment. We will determine your eligibility for the Program upon your request to enroll, based on factors including delinquency status, prior enrollment in the Program or the balance on your Card account. After you complete the Program or exit early for any reason, your Card account will then be subject to the APRs, fees and minimum payment calculation in your Cardmember Agreement.
Program Relief Benefits
While enrolled in the Program, you will have access to the following benefits:
- Your minimum monthly payment due will be reduced to an amount that is disclosed to you at enrollment
- Your Card account will be subject to a reduced variable APR (for balances subject to an interest rate) that is disclosed to you at enrollment
- Any balance(s) with a lower than the Program APR will remain at the lower rate until that rate expires (if that rate has an expiration)
- We will waive your late payment fee, and also annual membership fees (if any), if it otherwise would have been charged while you are enrolled in the Program
- For the short-term payment plan only, you may be able to make purchases up to a reduced spending limit, which will be disclosed to you following enrollment and may adjust at any time during the Program. If, prior to enrollment, you are at or over your spending limit, you will not be able to make purchases until you bring your balance below the limit.
In order to maintain all the benefits of the Program, you must comply with the Program Terms, which will be communicated to you at enrollment and which will include the requirements that:
- Your enrolled American Express Card account(s) must not be cancelled
- Program payments for all your American Express Card accounts must be made timely
- If you do not make Monthly Program Payments by the following statement closing date (on consecutive billing cycles) on any of your enrolled Card account(s) or loan(s), you may be removed from the Program
Program limitations will be communicated to you during enrollment, which will include the following:
- If enrolled in the long-term payment plan, you will be unable to use your Card to make purchases while enrolled
- You may not have access to all Card benefits and features
- We will cancel any account you may have with a balance less than $100
Impact on your Credit Score
- Any reduction to your credit limit on enrollment into the Program may have a negative impact on your credit score
- If your account is reported to consumer credit bureaus and if you are enrolled in the long-term payment plan, we will inform the consumer credit bureaus that you are participating in a payment plan, which will not directly impact your credit score, but will be visible to other lenders.
- If you do not comply with Program Terms and you are being reported to the credit bureaus, we will report that status, which may negatively impact your credit score.
- If you are removed from the Program because you do not comply with the Program terms, your Card account(s) may be cancelled which may impact your credit score.