Coronavirus Cash Crisis: What Should I Ask My Credit Card Companies?

The video discusses strategies for managing credit card payments, emphasizing the importance of understanding payment options and the potential impact on interest and credit scores. It highlights the reasons credit card companies might offer flexibility and advises reaching out to creditors proactively to discuss payment arrangements.

What should you consider when deciding to make a smaller minimum payment on your credit card?

• Whether the interest will stop accruing

• If it will improve your credit score

• The impact on your credit score and interest accrual

• If it will increase your credit limit

Why might a credit card company agree to flexible payment terms?

• To reduce their customer base

• To increase their interest rates

• To maintain customer loyalty and ensure eventual payment

• To avoid legal issues

What is a key reason credit card companies want to retain customers?

• To provide better customer service

• To reduce their operational costs

• To ensure they receive interest payments eventually

• To offer them new credit cards

What is the recommended approach when dealing with creditors regarding payment issues?

• Ask for forgiveness after missing a payment

• Ignore the issue until it becomes a problem

• Ask for permission before a payment issue arises

• Wait for the creditor to contact you

When should you reach out to your creditor to discuss potential payment issues?

• After missing a payment

• Before the bill is due

• When your credit score drops

• When you receive a late payment notice