Bank of America credit card hardship programs
Bank of America offers a range of credit card hardship programs that may assist customers who are struggling to make payments due to financial difficulties. They are not commonly known though and you need to ask for them - even then each situation is assessed on a one-off. These BofA hardship programs, as noted below, are designed to provide temporary or longer-term relief, depending on the borrower’s situation, income, and overall financial condition.
- NOTE: Assistance is not guaranteed and is evaluated on a case-by-case basis. Customers who are experiencing a hardship such as job loss, medical issues, reduced income, or other unexpected expenses may qualify for support.
The types of help available can vary, but in general, Bank of America may offer both short-term relief as well as structured repayment solutions for credit card debt. Bank of America states that customers should contact them as soon as financial difficulties begin so that solutions can be reviewed with the contact information at https://www.bankofamerica.com/banking-information/assistance/credit-cards/credit-cards-assistance-overview.
Types of credit card hardship assistance from Bank of America
The exact terms will vary, but the following options are commonly reported as part of Bank of America hardship programs.
- Payment deferrals may be available for a limited period of time. Some people may refer this to as forbearance. This allows customers to temporarily pause or reduce their monthly payments. Interest may still accrue during this period, depending on the agreement.
- Interest rate reductions are another common form of assistance. Lowering the APR can reduce the total cost of the debt and make monthly payments more manageable.
- Fee waivers may be offered in some situations. This can include late fees or over-limit fees being reduced or removed.
- Repayment plans or modified payment programs may be set up by the Bank of America hardship team. These can lower the required monthly payment and spread out the balance over a longer period of time.
- Debt management plans may also be discussed. Though BOA does not directly offer these. Rather in some cases, Bank of America may work with nonprofit credit counseling agencies that administer structured repayment plans.
In certain situations, accounts may be closed or restricted as part of the hardship agreement. This can prevent additional charges but may impact credit utilization and scores.
Real life examples and customer experiences
Examples of customer-reported experiences with hardship programs can be found here: The Needhelppayingbills forum on Bank of America assistance programs. While the forum is moderated, we have way to confirm the savings/deals posted.
These posts are for general informational purposes only. They reflect individual experiences and opinions and have not been independently verified. Results will vary.
Eligibility and application process
As noted there is no promise of getting help. Bank of America evaluates each request individually. Factors that may be considered include income, expenses, account history, and the reason for the hardship.
- Customers generally need to contact Bank of America directly to request assistance. A phone call insisting on a live person and not a “chat bot” is needed, and keep documentation. Be prepared to explain the financial situation and provide details about income and expenses.
- The process may require multiple conversations, and different representatives may offer different options. Some customers report needing to ask for a supervisor or escalate their request in order to access certain programs.
- It is important to carefully review any agreement before accepting it. Get any deal in writing. Some hardship programs may have long-term financial or credit implications.
How to apply for help from Bank of America
There is no universal application form for all hardship programs. Customers need to contact Bank of America directly. The most reliable way to request help is:
- Log into your online account and review assistance options
- Call the number on the back of your credit card
- Speak with a representative and explain your financial hardship
Customers should be prepared to provide details about income, expenses, and the reason for the hardship. Requests are evaluated individually, and terms will vary.
Verified Bank of America credit card contact numbers
Below are verified contact numbers.
- Credit card customer service (24/7): 800-732-9194
- Credit card billing inquiries: 866-266-0212
- Credit card assistance (financial help line): 855-891-3401 (Mon–Fri business hours)
Customers can also call the number listed on the back of their card, which is often the fastest way to reach the correct department.
Important risks and considerations: Before agreeing to any hardship program from BOA, customers should carefully review the terms. Accounts may be closed or restricted, which can impact credit utilization and credit scores; Interest may still accrue during certain types of relief, depending on the agreement; Modified payment plans may appear differently on a credit report. Because of these risks, consumers should compare all options before enrolling.
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