Happy Friday everyone! We made it through another week! Today we are reading how banks are tightening lending to those hoping to tap into their home equity lines, how some credit cards are extending welcome offers and crediting their annual fees, and U.S. payrolls continue to plunge amid the market decline, as well as a few others.
The coronavirus pandemic, which is prompting nervous Americans to tap into record amounts of home equity as a buffer against an economy tipping into recession, has also led Bank of America to aggressively tighten its standards for home equity lines of credit, or Helocs. Wells Fargo & Co. has taken similar actions, and JPMorgan & Co. may change its policies too.
Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers released Friday that only begin to show the economic damage wrought by the coronavirus crisis.
An abysmal March jobs report gives a glimpse of the devastating economic damage caused by the coronavirus pandemic. Another surge in oil prices on expected output cuts limited the losses in the stock market. Amid wild trading, major equity averages are headed for declines on the week.
Due to the impact of COVID-19, for eligible Card accounts approved from December 1, 2019 through May 31, 2020 for which you are eligible for a welcome offer, the period to make eligible purchases to earn your welcome bonus will be extended for an additional 3 months. Eligible Cards are U.S. Consumer and Business Cards issued by American Express National Bank to a Basic Card Member.
If you’re a Chase Sapphire Reserve cardholder with an annual fee renewing from today through July 1, listen up, because you’re getting a $100 statement credit towards your annual fee.
Here are just a few ways we can all help each other during these difficult times.