To help its cardholders during the financial hardships prompted by the COVID-19 pandemic, Discover is offering a 'Skip-a-Pay' payment plan that allows its customers to defer at least two consecutive payments on their personal credit cards. The initiative ensures that all late payment fees will be waived during the deferment, however, interest will continue to accumulate. Credit limits will not be reduced and cardholders can continue to use their card to make purchases.
To make inquires about the Skip-a-Pay payment plan, consumers are encouraged to call the provider, use their banking apps, or use the online chat function while logged into their accounts.
As more global consumers are affected by the pandemic, we can expect to see other issuers provide similar assistance.
Branded Pandemic Financial Relief
Discover is Offer a 'Skip-a-Pay' Payment Plan to its Cardholders
Trend Themes
1. Pandemic Financial Relief - Financial institutions offering relief measures to their customers during the pandemic present an opportunity for disruptive innovation in the financial services industry.
2. Skip-a-pay Payment Plans - The implementation of 'skip-a-pay' plans by financial institutions is a trend that presents an innovative solution for customers seeking financial relief during times of crisis.
3. Online and Mobile Banking - The increased reliance and usage of online and mobile banking services during the pandemic presents an opportunity for financial institutions to integrate seamless and innovative features to enhance user experience.
Industry Implications
1. Financial Services - Financial institutions can disrupt the industry by continuously innovating and offering relief measures to their customers during times of crisis.
2. Credit Card Issuers - Credit card issuers can disrupt the industry by implementing 'skip-a-pay' plans and exploring other relief measures to help their customers navigate financial hardships.
3. Mobile Banking Services - Mobile banking services can disrupt the industry by integrating innovative features and creating a seamless user experience that meets the needs of their customers during times of crisis.