How Do I Request an Extension on My MasterCard Credit Card Bill?
If you are facing a financial hardship and need an extension on your MasterCard credit card, your financial institution may be able to help. Contact your MasterCard credit card issuer, explain your situation and request an extension or alternative help. Lastly, work with your finances to avoid future deferments and keep your account in good standing.
Life has a way of throwing curveballs at you, and you may find you need a little extra time to meet your monthly obligations. If you are in financial hardship and need to request an extension on your MasterCard bill, you may be wondering what to do. Here is information on how to get an extension on your MasterCard bill. You can also get support from MasterCard customer service here.
About MasterCard
MasterCard does not issue credit cards directly. Instead, it is a payment processing network that works with financial institutions to issue the credit card. This is an important factor in making your request for an extension because each financial institution will have its own terms for granting hardship relief.
How To Request and Extension on Your MasterCard
Requesting more time to pay your monthly MasterCard bill can vary slightly from bank to bank. Credit unions may have different criteria for granting extensions than major banks do. Here are the steps to requesting an extension on your MasterCard payment:
- Contact your financial institution via telephone. You can also call MasterCard customer support here to be connected with your bank or credit union.
- Explain your current financial hardship and request a deferment on your payment.
- If the extension is granted, review the terms of the extension (length of time you can defer payments, if there are any fees for the deferment, and how much interest will be added during the deferral).
Each bank or credit union has its own guidelines for approving or denying an extension. During the Covid-19 pandemic, MasterCard credit card issuers have made a concerted effort to work with customers impacted by the virus.
Alternatives to Extensions
If your MasterCard issuer doesn't want to give an extension or deferment on your payment, there may be other options available to you through the institution's hardship program. Hardship programs are not exactly extensions, but some of the features include:
- Reduced monthly payments or a payment plan.
- Lower interest rates that help pay the MasterCard off quicker.
- Note: Your card may be frozen or your credit limit reduced while you are part of the hardship program.
Steps To Take for the Future
Requesting an extension on your MasterCard credit card bill should be a last resort. If you do need to request a deferment, there are some things you can do to prevent the situation from happening again in the future. These include the following:
- Carefully track your spending to decrease your chances of a financial hardship.
- Develop a budget. Knowing where your money goes is the first step in taking charge of your finances.
- Set reminders on your phone, computer or calendar of payment due dates and grace periods.
- Look at places you can move money in your budget to cover your MasterCard credit card bill each month.
Keeping your credit profile healthy gives you more spending power and control over your finances. If you need more time to pay your MasterCard credit card bill, work with your financial institution on deferring one or more payments. Working with your MasterCard issuer gives you peace of mind and can help get you over a financial hump. For more information, contact MasterCard customer support here.
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