Credit Cards

Vancity temporarily cuts credit-card interest rates to zero for members in need

  • Last Updated:
  • Apr 9th, 2020 10:18 am
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Apr 21, 2004
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Vancity temporarily cuts credit-card interest rates to zero for members in need

Hoping other credit card issuers follow suit.

Vancity temporarily cuts credit-card interest rates to zero for members in need
By theglobeandmail.com

Vancity is temporarily cutting credit card interest rates to zero and deferring minimum payments for those facing financial difficulty as a result of COVID-19.

The credit union says personal and business credit card holders, who need to defer a payment due to the pandemic, will be offered deferrals of up to six months at a zero-per-cent interest rate.

The move by Vancity comes after several of the large Canadian banks lowered their interest rates on their credit cards for those in financial hardship due to the pandemic.

Vancity says in addition to temporarily dropping credit-card interest rates to zero, it’s working with its members affected by COVID-19 to defer loans, such as mortgages, for up to six months.

It says it has approved 97 per cent of the 4,000 loan deferral requests it has processed.

Vancity is Canada’s largest community credit union.
6 replies
Deal Fanatic
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Aug 24, 2016
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The Prairies
That’s awesome of VanCity.
You won’t see the big banks matching that.
Upvoted for a good story!
Newbie
Jan 17, 2010
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Anyone have any luck with negotiating a payment deferral on their Canadian Tire Mastercard? Are they offering any COVID-19 related relief for customers? Thought I'd ask around before calling in.
Deal Addict
May 1, 2018
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Vancouver
I doubt Rogers Bank or PCF will do that but it's nice Vancity is offering it.
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Aug 24, 2016
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The Prairies
Zeeman wrote: Anyone have any luck with negotiating a payment deferral on their Canadian Tire Mastercard? Are they offering any COVID-19 related relief for customers? Thought I'd ask around before calling in.
https://www.ctfs.com/content/dash/en/pu ... #!%23.html

Click on the COVID19 link at the top and read.
It seems they are willing to work with people that need support.

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