In a move it said is meant to help those facing financial difficulty as a result of the coronavirus pandemic, Vancity announced on Wednesday it is temporarily cutting credit card interest rates to 0%, and deferring minimum payments.
“Vancity has been working from the beginning of the COVID-19 pandemic to meet the financial needs of our members and help them through these uncertain and difficult times,” said Vancity President and CEO Tamara Vrooman. “As we’ve been doing that, we’re seeing the impact this situation is having, through no fault of their own, on people’s credit cards.”
Vancity personal and business cardholders who need to defer a payment due to the impacts of the pandemic, will be offered payment deferrals of up to six months at a 0% interest rate. Eligible cardholders impacted by the coronavirus can call to request this relief program.
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“Having access to credit for things like online grocery buying is vital for many families,” said Vrooman. “Whether it be credit cards or something else, I’d encourage any of our members who are facing financial concerns to contact us.”
In addition to temporarily dropping credit card interest rates to 0%, Vancity is working with its members to defer loans, such as mortgages, for up to six months for those impacted by the pandemic. Vancity also waived a number of fees for its members, including for INTERAC e-Transfer and ATMs in Canada.
More information about how its members can receive support during the COVID-19 pandemic is available on Vancity’s website.