Vancity is temporarily cutting credit card interest rates to 0%, and deferring minimum payments for those facing financial difficulty as a result of COVID-19.
Vancity personal and business credit card holders 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 affected by COVID-19 can call Vancity to request this relief program.
Vancity said it has been working on a case-by-case basis with affected business and individual cardholders to offer solutions, such as lower credit card interest rates and tailored payment plans.
So far, Vancity has approved 97% of the 4,000 loan deferral requests it has received.
Vancity said it will also waive off a number of fees for its members, including for INTERAC e-Transfer® and ATMs in Canada, until September 30.
