(Vancity)

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

Several of the large Canadian banks lowered their interest rates on their credit cards

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.

READ MORE: Trudeau says 30K ventilators on the way; 3.6M Canadians claim benefits

The Canadian Press


Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

CRD explores option to use Oak Bay Lodge for people who are homeless

Motion asks staff to work with BC Housing, Island Health on possibilities

B.C. residents can go to the Royal BC Museum for half price all summer

Museum reopening in phases, COVID-19 measures in place

Saanich police identify suspect in Brydon Park assault

No charges sworn, no arrest made as of July 9

Sooke Crisis Centre closes doors

Services previously offered to be dispersed throughout community support groups

Bacteria levels lead to swimming advisory at Saanich park

Craigflower-Kosapsum Park among regional beaches with swim advisories

VIDEO: Victoria’s Raging Grannies call for end to public funding of for-profit senior homes

Organizer says COVID-19 has made senior home issues more apparent

Greater Victoria Crime Stoppers wanted list for the week of July 7

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Would you get a vaccine for COVID-19 when it is available?

With the number of positive COVID-19 tests skyrocketing across much of the… Continue reading

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Filing deadline in RCMP sexual-harassment class-action extended due to COVID-19

Plaintiffs now have until January 2021 to submit claims for up to $222,000

Jamie Bacon pleads guilty to charge in Surrey Six case

The plea brings an end to a complex legal case that has spanned more than a decade

Hefty undeclared driver charges piling up, ICBC warns customers

Average extra penalty $2,971 after an at-fault accident

Survey, hotline launched amid probe into racist blood-alcohol guessing game at B.C. hospital

Mary Ellen Turpel-Lafond has been appointed to lead an investigation by Health Minister Adrian Dix

RCMP disarm man experiencing mental health crisis

The male pulled a knife on officers and then held it to his own throat expressing a desire to die

Most Read