(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

Shuswap Emergency Program warns residents to prepare now for flooding

Risk of extreme flooding of Salmon River rises with forecast of high temperatures followed by rain

RCMP request public’s help in locating missing Salmon Arm man

Ken Derkach is a familiar face to many, one of the city’s residents who is without a home

Drunk man on dirt bike among May motor vehicle calls for Chase RCMP

Other calls resulted in excessive speed tickets and the arrests of two prohibited drivers

Playgrounds to reopen across the Okanagan on June 1

After nearly two months closure, playgrounds are set to reopen

Mission prison COVID-19 outbreak ends, 9 new cases in B.C.

New positive test at Port Coquitlam care home

Man who bound, murdered Vancouver Island teen still a risk to public: parole board

Kimberly Proctor’s killer is still ‘mismanaging emotions,’ has had ‘temper tantrums’

VIDEO: Humpback whales put on quite a show

The ‘playful’ pod lingered by a Campbell River tour operator’s boat for quite some time

Booze on Kelowna beaches? Mayor says ‘not at the moment’

Mayor Colin Basran says alcohol in public spaces is not on council’s radar right now — but that could change

Getting hitched at historic B.C. gold rush town still on table during COVID-19 pandemic

Micro-weddings, online visits, offered at Barkerville Historic Town and Park

VIDEO: Police look for suspect seen tripping elderly woman in Burnaby

The elderly woman was walking near the SkyTrain station when she was randomly tripped

Summerland amends procedure for virtual council meetings, adding transparency

During COVID-19 pandemic, meetings have been held using online technology

Motor trike crashes into hole in Kelowna

A man was taken to hospital after crashing his trike on Anderson Road

Serious vehicle incident closes Highway 97 near Falkland

DriveBC says an assessment is underway; delays expected

Most Read