(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

Saanich Peninsula steps into post-pandemic phase

Pending partial re-opening of local schools signals new start

Craft vendors allowed to re-join Goldstream Farmers Market

Dr. Bonnie Henry lightens restrictions, approves non-food items to be sold

Three people sent to hospital following serious crash in View Royal

Incident involved a motorcycle and one vehicle on Sunday afternoon

Province recognizes three Greater Victoria residents for work to combat racism

The three residents were recognized during the Multiculturalism and Anti-Racism Awards

Saanich high school student wins free educational trip through Europe

Beaverbrook Vimy Prize centers on First, Second World War history

VIDEO: Injured bald eagle rescued in B.C. First Nations community

Bird suspected injured in fight, whisked off to Coquitlam rehab

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Toronto Raptors’ Ujiri says conversations about racism can no longer be avoided

Thousands have protested Floyd’s death and repeated police killings of black men across the United States

‘I’m afraid’: Witnesses of wolf attack on senior near Prince Rupert worried about safety

Frank Russ shows where the unprovoked wolf attacked his father

Protesters prepare to rally against racism in front of Vancouver Art Gallery

Rally is in response to the deaths of black Americans and a Toronto woman

Man dies in ATV accident south of Nanaimo

Incident happened on backroad Friday night in Nanaimo Lakes area

Protesters rally against anti-black, Indigenous racism in Toronto

Police estimated the crowd to be between 3,500 and 4,000 and said there was no violence

Feds earmark $1.5M to support recovery of B.C., Indigenous tourism

B.C. money will be split between Vancouver Island and Indigenous tourism

Most Read