Vancity today announced it is temporarily cutting credit card interest rates to 0%, and deferring minimum payments, for those facing financial difficulty as a result of COVID-19.
“Having access to credit for things like online grocery buying is vital for many families,” says Tamara Vrooman, Vancity’s President and Chief Executive Officer:
“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. 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 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.
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 COVID-19 situation.
In a move designed to make it easier for people to do their banking without visiting a branch, on March 18 Vancity also waived a number of fees for its members, including for INTERAC e-Transfer® and ATMs in Canada. Vancity initially announced it would waive these fees until April 30, 2020. Today it is announcing it will extend that period until September 30, 2020. The credit union has also set up a dedicated telephone banking line for small business members and for seniors aged 65 and older.
To find out more about the financial supports Vancity has in place for members impacted by COVID-19, visit vancity.com/COVID19-CreditCard
With $28.2 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity serves more than 543,000 member-owners and their communities, with offices and 60 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the unceded territories of the Coast Salish and Kwakwaka’wakw people.