National

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

Darpan News Desk, 08 Apr, 2020 09:57 PM

VANCOUVER - 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.

This report by The Canadian Press was first published April 8, 2020.

Prev Next

MORE National ARTICLES

Canadian, U.S. Fighter Jets Intercept Russian Aircraft Off Alaskan Coast

OTTAWA - Military authorities say U.S. and Canadian fighter jets scrambled Monday to intercept two Russian reconnaissance planes travelling near the North American coast.

Canadian, U.S. Fighter Jets Intercept Russian Aircraft Off Alaskan Coast

Warrant Issued For Father's Arrest, But Whereabouts Of Child Unknown

Child abduction warrant issued for father's arrest, but whereabouts of child unknown

Warrant Issued For Father's Arrest, But Whereabouts Of Child Unknown

228 Canadians From Cruise Ship Grand Princess Begin Quarantine At CFB Trenton

Some 228 Canadians began a two-week quarantine at Canadian Forces Base Trenton, in Ontario, on Tuesday after being repatriated from a cruise ship that's had a cluster of novel coronavirus cases.

228 Canadians From Cruise Ship Grand Princess Begin Quarantine At CFB Trenton

Environment Leaders Say Feds Need To Push Sustainability As Budget Nears

The executive director of the Climate Action Network Canada says she understands there will be a temptation to "double down on the status quo."

Environment Leaders Say Feds Need To Push Sustainability As Budget Nears

International Travellers Banned From New Brunswick Schools For Two Weeks

Dominic Cardy sent a letter to parents Monday saying the precautionary measure — among the most aggressive taken by any province — also applies to school and early learning centre staff, volunteers and family members of students.

International Travellers Banned From New Brunswick Schools For Two Weeks

Liberals Defends $4m Transfer From Operating Budget Amid Veterans' Backlog Fury

The Liberal government is defending its choice to take more than $4 million from Veterans Affairs Canada's operating budget at a time when the department is struggling with a backlog of tens of thousands of disability applications from injured ex-soldiers.