|

Vancouver City Savings Credit Union (Vancity) has slashed the credit card interest rates to 0% for people facing financial difficulties due to the coronavirus (Covid-19) pandemic.

As part of the move, Vancity’s personal and business credit card users can defer a payment due for up to six months at a 0% interest rate.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The decision to cut the interest rates follows a range of support measures Vancity has announced for impacted cardholders.

Other support measures

Vancity has provided tailored payment plans and low credit card interest rates to business and individual cardholders, working on a case-by-case basis.

Vancity is also offering deferred loans, such as on mortgages, with interest accrued only on loan balance, instead of compound interest.

So far, Vancity has processed 4,000 loan deferral requests, 97% of which have already been approved.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last month, Vancity waived the fees for transactions through Interac e-Transfer and ATMs in Canada until 30 September 2020.

The credit union is also assisting small business members and seniors citizens aged 65 and above through a dedicated telephone banking line.

Vancity President and CEO Tamara Vrooman said: “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.

“Whether it is credit cards or something else, I’d encourage any of our members who are facing financial concerns to contact us.”

Also, Vancity has taken part in programs like Canadian Emergency Response Benefit, Canada Emergency Business Account and Business Credit Availability Program.