(Vancity)

(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

The School District 71 DPAC hosted an online forum for candidates hoping to fill a vacant board of education position. Screenshot, SD71 DPAC Facebook page
Six make their pitch to fill empty school board seat in Comox Valley

District’s parents advisory council hosted the online forum for Area C candidates

Many of the static aircraft displays are decorated in thousands of lights for almost the entire month of December at the airpark on Military Row in Comox. Photo by Erin Haluschak
VIDEO: Christmas lights on display at 19 Wing airpark

Per COVID-19 rules, viewing of the display is strongly encouraged by vehicle and not exiting the car

GP Vanier grad Samantha Rebitt has earned the 2020 Governor General’s Academic Medal, with an academic average of 99.8 per cent. Photo supplied
GP Vanier announces its 2020 Governor General’s Academic Medal winner

Samantha Rebitt had a near-perfect 99.8 per cent academic average

The suspect in a Nov. 22 attempted robbery at the Ryan Road 7-Eleven has been arrested. Photo supplied
Courtenay man arrested in connection with attempted robbery at 7-Eleven

A 19-year old Courtenay man has been arrested following an attempted robbery… Continue reading

The Nov. 20 WestJet flight 3171 has been identified by the BC Centre for Disease Control with a COVID case aboard. (Black Press file photo)
COVID-19 exposure reported on a fifth flight at Comox airport

Another exposure risk from flight originating in Calgary

A B.C. Ambulance Service paramedic wearing a face mask to curb the spread of COVID-19 moves a stretcher outside an ambulance at Royal Columbia Hospital, in New Westminster, B.C., on Sunday, November 29, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. records deadliest weekend of COVID-19 pandemic with 46 deaths; more than 2,300 cases

Provincial health officer Dr. Bonnie Henry provides COVID-19 update

Letter to the editor.
LETTER – Horgan’s election promise of COVID relief cash is money foolishly spent

Dear editor, Would you dip into your child’s registered education fund to… Continue reading

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Dave Wallace coached the Parksville Royals for 23 years. (PQB News file photo)
B.C. baseball community mourns death of legendary Vancouver Island coach Dave Wallace

‘All who knew Dave and his passion for the game will miss him greatly’

THE CANADIAN PRESS/Nathan Denette
B.C. researchers launch study to test kids, young adults for COVID-19 antibodies

Kids and youth can often be asymptomatic carriers of the novel coronavirus

A sign is seen this past summer outside the Yunesit’in Government office west of Williams Lake reminding visitors and members to stay safe amid the COVID-19 pandemic. (Rebecca Dyok photo)
B.C. First Nation leaders await privacy commissioner decision on COVID-19 information

Release of life-saving data cannot wait, says coalition of First Nations

MLA Jennifer Whiteside is B.C.’s new minister of education. She is speaking out against Chilliwack school trustee Barry Neufeld and asking him to resign. (Black Press)
New education minister calls on Chilliwack trustee to resign

Whiteside echoes former minister’s promise to look at options to remove Barry Neufeld

Most Read