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.

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.

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.