Scotiabank reduces credit card interest rates for customers experiencing COVID-19 financial hardships

To date, Scotiabank has provided over $1 billion in total payment relief to personal and business customers including assistance with mortgages, loans, lines of credit, auto loans and credit cards. 

TORONTO, April 3, 2020 /CNW/ – Scotiabank announced that effective April 1st 2020, it will be reducing personal and small business credit card interest rates to 10.99% for customers that are experiencing financial hardship due to the COVID-19 pandemic and are receiving a credit card minimum payment deferral.

Scotiabank (CNW Group/The Bank of Nova Scotia)

“We recognize the financial impact that this public health crisis is having on Canadians, right across the country. COVID-19 has made it increasingly difficult for many of our customers to pay their bills,” said Dan Rees, Group Head, Canadian Banking. “Since this crisis began all our employees have been working hard to be here for our customers, their families, and their businesses to offer support and relief. Lowering interest rates on credit card payments is an additional step we’re taking to make a financial difference to Scotiabank customers experiencing difficulties as a result of the COVID-19 pandemic.”

For customers that have already received a credit card payment deferral, as of April 1st the 10.99% interest rate will be applied to their account in the form of an interest credit, and they do not need to contact Scotiabank.

Customers impacted by COVID-19 can continue to apply for minimum payment deferrals on their credit card accounts and for a reduced rate of 10.99% on their account for the period of the deferral by submitting a request through our online form, which will be available beginning April 7th.

Additional online support available to eligible customers impacted by COVID-19:

  • A six month deferral option for mortgage payments, which has already given more than 80,000 Canadians the peace of mind that comes from financial relief.
  • A deferral process for customers seeking mortgage relief, personal and auto loan relief. Beginning next week, online requests for payment deferrals will be available for credit card customers online.
  • Customers who are eligible for the Canada Emergency Response Benefit have the ability to set up direct deposit payments from the CRA, via a simple online process. More than 60,000 customers have used this process over the past 3 days.
  • The ability to transfer a credit card balance to an existing Scotiabank line of credit that carries a lower interest rate.

Please go to Scotiabank.com for more information.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future,” we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 100,000 employees and assets of approximately $1.2 trillion (as at January 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit https://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE The Bank of Nova Scotia

https://markets.businessinsider.com/news/stocks/scotiabank-reduces-credit-card-interest-rates-for-customers-experiencing-covid-19-financial-hardships-1029064804

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