Vancouver City Savings Credit Union (Vancity) has announced it has reduced credit card interest rates to 0% for people encountering financial problems due to the Covid-19 pandemic.
As part of the reduction, users of Vancity’s personal and business credit card can postpone a payment due for up to a period of six months at a 0% rate.
This decision to cut the interest rates stems from a range of supportive measures Vancity has offered cardholders that are impacted.
Vancity has offered tailor-made repayment plans as well as low credit card interest rates to individual and business cardholders.
Also, Vancity is offering deferred loans on mortgages with interest charged only on loan balance, rather than compound interest.
While talking about the total drop in interest rate, the CEO and President of Vancity, 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.”
