COVID-19 - DEFERRING YOUR PERSONAL AND BUSINESS CREDIT CARD PAYMENTS - YES, TEMPORARILY AND WITHOUT PENALTY

As part of the federal Government's COVID-19 economic response plan, it has strongly encouraged the Big Banks to allow consumers to defer credit card payments, without penalty, at least temporarily. 

Currently, most of the banks, if not all, are accepting requests to temporarily waive the requirement that you pay your minimum payment on your credit card for up to two months.

Some banks have set up new, online webforms to do so.

If you need relief beyond the two-month period, you should contact your bank advisor for additional deferrals up to a total of six months.

However, requests are not guaranteed.

Deferred payments will not be reported to credit bureaus as missed payments.

During the deferral period, you will continue to accrue interest charges at your current annual interest rates and we will add those charges to your outstanding balance.

This may increase the outstanding balance on your credit card at the end of the deferral period.

Most banks, if not all, will not charge interest on accrued interest.


Thank you for reading this - Jason Ward of WARDS LAWYERS PC.

If you would like to read more, please go to wardlegal.ca/posts.

This WARDS LAWYERS PC blog is for general information only. It is not legal advice, or intended to be. Specific or more information may be necessary before advice could be provided for your circumstances.

More information? We're here to help - jason@wardlegal.ca | www.wardlegal.ca