Requesting financial relief for credit card monthly minimum payments

Learn more and apply to defer credit card monthly minimum payments 

Eligibility for credit card monthly minimum payment deferrals

You're eligible for a credit card monthly minimum payment deferral if: 

  • You are a customer who is affected by the impact of COVID-19.

Also note that:

  • You will need to be registered for Scotia OnLine to request a credit card payment deferral online.
  • If you have more than one Scotiabank credit card account, you will have to submit a separate request for each account.

For the full details, here are the Small Business Credit Card Payment Deferral Request Terms and Conditions

How credit card monthly minimum payment deferrals work

Credit card payment deferrals

A credit card monthly minimum payment deferral means that you will not be required to make the minimum payment required on your credit card account during your deferral period (for up to 3 months).

Interest

During this deferral period, any applicable interest will continue to apply to your outstanding balance at the interest rates that apply to your account. That interest will be added to the balance each month.

During your credit card deferral period, we will reduce your interest rate on purchases and cash advances to 10.99% on a temporary basis, unless your credit card already has an interest rate that is equal to or less than 10.99%, such as a Scotialine for Business credit card.

This interest reduction will be reflected as an interest credit. You’ll receive an interest credit for every month of your deferral period, and you’ll see that credit on your statement in 2 months’ time.

Creditor insurance

Please note that if you have creditor insurance on your credit card, premiums will continue to be charged to your credit card to prevent interruption of your coverage.

How does the credit card minimum monthly payment deferral process work?

First, complete your application.

For the application, you’ll need to be registered for Scotia OnLine to request a credit card minimum payment deferral online.

Second, we’ll process your application.

Once we’ve completed your application, we’ll email you within 3 to 5 business days.

Lastly, at the end of the deferral period:

You will be required to start making your minimum payments by your payment due date, the 10.99% interest rate reduction will no longer be applied, and your regular interest rates will apply.


Small business credit card monthly minimum payment deferral FAQs

  1. Sign in to Scotia OnLine or the mobile app.

  2. From the Account Summary page, select the credit card for which you want to apply for a minimum monthly payment deferral. 

  3. From the top of your Account Detail page select “Request assistance.” You will see all your Scotiabank products for which you can apply for a payment deferral. 

  4. Follow the on-screen instructions.

No, they are different. A credit card monthly minimum payment deferral means you are not required to make a minimum payment for 1, 2, or 3 months, during which interest accrues.

Credit card minimum payment forgiveness, by comparison, means that a lender cancels or forgives part of the debt. 

Customers with a small business credit card who are affected by the impact of COVID-19 can seek relief from Scotiabank.

No credit application is required. 

No, Scotiabank does not charge interest on accrued interest on their small business credit cards. 

During the deferral period, we will reduce your interest rate on purchases and cash advances to 10.99% on a temporary basis, unless your credit card already has an interest rate that is equal to or less than 10.99%, such as a ScotiaLine for Business Visa credit card. 

This interest reduction will be reflected as an interest credit. You’ll receive an interest credit for every month of your deferral period, and you’ll see that credit on your statement in 2 months’ time.   

This temporary interest rate reduction will end when your deferral period is over and then the regular interest rates for your account will apply. 

All small business credit cards are eligible to receive the temporary interest rate reduction of 10.99% unless your credit card already has an interest rate that is equal to or less than 10.99%, such as a ScotiaLine for Business VISA credit card. 

At the end of your deferral period:

  • You will be required to start making your minimum payments

  • The 10.99% interest rate reduction will no longer be applied

  • Your regular interest rates on your account will apply

No, there are no penalty fees for approved deferrals or for the reduced interest rate.

If you are requesting your deferral and have a pre-authorized debit, please ensure that you are requesting the deferral 3 business days before your payment due date to give us enough time to cancel the pre-authorized debit. 

If you are eligible, you will be able to defer your payment for that payment due date.

If you have a pre-authorized debit, please ensure that you are requesting the deferral 3 business days before your payment due date to give us enough time to cancel the pre-authorized debit.

Yes, if you have the automatic payment set up with Scotiabank, we can process a credit balance refund and return it to your Scotiabank account. Call 1-800-4-Scotia for assistance with this.

If you set up the automatic payment from another financial institution, please contact them to see if the payment can still be cancelled.

Yes, if your circumstances change, you can make a payment to your credit card at any time even during your deferral period. Making payments will help lower your outstanding balance and the interest you owe on your account.

If you have creditor insurance on your small business credit card, insurance premiums will continue to be charged to your bank account during the deferral period in order to maintain your insurance coverage.

Your creditor insurance coverage will remain in-force for up to 120 days in arrears.

Following the non-payment arrears period, your insurance coverage will automatically be cancelled.

If you had a covered loss event that occurred while your coverage was in force, you will be able submit a claim for consideration.

Your existing creditor insurance on the small business credit card will automatically cancel when the small business credit card account is closed.

Your existing creditor insurance on the small business credit card is not transferable and will automatically cancel when the small business credit card account is closed. If you wish to obtain creditor insurance on your small business line of credit, a new Scotia Business Loan Protection application is required. 

Yes, you can submit a claim subject to the 60-day waiting period for disability benefits. The decision on whether a claim will be approved is subject to review and adjudication by the insurer.

We encourage customers to file a claim with the insurer and they will review each claim individually.

You can call 1-855-753-4272 to speak with one of the Insurance specialists for further details.