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).
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.
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.