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, or any member of your family, has become unemployed or experiences a material reduction in income due to COVID-19.

Also note that:

  • 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 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. 

If your account has been approved for a credit card payment deferral, we will reduce your interest rate on purchases and cash advances to 10.99% on a temporary basis during the deferral period. 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 following 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.


FAQs about credit card monthly minimum payment deferrals

  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.

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

No credit application is required.

You can defer your minimum monthly payments for your account 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.

If your account has been approved for a credit card payment deferral, we will reduce your interest rate on purchases and cash advances to 10.99% on a temporary basis during the deferral period. 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. 

Yes, Scotiabank offers a wide variety of credit cards designed to suit our customers’ needs. To maintain a lower interest rate to help if you are carrying a balance, we recommend switching to the Scotiabank Value Visa features a 12.99% interest rate on purchases and cash advance / balance transfers, or the No Fee Scotiabank Value Visa features a 16.99% interest rate on all purchases and cash advances. 

Remember that cash advances include balance transfers, cash-like transactions, and Scotia credit card cheques. Please note that in doing so, there may be changes to your card’s features and benefits, such as your Rewards.

We encourage you to visit our Scotiabank Rewards Calculator to help you determine how much interest you will save annually by using the Scotiabank Value Visa.

For example, if your average monthly balance is $5,000, you can save up to $650 annually in interest a year (this is an estimate only and actual interest savings will depend on factors, such as actual account usage and payments).

During your credit card monthly minimum payment deferral, we will reduce your interest rate on purchases and cash advances to 10.99% on a temporary basis during the deferral period. 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 personal 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.

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

If your account is currently set up with a PAD to pay your balance in full, we will cancel this PAD and you will have to set up the PAD again after the deferral period ends.

If your account is currently set up with a PAD to make your minimum payment only, the PAD payment will not be required by us during the deferral period but will continue after the deferral period has ended.

FAQ about when my payment deferral period ends

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 will apply

FAQs about credit card payments

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

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.

FAQs about your Scotiabank credit card insurance

Your creditor insurance coverage will remain in-force for up to:

  • 60 days in arrears –Scotia Credit Card Protection (Visa/Amex)

  • 90 days in arrears – Scotia Account Balance Protector (Mastercard) 

Following the non-payment arrears period (outlined above) your insurance coverage will automatically be cancelled.

It is important to note that coverage remains in place for loss events that occur between the coverage effective date and the coverage cancellation date (i.e., you may be covered for a loss after the coverage is cancelled).

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

If you switch from a credit card with creditor insurance to another new credit card product, your creditor insurance will automatically be transferred to the new credit card (Visa/Amex only). 

For transfers from a credit card with creditor insurance to a new or existing line of credit, the balance will not be insured unless:

  • it is transferred to an existing line of credit product that is already insured; or

  • you enrol in line of credit creditor insurance and are approved for coverage

Currently, all creditor insurance products are available to eligible Scotiabank customers holding eligible credit products. All eligibility requirements continue to apply as normal. Your coverage will begin when the insurer approves your application for insurance.

In response to the questions raised around COVID-19 and inability to work, we remind you that most policies have a waiting period that must be satisfied before any disability or job loss claim will be considered (typically 30 to 60 days depending on the product).

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