Financial relief for credit card monthly minimum payments
Update on COVID-19 support :
Payment deferral requests for credit card monthly minimum payments are no longer available.
How credit card monthly minimum payment deferrals work
Note: Requests for payment deferrals must be received by September 30, 2020.
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 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 following 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.
FAQs about credit card payments
FAQs about your Scotiabank credit card insurance
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