Small Business Credit Cards Payment Deferral

Terms and Conditions

By submitting a request to defer your credit card monthly minimum payments, you agree to the following terms and conditions:

  1. You represent and warrant that all information provided to Scotiabank in connection with your credit card deferral request is correct and true.

  2. You have requested to defer your minimum payment for your credit card for up to 3 months (the “deferral period”). You understand that your regular payments will be required following the deferral period.

  3. During this deferral period, any applicable interest will continue to apply to your outstanding balance at the interest rates that apply to your account and that interest will be added to your balance. We do not charge interest on accrued interest. You can see how much interest is being charged to your account each month on your monthly statement. You can always make a payment to your account at any time even during a deferral period.

  4. We will not charge an overlimit fee in any statement period where your account is over limit (balance exceeds the credit limit) if that overlimit resulted from the interest that accrued on your account during your deferral period.

  5. 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. 

  6. We reserve the right to review your account activity and may adjust your credit limit during a deferral period.

  7. Your statement will continue to show a minimum payment due through any deferral period.

  8. If this account is currently set up with an automatic payment, you agree that may we cancel this automatic payment if your deferral is approved. Please ensure that you are requesting the deferral at least 3 business days before your payment due date to give us enough time to cancel the Pre-Authorized Debit.

  9. 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 (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. This temporary interest rate reduction will end when your deferral period is over.