CC deferment payments?

[Jasmine Raine]

I just saw this announced with my bank today. I was curious about this before but it always one of those in the back of your head type things since my CCs are all zero or only used monthly and paid monthly to gain points for things like cash back.

Anyone else seen or have this?

Some CC companies must be living this pandemic and all the interest they are going to be earning because so many people need to live on credit these days.

 

[thumper18474]

My bank actually sent an email offering to defer any payments...about a week ago
I said no thanks..we've both been deemed as essential services so we'll both be working thru this.

Then someone from the branch actually called me..quoted my email and still offered to defer..!!!.WTF

 

[shack]

I just saw this announced with my bank today. I was curious about this before but it always one of those in the back of your head type things since my CCs are all zero or only used monthly and paid monthly to gain points for things like cash back.

Anyone else seen or have this?

Some CC companies must be living this pandemic and all the interest they are going to be earning because so many people need to live on credit these days.

However, people are not spending like before. They are not accumulating as much debt.

 

[GameBoy27]

My bank offered deferred CC payments and dropped the interest rate to 9.5%.

 

[Jasmine Raine]

It is interesting because I only found out about it looking through the app. I checked my other bank app and there is nothing and nothing was emailed to me. Again, no biggie for me, but interesting to say the least.

 

[Silkroad]

I'm guessing if you ask your bank to defer your payments and lower the interest rate they will also put a freeze on your card until you resume payments. Can't see them cutting the interest rate in half and allowing you to continue to use the card. Anyone know for sure?

 

[MissCroft]

I am wondering about this too. I know that even if you defer payments, interest will still accumulate. I think BMO and CIBC are both currently doing something/lowering interest rates. But I am with neither bank.

I think Ford commented a couple of weeks ago that no CC should be charging more than a one digit interest rate i.e. no higher than a 9.9 interest rate (?) right now. I believe he said it would be "disgusting" to do so during this time.