Relief for credit card payments

Many financial institutions, banks and credit unions, are offering relief on credit card payments, such as lower interest rates or deferrals of payment.

Last updated: June 26, 2020

Many financial institutions, banks and credit unions, are offering relief on credit card payments. The information below covers the supports offered by BMO, CIBC, National Bank, RBC, Scotiabank, TD Canada Trust, Meridian Credit Union, Vancity, Coast Capital Savings and Servus Credit Union. If you do not see your bank or credit union listed here, talk to them to see if they are offering this kind of relief.


Banks (Credit Unions listed after the Banks)



Minimum Payment Deferral: BMO is offering up to a 6-month payment deferral on credit cards with no fee and no changes to the terms of your BMO account. You must apply to get this support.

  • Customers who use online banking should sign into BMO Online Banking and send a request through the Message Centre.
  • Customers with no access to online banking can apply through an Online Form.
  • All applications before June 30, 2020 may be able to get payment deferral. 

Your deferred payment doesn't change the amount you owe on your debt. You'll still have to pay back the amount you defer eventually, plus interest.




Interest Rate Reduction: CIBC is offering a reduced interest rate of 10.99% on personal credit cards for clients who are having money issues due to the COVID‑19 pandemic.

Minimum Payment Deferral: CIBC is offering a deferral on minimum payments for clients whose money situation has been impacted by COVID-19. You will also get an effective lower interest rate of 10.99% during the deferral period that will be applied as a rebate on your July or August statement.

Installment Payments: CIBC is offering “CIBC Pace It” on credit card purchases of $100 or more and with lower annual interest rates. This lets you pay off large purchases with an installment plan at a lower rate. CIBC is also offering a choice of different payment terms ranging from 6 to 24 months at rates from 5.99% to 7.99% per year.

  • You can set up the installment payment plan online here.


National Bank


Minimum payment deferral and interest rate reduction: National Bank is offering a minimum monthly payment deferral on your National Bank Mastercard credit card for up to 90 days. As well, they will temporarily reduce the annual interest rate on credit cards to 10.9% for all credit card holders who get a payment deferral.

  • To find out if you qualify or to ask for a payment deferral, you must call 1‑800‑361‑5205, Monday to Friday from 8 a.m. to 7 p.m., or Saturday from 8 a.m. to 4:30 p.m. (ET).

Credit Limit Increase


National Bank is offering customers who have been financially impacted by the COVID-19 pandemic the option of requesting a credit limit increase.

You can request a permanent or temporary credit limit increase. For a permanent credit limit increase, sign in to your online bank:

  • Click Overview in the left menu
  • Select your credit card
  • Click Increase my limit
  • Follow the instructions

For a temporary credit limit increase of up to 90 days, call at 1-800-561-9733




Interest rate reduction: For clients who qualify, RBC will be giving a credit to your account(s) to reimburse you for 50% of the interest charged on your accounts during your relief period after a review by an RBC financial advisor.

  • You can use the online booking tool to book a call with an advisor to see if you qualify for this and additional relief.

Minimum payment deferral: RBC is offering up to a 6-month deferral for credit card payments for clients affected by COVID-19.

  • To request one month of relief, use the self-serve options found on RBC Royal Bank Online Banking. If you need longer term relief (up to 6 months), use the online booking tool to set up a time to speak with an advisor by phone.




Minimum payment deferral: Scotiabank is offering minimum payment deferrals (for up to 3 months) to credit card customers experiencing money problems due to COVID-19.


TD Canada Trust


Interest Rate Reduction: If you are impacted by COVID-19 and qualify, TD will credit you 50% of the interest charged for the 3 months. You will receive this in the form of an interest credit on your statements.

Minimum payment deferral: TD is offering minimum payment deferral for credit cards for up to 3 months. You can apply online here.


Credit Unions

Coast Capital Savings


Minimum payment deferral: Coast Capital is offering minimum payment deferral on credit products on a case-by-case basis.




Minimum payment deferral: Desjardins is offering up to a 6-month deferral for credit card payments for clients affected by COVID-19.

  • You can request a deferral by filling out the online application.
  • You can also apply by phone: 1-800-224-7737

Reduced interest rate: If your application for payment deferral is successful, Desjardins will also temporarily lower the interest rate on your credit card to 10.9% for the payment deferral period.


Meridian Credit Union


Minimum payment deferral: If you have a personal credit card with Meridian, you can defer your minimum monthly payment by the amount that is greater: $10 or 2% of the outstanding balance for personal credit cards.

Temporary over limit transaction approval: If you are a Meridian Creditcard holder who is currently out of the country, you can get temporary approval to go over your transaction limit to help cover your expenses while abroad or your travel fare to get home.

  • To get this support, contact the Collabria Call Centre at 1-855-341-4643.


Servus Credit Union


Minimum payment deferral: Servus is offering up to 6 months of minimum payment deferrals and a lower interest rate of 10.99% (for the first 3 months) to its existing cardholders who have been directly impacted by COVID-19 and are facing money problems.

  • Balance Protection Insurance (BPI): If you have Balance Protection Insurance on your Servus Mastercard, you may be able to claim for involuntary unemployment or loss of self-employment income benefits. Eligible clients are directed to submit a claim through Assurant Financial Services Portal. Eligibility requirements can be found on your Certificate of Insurance [pdf].




Minimum payment deferral and interest rate reduction: Vancity is cutting credit card interest rates to 0% and deferring minimum payments for up to 6 months for credit card holders who qualify.

Who can get this support?

You may be able to get these supports if you meet the conditions above.

How can I get this support?

See the information above for how to work with each listed credit card provider.