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Credit card payment deferrals won’t hurt your credit score – if you get it in writing

Stephanie Hughes
Financial Journalist
  • J
    Joseph
    The Federal government should mandate credit card companies can only charge 4% over the prime rate. At the moment prime is sitting at 2.45%. If corporations that issue these cards cannot be happy with 6.45%......I have no sympathy for them.
  • P
    Paul
    Oh yeah well I'm currently earning 0.05% in my RBC high interest savings account... woo hoo!.
  • M
    Mia
    If a small behind the times bank like National Bank can defer interest as well as payments why are the other big Canadian banks unable to?
  • J
    John
    Why aren't ALL credit card holders getting a break on their balances????
  • j
    james
    credit card companys are loan sharks 24 % you can get credit cheaper from GUIDO at the corner
  • K
    Kyle
    I hope Canadians as a whole learn from this pandemic to start living within their means. However I'm concerned that with all of these gov't bailouts all it's going to teach them is the gov't will protect them no matter what.
  • C
    Crypto
    many of you fail to realize that credit card companies dont make all of the interest revenue as profits. there are many over head costs, such as cardholder services, dispute resolution costs, fraud mitigation costs, and card benefit and insurance features costs that have to be taken into account. so if anyone thinks the 19% interest on their card is pure profit for the bank, think again. also learn to live within your means and please have a talk with your financial advisor about setting up a rainy day fund or emergency savings. its pathetic how little people save, and many working class people thinking they are saving are going at it the wrong way (living all dollars in a almost zero interest savings account) instead of having an investment plan and doing it right.
  • M
    Mia
    In these troubled times the banks deferring payments, not interest charges, only makes them more money. To me that is profiteering! First with mortgage payments now with credit cards they get cheap money from the Bank of Canada then say they're "helping" Canadians by deferring payments and increasing their profits and our government agrees?
  • W
    WRA
    Cut rates for "some Canadians"?????
    Why not ALL
  • S
    Spectrum Global
    ARE YOU GUYS FOR REAL ?The government does not have the money but has #$%$ets which THE BANKS HOLD.The government is going to borrow a TRILLION DOLLARS plus Present debt to Give the Money to Us..There is Interest on THAT MONEY..So Our Lawyer based politicians who's #$%$_es don't stink, have Zero Economic's Background, ding #$%$, ding #$%$give money to the banks at .45% Interest,,These SNEAKY LITTLE PEOPLE are charging 24% Interest Compounded.Who are the THIEVES HERE ?But,,We are all in this together....Except the Banks