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Classified in: Business, Covid-19 virus
Subject: AVO

Tangerine Bank reduces Credit Card interest rates with payment deferrals, helping Clients when it's needed most


Other measures also available to those who are facing financial hardship due to COVID-19

TORONTO, April 6, 2020 /CNW/ - To support Clients experiencing financial hardship due to COVID-19, effective April 1, 2020, Tangerine Bank, Canada's leading digital bank, will temporarily reduce Credit Card interest rates to 10.99%, for those who receive a Credit Card minimum payment deferral.

"Our commitment to help our Clients, employees and our communities is steadfast," says Gillian Riley, President and CEO, Tangerine Bank. "Our teams have been working around the clock to roll out a range of relief measures over the past few weeks, including assistance with Mortgages, Loans, Lines of Credit and Credit Cards. Reducing Credit Card interest rates for Clients who have been impacted by COVID-19 during their minimum payment deferral period is one more way we hope we can lessen the pressure and help to keep more money in their pockets when they need it most."

Starting April 10, 2020, Tangerine Clients requesting Credit Card minimum payment deferrals can do so quickly and easily online, so there's no need to call in. The interest rate reduction will be applied as an interest credit each month during the deferral period.  

Clients who have already received a Credit Card payment deferral prior to April 10th will also receive the 10.99% interest rate reduction as an interest credit, and don't need to call our Contact Centre. It will appear on their statement by the end of the month and through their deferral period.

For more information, go to tangerine.ca/COVID19.

Helping our Clients when they need it most

In addition to reducing Credit Card interest rates during minimum payment deferral periods, Tangerine is providing a number of other financial relief measures and support to help Clients impacted by COVID-19:

For the latest information on how we're supporting our Clients, employees and communities, go to tangerine.ca/COVID19.

About Tangerine Bank

Tangerine Bank is a digital bank that delivers simplified everyday banking to Canadians. With over 2 million Clients and close to $40 billion in total assets, it's one of Canada's leading digital banks. Tangerine Bank offers banking that's flexible and accessible, products and services that are innovative, fair fees and award-winning Client service. From Savings Accounts to no-fee daily Chequing, Credit Cards, GICs, RSPs, TFSAs, Mortgages, lending products and Investment Funds through its subsidiary, Tangerine Investment Funds Limited, Tangerine Bank has the everyday banking products Canadians need. With over 1,000 employees in Canada, the bank's presence extends beyond its website and Mobile Banking app to its Café locations, and 24/7 Contact Centres. Tangerine Bank was launched as ING DIRECT Canada in 1997. In 2012 Tangerine was acquired by Scotiabank, and operates independently as a wholly-owned subsidiary.

SOURCE Tangerine


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