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Desjardins Is Lowering Its Credit Card Interest Rate To Help Quebecers During The Pandemic

The bank is introducing many measures to support its clients.
Staff Writer
Desjardins Is Lowering Its Credit Card Interest Rate To Help Quebecers During The Pandemic
  • To help its clients through the financial strain brought on by the pandemic, Desjardins is lowering its credit card interest rate for individuals who have requested a payment deferral.
  • It's just one of the new support measures the bank has introduced.

With many people facing financial difficulties during the COVID-19 outbreak, Desjardins decided to reduce the interest rate for its credit card members. The Desjardins Group has also announced a series of measures to help young people and its clients get through these tough times. Beginning on April 8, personal credit card clients at Desjardins will benefit from a reduced interest rate of 10.9% if they have requested a payment deferral. 

"Desjardins was the first financial institution to put various relief measures in place for its Personal and Business members and clients affected by COVID-19," said Guy Cormier, President and Chief Executive Officer of Desjardins Group.

"We continue to support our members and clients by announcing additional measures like loans of last resort and temporary reductions in interest rates on our credit cards." 

In addition, Desjardins has donated 60,000 protective masks to the Quebec government, provided funding to community organizations, and provided numerous relief measures to young Quebecers affected by the COVID-19 outbreak. 

"We've all been affected by COVID-19, and Desjardins wants to make sure everyone gets the help they need. A lot of young people are struggling right now too," said Cormier. 

"Some are experiencing high levels of anxiety. If we're going to support our youth, that means being there when it counts." 

To help young Quebecers, Desjardins has opened up a psychological and legal hotline for its clients who are 30 and under. 

The bank has also increased its 2020 scholarship fund to $1.8 million, an increase of $500,000. 

Desjardins Group is further providing $475,000 to four major community groups including the Canadian Red Cross, Centraide, Food Banks of Quebec, and Feed Ontario.

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Finally, Desjardins has offered its clients who are most affected by COVID-19 a "last resort" personal loan. 

Starting on April 6, the bank will offer people who have lost their jobs a loan of up to $3,000 for a maximum term of 18 months.

Clients will have the option of deferring payments for up to six months, at a 4.97% interest rate.

The provincial and federal governments have also announced financial relief programs.

Individuals whose jobs have been impacted by the pandemic can apply to receive $2,000 a month for four months from the Government of Canada.

In Quebec, essential workers who make less than $2,000/month will also benefit from a $1,600 bonus over four months.

Stay tuned for more news.

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