Temporary Financial Relief Program
Q. How do I find out if I qualify for the Temporary Financial Relief Program?
A. We know everyone’s situation is different. We are committed to working with all personal and business cardholders on a case-by-case basis to help understand your needs and to try and alleviate some of the financial hardship you are experiencing as a result of the COVID-19 pandemic. If you are experiencing a financial hardship due to the impacts of the COVID-19 pandemic, please call our Contact Centre at 1-855-341-4643 and we will work with you to discuss how we may be able to help you.
Q. What do I do if I want to apply for your Temporary Financial Relief Program?
A. If you are experiencing a financial hardship due to the impacts of the COVID-19 pandemic, please call our Contact Centre at 1-855-341-4643 and we will work with you to discuss how we may be able to help you.
Q. If I defer my minimum payment will I still be charged interest?
A. Yes. All cardholders participating in Collabria’s Financial Relief Program, except for Centra Gold, will continue to accrue interest charges at the temporary interest reduction rate of 10.9% and those charges will be added to your outstanding balance. We do not charge interest on accrued interest. This interest reduction will be reflected as an interest credit. You’ll receive an interest credit for every month of your deferral period, and you’ll see it on the following month’s statement. Once your payments resume, your Minimum Payment may be higher as a result of the higher outstanding balance. During the relief period you always have the option to make one or more payments toward your outstanding balance.
Q. What interest rate will I be charged if I qualify for the Temporary Financial Relief Program?
A. Cardholders that qualify for a payment deferral will also have their purchases and cash advances interest rate reduced to 10.9% for the duration of their deferral. When the deferral period is completed, your interest rate will revert to your standard interest rate as outlined on your monthly mailed statement or eStatement on MyCardInfo. To access MyCardInfo or to sign up, please visit www.collabriacreditcards.ca and select your credit union.
Q. Do I have to pay any fees or penalties with the Temporary Financial Relief Program?
A. There are no fees or penalties charged for the Temporary Financial Relief Program.
Q. If I defer my minimum credit card payment, how will this affect my credit score?
A. Deferred payments as part of Collabria’s Temporary Financial Relief Program will not be reported to credit bureaus as late or missed payments so will not affect your credit score. However, your credit score is based on may factors, including the balance owing on your credit card. If you have any questions about your credit score or how it is calculated you can visit TransUnion at www.transunion.ca or Equifax Canada at www.equifax.ca
Q. How many times can I defer my monthly payment?
A. If you continue to experience financial hardship due to the COVID-19 pandemic, you can call us to defer your Minimum Monthly Payment for up to 3 months initially and for up to an additional 3 months if required (a total of 6 months.)
Q. What happens if I am not back to work at the end of the 6 months and I can’t continue to defer my payments?
A. Our Temporary Financial Relief Program will continue to evolve as we all live with the impacts of the COVID-19 pandemic. We will assess our program on a regular basis and adjust, as needed.
Q. What should I consider before I request participation in the Temporary Financial Relief Program?
A. Given these extraordinary circumstances, it's important to look at all your options, including the support programs put in place by federal, provincial and municipal governments. The link to the Government of Canada’s site is Government of Canada's COVID-19 Economic Response Plan
Q. What is Collabria doing in response to the Federal Government’s announcement asking Banks and Credit Card issuers to lower their interest rates?
A. All personal and commercial cardholders who have qualified for our Temporary COVID-19 Financial Relief Program payment deferral also qualify for a temporary interest rate reduction to 10.9% on purchases and cash advances for up to 3 months. This offer may be extended for up to an additional 3 months if the cardholder continues to qualify for our Financial Relief Program (up to a total of 6 months). Cardholder eligibility and qualifying period will be assessed on a case by case basis. For longer-term needs, we recommend you speak with your credit union or financial institution about other lower interest options such as a personal loan or a line of credit.
Q. If I have a monthly pre-authorized payment set up to pay my credit card account, will this payment stop if I qualify for minimum payment deferral?
A. There are several different answers to this question depending on your unique situation. If you currently have:
- Pre-authorized payments set up through your bank account. You will need to contact your credit union or financial institution to pause these payments.
- Set up AutoPay on your Collabria credit card to pay your full or partial balance. We will automatically cancel this for you when we process your temporary minimum payment deferral.
- An autopay set up on your Collabria credit card to pay your minimum payment only. No change is required as your new minimum payment will be zero.
Q. Can I use my reward points to pay down/reduce my credit card balance?
A. You can redeem Collabria reward points as a statement credit to lower your outstanding balance. Statement credits are not considered payments so the minimum payment due on your monthly statement must still be made by your payment due date. Please note that it can take up to 45 days for a statement credit to appear on your account.
Q. How do I use my points to pay down my credit card balance?
A. In order to reduce your credit card balance with Collabria reward points, you need to redeem your points for a Statement Credit. You must first register on the rewards website prior to redeeming points. To access the rewards website, login to MyCardInfo and select the 'Browse Rewards' button.
Q: Are business credit cards eligible for the Temporary Financial Relief Program?
A. Yes, all Business Cards are eligible for our Temporary Financial Relief Program.
Q. If I have Power of Attorney for someone who is unable to apply for your Temporary Financial Relief Program, can I request relief on their behalf?
A. Yes, a cardholder representative with Power of Attorney can apply for relief on the cardholder’s behalf.
Q. What else are you doing to support me during this time?
A. In the weeks ahead we will keep you updated about programs we are putting in place to help you through this difficult time.