COVID-19 Pandemic FAQ's
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. What is Collabria doing to help me?
A. Collabria has put the following Temporary Financial Relief Program in place for cardholders impacted by the COVID-19 pandemic:
- Minimum Payment Deferrals & Temporary Interest Rate Reduction for cardholders impacted by the COVID-19 pandemic. Payment deferrals and a temporary reduction of the interest rate on purchases and cash advances to 10.9% can be requested for up to 3 months. The 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).
- For Canadians stuck outside Canada and trying to get home, we can provide emergency credit limit increases to cover airfare, car rentals, food, shelter, medical supplies, medications and other expenses.
- Increased Contactless Payments to $250 for all merchant purchases (wherever merchants have enabled acceptance of higher contactless transactions).
Q. Does the opportunity to defer payments and accept a lower 10.9% interest rate expire?
A. The Temporary Financial Relief Program can be terminated at the sole discretion of Collabria. We will continue to assess the need for changes to our Temporary Financial Relief Program as the COVID-19 situation continues to evolve.
Q. I have been approved for the Temporary Financial Relief Program that includes a minimum payment deferral. Should I still make payments if I can afford to?
A. If you can make any payments during your minimum payment deferral period, we recommend that you continue to do so. Every payment you make will help reduce the amount outstanding when your minimum payment deferral expires.
Q. What's the difference between payment deferral and payment forgiveness?
A. Payment deferral means that payments are suspended for a number of months, which gives you more time to make your payments, without defaulting on your obligations. During this time, your account remains in good standing and monthly interest is added to your outstanding balance. When you defer payments, you're still responsible for repaying amounts you owe.
Payment forgiveness, on the other hand, means a lender cancels or forgives all, or part, of the debt owing.
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.