Tuesday, 3 Oct 2023

Coronavirus: Have one of these credit cards? Your rate increase is on hold

Planned interest and fee increases on a number of major Canadian credit cards are now on pause amid the coronavirus pandemic.

TD, PC Financial and Scotiabank told Global News they will not move forward with previously-announced plans to raise the interest rate, charge compound interest or hike fees on select personal credit cards.

The changes come as financial institutions are under pressure to provide a modicum of relief as scores of Canadians struggle to keep up with bills and payments due to the economic disruptions brought on by COVID-19.

On its website, TD says it will not proceed with changes in how it calculates interest on all personal credit cards. A company spokesperson confirmed to Global News this means the bank will not start charging compound interest.

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