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 – To support Clients experiencing financial hardship due to COVID-19, effective April 1, 2020, Tangerine Bank, Canada’s leading digital bank, is temporarily reducing Credit Card interest rates to 10.99%, for those who are receiving 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:

  • Financial relief: We’re dedicated to helping Clients through these exceptionally challenging times, working with those experiencing financial hardships due to COVID-19 to discuss how we can best meet their needs. This includes:

    • Tangerine Mortgage payment deferrals for up to 6 months, which can be requested online in just a few clicks

    • The ability to transfer a credit card balance to an existing Tangerine Line of Credit that carries a lower interest rate

  • CRA Direct Deposit: We’ve set up a quick and easy way for Clients to send direct deposit info to the CRA online. This way, Clients who are eligible for the Canada Emergency Response Benefit, or other CRA payments, can receive funds directly in their Tangerine Chequing or Savings Account.

  • We’re open for business: As a digital bank, we’re built to service our Clients online, through our Mobile Banking app, by phone and through Secure Chat. And Clients can continue to do most of their banking online or on their smartphone, including:

    • View Account balances, transaction history, and Tangerine Credit Card Account information

    • Send money for free using Interac e-Transfer®

    • Ask our Chatbot questions or search our FAQs

    • Add Orange Alerts to provide notifications on Account activity

  • Bank with peace of mind: All of our Canadian dollar savings products, like our Tangerine Savings Account, Guaranteed Investments (GICs), Business Savings Accounts, Tax-Free Savings Account (TFSA) and RSP Accounts are eligible for Canada Deposit Insurance Corporation (CDIC) insurance. Plus, Tangerine has a solid track record of over 22 years and is owned by Scotiabank®, one of Canada’s largest banks. Tangerine Clients have free access to their money at over 3,500 Scotiabank ABMs across Canada, which are replenished with cash regularly and sanitized daily.

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

About Tangerine

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.