<p>COVID-19 Pandemic</p>

COVID-19 Pandemic

In these challenging times, we want to provide you with an update regarding Collabria's response to the situation surround the COVID-19 Virus.

A Message from the CEO

It was less than a week ago that I sent my last message, and since then it certainly feels like the world has changed once again. On behalf of Collabria, I want to let you know that you remain in our thoughts and we send heartfelt wishes for health and safety to you and all those impacted by the COVID-19 pandemic. Our Collabria team understands that things are becoming tougher as increased measures to contain the coronavirus create financial uncertainty for many Canadians. We are working to find ways to help you through these difficult times and will continue to do so in the coming weeks. 

As every person’s situation is different, we are committed to working with our personal and business cardholders to understand your needs and to do what we can to help you through this period of financial hardship.

En savior plus

À PROPOS DE JOHN :

  • Plus de 30 ans d’expérience dans le secteur financier
  • Reconnaît l’importance des partenariats et des relations avec les coopératives de crédit
  • Diplôme en études financières de l’Université de Western Ontario

COVID-19 Latest Updates

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 business 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:

  • Preauthorized 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 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?

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?

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?

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.

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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 business 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:

  • Preauthorized 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 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?

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?

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.

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Trip Cancellation / Out of Country Medical

Q. What does my credit card travel and out of country medical insurance cover?

A. All Collabria’s credit card travel insurances are provided by Desjardins Financial Security Life Assurance Company (DFS). Please consult your travel insurance contract booklet, also available on line on your Credit Union’s web site or, for general information, the DFS website at desjardinstravelinsurance.ca or call 1-800-463-1623 if you have additional questions about your coverage

Q. Why can’t you tell me what my travel and out of country medical insurance covers?

A. We want to ensure you have the most up to date information that our insurance provider - Desjardins Financial Security Life Assurance Company (DFS) – can provide. For updated information, visit desjardinstravelinsurance.ca or call 1-800-463-1623.

Q. How do I submit an insurance claim online?

A. Visit desjardinstravelinsurance.ca and click on “Claim” to find the right Claim form. Please note, there is an English Language toggle button on the top right corner of the page as well. From there, follow the applicable steps to enter your claim details and send your information directly to the insurer.

Q. What is the impact of the COVID-19 pandemic on rewards redemptions that I made on my account for flights, cruises, hotels or events?

A. Given restricted travel and travel bans, we are making temporary changes to our rewards program policy to provide you with more flexibility in changing or cancelling previously booked travel and event ticket bookings using rewards points as follows:

Airline booking: The Rewards Travel Agent team will work on the behalf of the cardholder to secure a credit with the carrier for future travel. The Rewards Travel Agent team will follow-up directly with the cardholder to further explain the process and next steps.

Cruise booking: The Rewards Travel Agent team will work with the cardholder and the cruise line to cancel or rebook the trip. Any refund will be completed in points.

Hotel booking: The Rewards Travel Agent team will work with the hotel to either amend or cancel the hotel reservation, based on the cardholder wishes and the hotel policies. Any full or partial refund will be completed in points and/or a refund to the credit card.

Event ticket booking: The Rewards team is proactively working with their event ticket supplier to notify cardholders about events that have been cancelled and providing full refunds for concerts or events that have been cancelled. If an event is postponed, the cardholder has the option to accept the new date or request a full refund.

Please note that if a refund is approved, it will take 1 to 2 statement cycles for the refund to appear on your credit card statement.

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General

Q. What is Collabria doing about the COVID-19 Pandemic?

A. The health and safety of our staff, our cardholders and our partners is our top priority. We are actively monitoring the latest guidelines from local, provincial and federal health authorities, including the Public Health Agency of Canada, to ensure that our practices are in line with the latest recommendations including:

  • work from home programs
  • following social / physical distancing practice in our work sites
  • enhancing cleaning and disinfectant processes and
  • ensuring we are all washing our hands to reduce the risk of spreading the virus

We have back up plans in place at all our workplaces and have confirmed that our vendors and suppliers do as well. We know it is important to be available to you and we are doing all we can to ensure we are.

Q. My credit card has been declined and I am not able to use cash at some retail locations. How can I get my credit card working again?

A. Please call our contact centre at 1-855-341-4643 and one of our customer service representatives will be able to assist you. We are experiencing higher than usual call volumes due to the COVID-19 pandemic and thank you for your patience as we ensure we support all our cardholders during this difficult time.

Q. Is it safe to touch my credit card after using it at a payment device?

A. We are not medical experts and can’t comment on what is safe or unsafe regarding the COVID-19 pandemic. We strongly encourage all cardholders to stay up to date on the latest public health guidelines regarding important actions like washing your hands and physical distancing. If you have health related questions, a good place to start is this Government of Canada website.

All our credit cards have contactless payment, commonly referred to as “tap and go.” We also offer Apple Pay. To learn more about Apple Pay and to sign up open the app, select the plus sign and follow the on-screen instructions. You can also add your Collabria credit card through your iTunes® account. For additional information on adding your card, please review this Apple Pay website, which includes videos and instructions.

To better meet your needs during this time we have increased contactless payments to $250 at all merchants (wherever merchant terminals allow higher contactless transactions.)

Q. How can I safely pay for food delivery?

A. As we are not medical experts, we cannot advise you regarding safety. There are options to pay for your delivery orders, depending on the food service provider. Some providers can offer contactless payments or “tap and go”, the ability to pay online at the time of order and have your food delivered to your home or to your vehicle for “curbside pick-up.” Please go to your food service provider’s website or call them directly to understand what options are available to you.

All Collabria credit cards have contactless payment, commonly referred to “tap and go”. We also have Apple Pay. To learn more about Apple Pay and to sign up open the app, select the plus sign and follow the on-screen instructions. You can also add your Collabria credit card through your iTunes® account. For additional information on adding your card, please review this Apple Pay website which includes videos and instructions.

Q. I keep hearing there is an increase in fraudulent emails and phone scams relating to COVID-19. How do I know which ones are legitimate?

A. Do not respond to unsolicited emails, text messages, website or pop-up windows that request personal or confidential information such as your credit card number. Collabria will never send you emails asking for confidential information such as your password, PIN or credit card numbers. For additional information please visit the Canadian Anti-Fraud Centre website.

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