CIBC FirstCaribbean is offering credit card holders a payment ease to help cushion any financial hardship as a result of the COVID-19 pandemic.
The bank announced that its credit card holders would automatically benefit from a payment waiver for three months based on their current account standing. As a result, clients will see their minimum payment on their statements set to $0.00.
“Our credit card holders are a key segment of our business with many of them having additional products and services with us,” said Mark St. Hill, managing director, Retail & Business Banking. “We felt it essential at this time that we offer them as much of a financial cushion as possible to see them through this crisis.”
St. Hill said that in addition to the payment waiver, card holders will also not have to pay late fees or over the limit fees during the three-month waiver period.
He said clients who could afford to make payments and wanted to continue doing so could make their monthly payments as usual. The offer is not available to clients whose cards are over 60 days in arrears at the commencement date.
CIBC FirstCaribbean announced earlier it would work with retail, business and wealth-management clients on a case-by-case basis to offer special assistance to those affected by the coronavirus pandemic.
This could include deferred payments; special loan financing and other concessions aimed at helping clients cushion the financial impact of the pandemic on households and businesses across the region.
Chief executive officer Colette Delaney said the bank was “very conscious of the financial dislocation which the ongoing COVID-19 event will have on our clients across all segments of our business and we are moving to mitigate the effects as best as we can”.
She noted that special assistance was crucial to ensure confidence and stability in the regional banking sector.
Delaney urged CIBC FirstCaribbean clients who may be experiencing challenges to reach out to the bank to see what assistance could be offered.
Delaney said the bank is committed to offering eligible clients six-month payment moratoriums on existing loans and mortgages, and temporary revolving or working capital financing options for corporate and business clients.