Desjardins lowers student credit card interest rates for the next 6 months, temporarily increases tap and go limit on debit cards to $250

Montreal, April 24, 2020 - On top of the youth measures announced on April 2, Desjardins is further expanding its support for students impacted financially by the COVID-19 pandemic. Anyone with an active student loan guaranteed by the Quebec government--that is, a loan they haven't been asked to start repaying yet--will see their Desjardins credit card rate reduced to 10.9% for the next 6 months. This relief measure goes hand in hand with the financial assistance the government is offering students, under which anyone in the workforce with student loans can defer their payments for 6 months.

Desjardins temporarily increases tap-and-go limit on debit cards to $250

Starting this Sunday, April 26, Desjardins will temporarily increase the tap-and-go limit on its debit cards to $250, an increase already available to its credit cardholders since March 20. The move will help slow the spread of the virus by further limiting customers' contact with payment terminals.

"Members have been asking us to increase the contactless payment limit on our debit cards, and we were ready to take that step," said Guy Cormier, Desjardins President and CEO. "I'm happy to say that starting Sunday, the limit increase will be in effect at any retailer that uses our payment terminals."

Nearly 235,000 requests received for financial relief on financing products

Between March 16 and April 22, 2020, Desjardins received almost 235,000 requests from members and clients in need of financial support. Some 130,000 of these requests were for payment deferrals on credit cards, Accord D financing and car loans. Another 103,000 were for loans and lines of credit, 75,000 of which were linked to a mortgage. Members and clients who obtain a payment deferral and have a Desjardins credit card will also temporarily benefit from a reduced annual interest rate of 10.9% during the deferral period. Desjardins is examining requests on a case-by-case basis to find the best solution for each person.

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