CIBC FirstCaribbean yesterday said it is expanding its three-month loan repayment waiver to credit card holders who are either current or less than 60 days in arrears.
The bank, widening its assistance to clients impacted by the COVID-19 pandemic, announced that credit card holders taking advantage of this offer will see the minimum payment on their statements set to zero.
“Our credit card holders are a key segment of our business, with many of them having additional products and services with us. 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,” said Mark St Hill, CIBC FirstCaribbean’s managing director, retail and business banking.
He added that, in addition to the payment waiver, card holders will not have to pay late fees or over the limit fees during the three-month waiver period.
Mr St Hill said clients who can afford to make their monthly repayments could continue doing so if they chose.
CIBC FirstCaribbean added that the offer is not available to clients whose cards are more than 60 days in arrears when the three-month waiver period begins today. It comes to an end on June 30, 2020.