How we’re helping protect your financial future.
If you are directly impacted by COVID-19 and as a result are facing financial challenges, contact us at 1.800.264.2926 and an Advisor will be happy to assist you. We are prepared to help you find a solution to meet your needs. You'll have a lot on your mind, and we want to be there for you.
Here’s how we’re protecting your finances:
Many Canadians are worried about making their payments right now. We’re committed to accommodating your needs to ensure that the current social and economic climate doesn’t negatively impact your finances any more than it already has or has to.
Mortgages that are insured through Canada Mortgage and Housing or Genworth (Sagen) Financial, however, must follow insurer guidelines. Mortgages not part of an insurer program can still access deferrals of up to three months.
We want to work with you on an individual case basis to ensure we’re giving you the best advice and solution possible. Let us know if you’re experiencing pay disruption, illness, or financial hardship—we’ll work through it with you.
Contact us today at 1.800.264.2926 to discuss your options.
We also encourage our members to review all financial assistance options available to them through the Government of Canada.
How Collabria is protecting cardholders
Our credit card provider, Collabria, has put in place several financial support programs for cardholders impacted by the COVID-19 pandemic. These changes include:
- Expedited Overlimit Transaction Approvals
- For Canadians impacted by COVID-19 who are stuck outside Canada and who need funds to return to Canada or to meet their basic living requirements while waiting to return to Canada.
- Applies to expenses related to COVID-19 impacts including food, shelter, medical expenses, prescriptions, car rentals, bus, airline tickets, etc.
- Includes increased authorization limits in our contact centre to reduce the turnaround time for most approvals.
- Improving access to Permanent Credit Limit increases – waiving the requirement for an account to be 6 months old before a permanent increase can be considered and ensuring people impacted by the COVID-19 pandemic receive priority service.
- Increased Contactless Payments to $250 for Grocery & Convenience Stores and Pharmacies (wherever these merchants have enabled acceptance of higher contactless transactions).
- Balance Transfers: consolidate higher interest rate loans and credit card balances. Conditions apply based on card product:
- 3.9% balance transfer for 6 months on new accounts for the New Centra, Classic and Student account. Effective: February 1 - April 30, 2020
- 5.9% balance transfers for a period of 6 months for all existing and new accounts (business & personal). Effective: May 1 - July 31, 2020
- Discontinued Outbound Collections Calls
- Payment Deferral for persons impacted by the COVID-19 pandemic.
Allows for a one-month deferral of the ‘minimum payment due’ for up to six consecutive months.*
- Reduced Interest Rate of 10.9% for up to 6 months when cardholders contact Collabria and request financial relief due to COVID-19 impacts.*
*Minimum Payment Deferrals & Temporary Interest Rate Reduction
Reduced Interest Rate and Minimum Payment Deferrals are provided as a bundled relief measure to cardholders.
- All personal and commercial cardholders who have qualified for Collabria’s Temporary COVID-19 Financial Relief Program payment deferral could also quality 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 three months if the cardholder continues to qualify for Collabria’s Financial Relief Program (up to a total of six months). Cardholder eligibility and qualifying period will be assessed on a case by case basis.
- This applies to all cardholders, with two exceptions:
- Centra Gold cardholders who are already in a low interest rate product (9.9% interest rate)
- FlexRate cardholders that have an interest rate lower than 10.9%. (FlexRate interest rates range from Prime Rate + 6.90% (currently 9.35%) to a high of Prime Rate + 15.90%.)
- Centra Gold cardholders and FlexRate cardholders who already have an interest rate lower than 10.9% will be eligible for a payment deferral if they are experiencing financial hardship due to the COVID-19 pandemic.
For cardholders who have already been approved for a payment deferral, Collabria will begin calling them the week of April 20 to offer the temporary 10.9% interest rate reduction. If Collabria is unable to reach the cardholder, they will follow up by email or regular mail, if required.
Cardholders can call the Collabria Contact Centre at 1-855-341-4643 to request Temporary Financial Relief support.
To avoid longer wait times, you can use Collabria’s online credit card management tool, MyCardInfo, for most activities related to your account such as:
- Activate your credit card
- View your current balance and available credit
- View your account online via eStatement
- View your card transaction history and pending transaction
- Make one-time payments and set up AutoPay
- Sign up for paperless eStatement
- Track, manage and redeem Rewards
- Dispute transactions
- Request a Credit Limit Increase
To access MyCardInfo or to sign up if you don’t have it yet, visit www.collabriacreditcards.ca and select Crosstown Civic Credit Union.
Security and Fraud
We are still hearing about a number of scams and fraudulent activities related to credit card use. Please be aware that Collabria will never send emails asking for your confidential information such as passwords, PINs, or credit card numbers.
The Government of Canada is providing aid measures for those affected by COVID-19 through the Canada Emergency Response Benefit (CERB), administered by Canada Revenue Agency (CRA). CERB will cover Canadians who have lost their job, are sick, quarantined, taking care of someone who is sick with COVID-19, or parents working from home without pay to care for children.
More information available on the Government of Canada CERB page.
The CRA already offers taxpayers a direct deposit service for certain payments. The direct deposit method of payment is preferred by CRA to distribute CERB funds to ensure quick turnaround and to avoid a large-scale issuance of cheques.
Individuals who have already signed up for CRA direct deposit for existing payment types (e.g., tax refunds, Canada Child Benefits, GST rebates, etc.) will not need to re-enroll for direct deposit in order to receive funds through the CERB program. Canadians who are not enrolled with CRA for direct deposit today will need to do so.
If you have been approved for federal aid and are not currently enrolled in CRA’s direct deposit, you will need to provide your direct deposit details to obtain your funds.
We've launched a new feature within online banking to help you enrol for Canada Revenue Agency’s (CRA) direct deposit service. In the past, you would have needed to sign up for direct deposit through My Account or by using the MyCRA and MyBenefits CRA apps from your mobile device. Now, this enhanced feature will allow members to quickly designate what account they want their direct deposit to go to, all within CCCU online banking.
The Government of Canada recently introduced three new temporary recovery benefits to support Canadian workers who are unable to work due to COVID-19. They include:
Canada Recovery Sickness Benefit (CRSB)
The new Canada Recovery Sickness Benefit will provide $500 per week, for up to two weeks, effective September 27, 2020 until September 25, 2021 for workers who are unable to work because they contracted COVID-19, self-isolated for reasons related to COVID-19, or have underlying conditions, are undergoing treatments or have contracted other sicknesses that will make them more susceptible to COVID-19. Find out more.
Canada Recovery Caregiving Benefit (CRCB)
The new Canada Recovery Caregiver Benefit will be effective from September 27, 2020 to September 25, 2021, and will provide $500 per week, for eligible workers. Households can apply for up to 26 weeks, available in one-week periods. Find out more.
Canada Recovery Benefit (CRB):
The new Canada Recovery Benefit will be effective from September 27, 2020 to September 25, 2021. It will provide a benefit amount of $500 per week for up to 26 weeks for those who have stopped working and who are not eligible for EI, or had their employment/self-employment income reduced by at least 50% due to COVID-19.
These individuals may still require income support if they continue to be unable to return to work due to COVID-19 or had their income reduced relative to pre-COVID-19 pandemic (attestation-based). Find out more.
On March 18, the Government of Canada announced immediate action to assist Canadians facing hardship as a result of the COVID-19 outbreak. One of these measures is an optional 25% reduction to the mandated annual minimum amount that must be withdrawn from RRIF contracts for 2020 only.
Please note that no adjustments will be made for payments already issued in 2020.
This change is not required and will be made by member request only. A member who wishes to take advantage of the new measures should contact their branch to make the request.
If you're impacted, let us know
If you are directly impacted by COVID-19 and as a result are facing financial challenges,
contact us at 1.800.264.2926 and an Advisor will be happy to assist you.
We are prepared to help you find a solution to meet your needs.
You'll have a lot on your mind, and we want to be there for you.