Lower credit card fees during COVID-19

Tell the big banks and credit card companies they need to do their part to help Canadian families and support our economy in these extraordinary times. 

Ottawa (14 April 2020) — The Canadian Labour Congress (CLC) is launching a targeted campaign to call on the big banks and credit card companies to help struggling Canadian families by significantly reducing credit card interest rates.

Canada home to some of the highest credit card rates in the world

The COVID-19 pandemic has led to widespread anxiety among Canadians about their health and economic security. More and more people in this country are facing layoffs, job losses and dwindling job security. Many are turning to credit cards to pay for their basic needs. Yet in this crisis, credit card interest rates remain sky high, often at about 20% or even higher.

Everyone seems to be making sacrifices to get through this difficult time except Canada’s big banks and credit card companies. Year after year, the big banks and credit card companies make billions in profits off the backs of working Canadians. The Bank of Canada has just reduced its lending rate to financial institutions to a historically low level. So the banks and credit card companies are in a great position to step up and provide debt relief for families.Yet they refuse to help people by significantly reducing credit card interest rates.

Canadians pay some of the highest rates in the entire world but, year after year, the big banks make billions in profits off the backs of working Canadians. They turn around and pay their CEOs huge bonuses with the money they take from us.

Add your voice — Tell your bank, enough is enough - do your part

The CLC campaign intends to tell the big banks and credit card companies they need to do their part to help Canadian families and support our economy in these extraordinary times.

You can add your voice by signing the online petition at https://action.canadianlabour.ca/credit_relief_now.