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Big 4 bank forgives late credit card-paying customers

By Cameron Micallef · April 02 2020
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egg

Borrow

Big 4 bank forgives late credit card-paying customers

By Cameron Micallef
April 02 2020
Reading:
egg
Credit card payment

Big 4 bank forgives late credit card-paying customers

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By Cameron Micallef · April 02 2020
Reading:
egg
Credit card payment

Customers of a big four bank who are negatively affected by the COVID-19 pandemic do not need to worry about their monthly credit card statement, according to a release.

The Commonwealth Bank has pledged to forgive customers who are late on their March repayments, saying they will repay late fees and interest payments due to the coronavirus.

CBA’s group executive retail banking services, Angus Sullivan, noted the bank is committed to supporting households during the crisis.

“This support is focused on customers who are finding it difficult to meet their current commitments before further government stimulus arrives in April and May,” Mr Sullivan said.

The bank also announced further support to those that are struggling with mortgage repayments.

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This follows the announcement on 20 March 2020 that CBA will make repayment deferrals for all home loan customers.

Mr Sullivan said: “When a home loan repayment is deferred for six months, interest is calculated and added to the loan balance each month which can result in customers paying interest on interest each month.

“To support more Australians, we will make a one-time payment to all customers who are receiving a home loan deferral because of the coronavirus.

“This means for an average loan of $350,000, CBA will be refunding approximately $45 to offset the effect of interest on interest over the six-month period. Customer payments will vary based on their loan amount and interest rate.”

Big 4 bank forgives late credit card-paying customers
Credit card payment
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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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