indicatorUnderstanding Deferrals

Mastercard® deferrals for Albertans

How does a Mastercard deferral work? How does it affect repayment? Here’s what to consider before deferring your Mastercard.

How does the deferral work?

A deferral on your Gold My Rewards® Travel Mastercard®, Gold Cash Rewards® Mastercard, World Elite® Mastercard, Alberta® Mastercard or Alberta My Rewards® Mastercard means your minimum payment will be adjusted to $0 for three months and your applicable rate for purchases and cash advances will be reduced to 9.95% APR. During this time, interest still accumulates at the applicable rate on the outstanding balance, and is charged to your Mastercard account.

A deferral on your Mastercard means your minimum payment will be adjusted to $0 for a defined period of time and interest still accumulates at the applicable rate (as set out in your Mastercard Personal Cardholder Agreement) on the outstanding balance, and is charged to your Mastercard account.

Customers holding our reward cards will continue to earn their rewards points during this relief period.

If you have Mastercard Balance Protection, those premiums will continue to be charged to your Mastercard account during the deferral period to maintain your coverage. To check eligibility to use your Balance Protection, please call Manulife at 1-877-362-2103.

How does repayment work?

At the end of your deferral period, your minimum monthly payment requirement resumes.

What should you consider?

Given interest rates are typically higher on Mastercard than other loan products, we recommend that you use the deferral options for other lower rate lending products first, while continuing to attempt to make monthly Mastercard payments. We recommend using this Mastercard payment deferral option only if absolutely necessary for your financial situation.

Repayment strategies

If you are concerned about not having sufficient funds available when your payments resume, please connect with us prior to the end of the deferral period to explore more manageable options.

If your financial position improves before the end of your deferral period, we encourage you to resume your Mastercard payments early or to make one-time payments, as you can, to minimize the interest charges that will accumulate based on your outstanding balance.

Helpful definitions

Amortization period: The total number of years that it’ll take to pay off your loan or whole mortgage

Debit: To take out of your account

Deferral period: The defined period of time that your payments are suspended

Interest: The charges that accrue (or accumulate) over time, which are determined by applying the rate to an amount owing from time to time under a loan or line of credit

Outstanding principal balance: The current amount owing on your principal balance
Payment account: The account you designated, from which your payments are withdrawn

Principal balance: The original amount of money you borrowed

Rate: The interest rate you pay under your loan, line of credit or cardholder agreement

Secured: When you use an asset, such as your home, as collateral to secure the loan

Term: The length of time you’re committed to in the conditions set out in the loan agreement (including mortgages) or lease agreement, such as your interest rate and payment amount

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