Westpac is hitting pause on credit card interest charges and repayments for customers who have lost work as a result of the coronavirus pandemic, as the bank also confirmed it has suspended the sale of landlord insurance.
Westpac customers who have lost their job or income as a result of the crisis will not be required to make any credit card repayments for three months. Eligible customers will not be charged interest on new card purchases, cash advances or existing amounts owing on the card.
More than 40,000 of Westpac’s credit card customers have sought support with managing their finances this year, according to the lender’s consumer division boss David Lindberg.
“These measures will allow customers experiencing financial stress as a result of COVID-19 to have a temporary reprieve from repayments and interest,” Mr Lindberg said in a statement. “We are working hard to help all of our customers affected by this crisis and are changing our processes and policies to ensure we can support the individuals and families who need extra assistance.”