Thursday 26 November, 2020

Poll: Are you swapping cash for credit to weather COVID-19?

Many Jamaicans have been forced to dip into their savings to finance everyday expenses as a result of income losses brought on by COVID-19. But for those who may not have the cash readily available, banking institutions such as the National Commercial Bank (NCB) have implemented a five per cent reduction on the annual interest rates for all JMD credit cards, as a means of giving its customers “a little breathing room”.

At the same time, NCB believes that now is the perfect time for friends and family members to be introduced to a personal credit card.

Are you relying more on your credit card to take you through income losses from COVID-19?

Are you swapping cash for credit to weather COVID-19?

Yes, I’ve been using my credit card a lot more
35%
No, I have been using more cash
45%
COVID-19 has caused me to apply for a credit card
6%
COVID-19 is strongly behind my recent decision to close my credit card accounts
14%

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