Canada's Big Six banks all said they will reduce interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic.
TD Bank said it will cut credit card interest rates by 50% for customers experiencing hardship, and Royal Bank said it will reduce the charges by the same extent for clients receiving minimum payment deferrals.
CIBC too will lower interest rates to 10.99% on personal credit cards for users who request to skip a payment, the lender said. Last week, Prime Minister Justin Trudeau said his government had urged banks to help alleviate the burden credit card interest rates place on Canadians. This week’s moves are the latest in a raft of relief measures offered by the banks to customers affected by the pandemic.
National Bank said on Friday it will refund additional interest accrued on the deferred mortgage payments. The lender will also waive fees for transfers and stop payments on checks and pre-authorized debts, and will not charge overdraft fees on checking and high-interest savings accounts, it said.
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