Toronto-Dominion Bank, Royal Bank of Canada , National Bank of Canada and Canadian Imperial Bank of Commerce said on Friday they are cutting interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic.
) and Canadian Imperial Bank of Commerce CIBC.TO said on Friday they are cutting interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic.
National Bank will allow credit card customers to defer minimum payments for up to 90 days and reduce annual interest rates to 10.9% for these clients, it said. Most Royal Bank and CIBC credit cards charge 19.99% interest on purchases. Most National Bank cards charge 20.99%. Canada’s six biggest banks unveiled a mortgage-relief plan two weeks ago to allow homeowners to defer or skip mortgage payments for up to six months as businesses come to a grinding halt due to the pandemic.
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