Canadian Banks reducing interest rates on credit cards during COVID-19 Outbreak
April 4, 2020
Global Korean Post
Yesterday, major Canadian Banks announced to reduce interest rates on personal credit cards for Canadians experiencing financial hardship due to the COVID-19 pandemic.
CIBC announced that the credit card clients who request to skip a payment and are experiencing financial difficulties will receive a temporary lower annual rate of 10.99% as they deal with the impact of COVID-19. For the 80,000 Canadians that have already received CIBC credit card relief, the temporary lower rate will be retroactively applied to March 15, 2020.
Royal Bank said it was cutting credit card interest charges by 50 per cent for personal and small business clients receiving minimum payment deferrals for up to two months.
It will defer minimum monthly payments on National Bank Mastercards by up to 90 days and temporarily reduce the annual interest rate on credit cards to 10.9 per cent for all credit card holders granted a payment deferral.
By Global Korean Post