The six biggest banks in Canada have all said they would cut credit cards interest rates to offer succor to customers affected by COVID-19 pandemic.
Bank of Montreal and Bank of Nova have revealed that they will in the mean time cut credit card interest rates to 10.99% for individuals and small business owners getting payment deferrals as a to the outbreak.
Also, Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and National Bank of Canada have made similar announcement.
Royal Bank announced it will cut credit card interest rate by 50% for customers who are receiving minimum payments defferals and Toronto-Dominion Bank said it will reduce credit card interest rate by same proportion for customers going through hardship.
National Bank said it would cut annual interest rates down to 10.9% for clients getting three-month payment deferrals.
Canada Imperial Bank of Commerce said it would reduce interest rates to 10.99% on personal credit cards for customers that request to skip one payment.
