Three of Canada’s biggest banks lower credit-card interest rates for some clients seeking relief [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Toronto Globe and Mail
Three of Canada’s biggest banks lower credit-card interest rates for some clients seeking relief Three of Canada’s largest banks are lowering credit card interest rates for some customers under financial pressure due to the new coronavirus in a move that still seemed unlikely only days ago. Canadian Imperial Bank of Commerce was the first major bank to announce it will temporarily drop interest rates on personal credit cards to 10.99 per cent for clients who are approved to skip payments. About 80,000 clients have already applied for relief from card payments for up to two months, and the lower rate will be applied retroactively to March 15, the bank said Friday. Within hours, Royal Bank of Canada announced it will reduce credit card interest charges by 50 per cent for those receiving payment deferrals on personal or small business credit cards. National Bank of Canada soon followed, lowering card rates to 10.9 per cent for clients granted deferrals, and promising to compensate custom
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