CIBC cuts credit card rates to give relief to customers amid COVID-19 pandemic

cibc - CIBC cuts credit card rates to give relief to customers amid COVID-19 pandemic

Canadian Imperial Bank of Commerce said on Friday it was cutting interest rates on personal credit cards to provide relief to customers as the economic fallout from the COVID-19 pandemic deepens.

Credit card users who request to skip a payment will get a temporary lower annual rate of 10.99 per cent, Canada’s fifth-largest lender said in a statement.

It was not immediately clear what the interest rates were earlier.

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.

Since the mortgage-relief plan was announced, the banks have received nearly half a million requests that have been completed or were being processed.

© Thomson Reuters 2020

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