Several of Canada’s largest banks are offering reduced interest rates on personal credit cards for Canadians in financial hardship due to the COVID-19 pandemic.
CIBC credit card clients who request to skip a payment and are experiencing financial difficulties will receive a temporary lower annual interest rate of 10.99 per cent, the bank announced in a statement.
For the 80,000 Canadians that have already received CIBC credit card relief, the temporary lower rate will be retroactively applied to March 15, the company said. “We know Canadians need help now to manage day to day expenses,” Laura Dottori-Attanasio, senior executive vice-president, personal and business banking, said Friday. “By lowering rates, we want to help reduce stress that