CIBC cuts credit card rates to provide relief to customers amid COVID-19 pandemic
April 3 (Reuters) - 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%, Canada's fifth-largest lender said in a statement. (https://reut.rs/3aHZM9Q)
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. (Reporting by Bharath Manjesh in Bengaluru; Editing by Aditya Soni)
