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Company News

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. (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)

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