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moujenonews : 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
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)