Four Canadian banks cut credit card interest rates to ease coronavirus impact

04 Avril, 2020, 07:23 | Auteur: Auguste Feret
  • Payments on almost 500,000 mortgages being deferred by Canada's 6 largest banks

Most Royal Bank and CIBC credit cards charge 19.99% interest on purchases.

National Bank said it would temporarily reduce the annual interest rate to 10.9 per cent for credit card holders who have been granted a payment deferral, based on their financial situation.

"Clients are managing their spending as they adjust to new circumstances and, to help them, we have introduced several relief measures to support them in this very hard time", Neil McLaughlin, head of personal and commercial banking, said in the release.

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, CIBC's senior executive vice-president, personal and business banking, said in a statement.

In an interview with BNN Bloomberg, Parmenter said banks should be turning their attention next to access of low-priced credit. Beginning next week, online requests for payment deferrals will be available for credit card customers online.

The National Bank of Canada is also dropping rates to 10.9 per cent for their clients who are granted deferrals, as is Desjardins Group.

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National Bank said it will refund additional interest accrued on the deferred mortgage payments.

A deferral process for customers seeking mortgage relief, personal and auto loan relief.

Scotiabank said it is also offering a range of relief measures, including minimum credit card payment deferral for up to three months.

"We recognize the financial impact that this public health crisis is having on Canadians, right across the country".

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.

They have also lowered their prime rates, which are used to set the amount charged for variable-rate mortgages and other variable-interest loans, as the Bank of Canada cut its key interest rate target.

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