TORONTO: Canada’s Big Six banks say they will reduce interest rates on credit cards to provide relief to customers affected by Covid-19 pandemic.
Bank of Montreal (BMO) said on Saturday it would temporarily reduce credit card interest rates to 10.99% for personal and small business customers receiving payment deferrals due to the outbreak. Bank of Nova Scotia announced the same change last Friday.
They joined Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce, who announced similar measures.
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