Canada's Big Six banks cut credit card interest rates to ease coronavirus impact | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
July 25, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JULY 25, 2025
Canada's Big Six banks cut credit card interest rates to ease coronavirus impact

Coronavirus chronicle

Reuters
05 April, 2020, 10:45 am
Last modified: 05 April, 2020, 11:01 am

Related News

  • Foreign investment deal can bolster Canada-Bangladesh economic ties: Weldon Epp
  • Trump puts 35% tariff on Canada, eyes 15%-20% tariffs for others
  • China, Canada commit to deeper engagement with Bangladesh on trade, humanitarian assistance
  • One dies from COVID-19 in 24 hrs
  • Canada rescinds digital services tax to advance stalled US trade talks

Canada's Big Six banks cut credit card interest rates to ease coronavirus impact

National Bank will reduce annual interest rates to 10.9% for clients receiving three-month payment deferrals

Reuters
05 April, 2020, 10:45 am
Last modified: 05 April, 2020, 11:01 am
Canada's Big Six banks cut credit card interest rates to ease coronavirus impact

Canada's Big Six banks all said they will reduce interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic.

Bank of Montreal said on Saturday it will 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 on Friday.

They joined Toronto-Dominion Bank, Royal Bank of Canada , National Bank of Canada and Canadian Imperial Bank of Commerce, who announced similar measures.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

TD Bank said it will cut credit card interest rates by 50% for customers experiencing hardship, and Royal Bank said it will reduce the charges by the same extent for clients receiving minimum payment deferrals.

National Bank will reduce annual interest rates to 10.9% for clients receiving three-month payment deferrals, it said.

CIBC too will lower interest rates to 10.99% on personal credit cards for users who request to skip a payment, the lender said.

Most of the banks' credit cards charge interest between 19.99% and 20.99% on purchases.

Last week, Prime Minister Justin Trudeau said his government had urged banks to help alleviate the burden credit card interest rates place on Canadians. This week's moves are the latest in a raft of relief measures offered by the banks to customers affected by the pandemic.

The banks unveiled a mortgage-relief plan two weeks ago to allow homeowners to defer or skip mortgage payments for up to six months.

National Bank said on Friday it will refund additional interest accrued on the deferred mortgage payments. The lender will also waive fees for transfers and stop payments on checks and pre-authorized debts, and will not charge overdraft fees on checking and high-interest savings accounts, it said.

BMO said about 70,000 clients have taken advantage of its relief measures, and TD said the same number had applied for and been approved for mortgage payment deferrals.

Since the mortgage-relief plan was announced, the banks have received nearly half a million requests that have been completed or were being processed.

World+Biz / Top News / Global Economy

Canada / Coronavirus impact / corona virus / Coronavirus / COVID-19 / credit cards / Interest rates cut

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Infographics: TBS
    Inflated rents, ghost floors, Tk220cr advance: How Premier Bank funds lined Iqbal family’s pocket
  • Representational image/Collected
    Milestone tragedy: Death toll rises to 32 as another child dies
  • File photo of a new NBR office in Agargaon, Dhaka. Photo: UNB
    NBR chief directs customs officials to clear consignments within a day

MOST VIEWED

  • Representational image/Reuters
    Dollar gets upward push as BB buys $10m more in auction at even higher rate
  •  ABM Khairul Haque. File Photo: Collected
    Former chief justice Khairul Haque detained
  • File photo of Bangladesh Bank. Photo: TBS
    Governor Mansur orders withdrawal of BB dress code after directive draws criticism
  • Representational image. Photo: Collected
    Tariff talks: Bangladesh, US set for crucial virtual meeting on 29 July
  • Mehreen Ahmed speaking to media on 11 July 2025. Photo: Collected
    Court disposes of Dhaka girl's case against parents seeking 'protection from abuse'
  • Hasina and Taposh in an event in 2020. Photo: Collected
    Al Jazeera investigation: Hasina, in call with Taposh, talks using helicopter to shoot, crush protesters in July uprising

Related News

  • Foreign investment deal can bolster Canada-Bangladesh economic ties: Weldon Epp
  • Trump puts 35% tariff on Canada, eyes 15%-20% tariffs for others
  • China, Canada commit to deeper engagement with Bangladesh on trade, humanitarian assistance
  • One dies from COVID-19 in 24 hrs
  • Canada rescinds digital services tax to advance stalled US trade talks

Features

Illustration: TBS

The future of medicine: How innovations will catalyse quantum leaps in healthcare

13h | The Big Picture
Photo: Collected

24 July: More than 1400 arrested, 3 missing coordinators found

1d | Panorama
Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

2d | Panorama
Photo: Mehedi Hasan/TBS

Mourning turns into outrage as Milestone students seek truth and justice

2d | Panorama

More Videos from TBS

There are many more examples of trials of Chief Justices in the world.

There are many more examples of trials of Chief Justices in the world.

11h | TBS Today
Why is there a massive conflict between Thailand and Cambodia?

Why is there a massive conflict between Thailand and Cambodia?

12h | TBS News Updates
Former Chief Justice ABM Khairul Haque in prison

Former Chief Justice ABM Khairul Haque in prison

12h | TBS Today
The Nvidia Chip Deal Trades Away the United States’ AI Advantage

The Nvidia Chip Deal Trades Away the United States’ AI Advantage

12h | Videos
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net