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Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce said on Friday they are cutting interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic.

TD Bank will cut credit card interest rates by 50% for customers experiencing hardship, and Royal Bank will reduce the charges by the same extent for clients receiving minimum payment deferrals, Canada’s biggest lender said in a statement.

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National Bank will allow credit card customers to defer minimum payments for up to 90 days and reduce annual interest rates to 10.9% for these clients, it said.

CIBC too will reduce interest rates to 10.99% on personal credit cards for users who request to skip a payment, Canada’s fifth-largest lender said.

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Most Royal Bank and CIBC credit cards charge 19.99% interest on purchases. Most National Bank cards charge 20.99%.