Canada’s Big Six banks cut credit card interest rates

A Bank of Montreal logo is seen outside of a branch in Ottawa

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.