RBC Cuts Credit Card Interest by 50% for Clients Facing Hardship Due to COVID-19

Effective April 6, 2020, RBC will reduce credit card interest charges by 50% for personal and small business clients receiving minimum payment deferrals

TORONTO –RBC announced today it will be reducing credit card interest charges by 50% for those clients receiving minimum payment deferrals on credit cards. Upon completion of a financial review with an RBC advisor, customers will be eligible for a 50% credit of their interest charges during the deferral period.

“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 difficult time,” said Neil McLaughlin, Group Head, Personal and Commercial Banking for RBC. “More than anything, clients need to know that they have options. Approximately 80% of our clients either do not pay credit card interest or have access to lower interest rate options, like Lines of Credit. By reducing interest charges for clients who receive credit card minimum payment deferrals, we are now offering additional support during these challenging times.”

For personal and small business credit card clients already receiving minimum payment deferrals, RBC will reduce the current interest charges on their credit card by 50%. The difference in interest will be credited to their account. For more information about financial relief available to clients during these times, please visit https://www.rbc.com/covid-19/index.html.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 85,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.‎

SOURCE: RBC