Ms. Laura Dottori-Attanasio reports

CIBC ANNOUNCES REDUCED CREDIT CARD RATES FOR CANADIANS EXPERIENCING FINANCIAL HARDSHIP DUE TO COVID19

Canadian Imperial Bank of Commerce is offering reduced interest rates on personal credit cards for Canadians experiencing financial hardship due to the COVID-19 pandemic.

CIBC credit card clients who request to skip a payment and are experiencing financial difficulties will receive a temporary lower annual rate of 10.99 per cent as they deal with the impact of COVID-19. For the 80,000 Canadians that have already received CIBC credit card relief, the temporary lower rate will be retroactively applied to March 15, 2020.

Clients seeking a credit card payment deferral are encouraged to complete the bank's on-line financial assistance form. Clients in financial hardship can also contact their CIBC adviser or call 1-877-454-9030 to discuss options to improve their cash flow over the short term by reviewing their payment obligations.

"We know Canadians need help now to manage day to day expenses," says Laura Dottori-Attanasio, senior executive vice-president of personal and business banking at CIBC. "By lowering rates, we want to help reduce stress that Canadians are feeling as a result of COVID-19 and provide them with additional flexibility for every day purchases."

CIBC Pace It offers no fee and low interest rates on credit card purchases

As an additional relief measure for clients during the COVID-19 pandemic, CIBC is also announcing that, as of April 6, credit card purchases of $100 or more are now eligible for instalment plans with lower annual interest rates using CIBC Pace It. CIBC will also be rebating the one-time instalment fee of 1.5 per cent of the purchase amount which is typically applied with this feature until June 30, 2020.

"CIBC Pace It allows all of our clients the option of lowering their credit card costs by moving purchases to instalments at lower rates," says Ms. Dottori-Attanasio. "This option will help all Canadians looking to free up cash flow as they manage through these uncertain times."

Available on most personal CIBC credit cards, CIBC Pace It offers clients the flexibility of choosing different payment terms simply by converting the minimum purchase amount to an instalment plan on-line or in app.

How CIBC Pace It works:

• Clients will see an eligible for instalments indicator on purchases that can be converted into an instalment plan when they sign into CIBC Online or Mobile Banking. A choice of different payment terms ranging from six to 24 months are available at rates from 5.99 per cent to 7.99 per cent per annum.
• Instalment plans can be cancelled at any time.
• Multiple instalment plans can be set up and managed through on-line or mobile banking (limit of one per day).

About Canadian Imperial Bank of Commerce

CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, in the United States and around the world.