Mr. Neil McLaughlin reports

RBC CUTS CREDIT CARD INTEREST BY 50% FOR CLIENTS FACING HARDSHIP DUE TO COVID-19

Royal Bank of Canada will be reducing credit card interest charges by 50 per cent for those clients receiving minimum payment deferrals on credit cards. Upon completion of a financial review with an RBC adviser, customers will be eligible for a 50-per-cent 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 of personal and commercial banking for RBC. "More than anything, clients need to know that they have options. Approximately 80 per cent 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 per cent. The difference in interest will be credited to their account. For more information about financial relief available to clients during these times, please visit the bank's website.

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