Effective April 6,
2020, RBC will reduce credit card interest charges by 50%
for personal and small business clients receiving minimum payment
deferrals
TORONTO, April 3, 2020 /CNW/ - 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.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank