Consumers are facing a steep financial toll in the wake of the COVID-19 pandemic, and the Canadian Imperial Bank of Commerce (CIBC) is setting itself apart with its financial aid for hard-hit clients. The bank rolled out the 'CIBC Pace It' plan which offers no fees and low interest on credit card purchases, with purchasing above $100 now eligible for installment plans. A choice of different payment terms ranging from six to 24 months are now available at rates from 5.99% to 7.99% per annum and multiple installment plans can be set up and managed.
"We know Canadians need help now to manage day to day expenses," says Laura Dottori-Attanasio, Senior Executive Vice-President, Personal and Business Banking, CIBC. "By lowering rates, we want to help reduce stress that Canadians are feeling as a result of COVID19 and provide them with additional flexibility for every day purchases."
Image Credit: Shutterstock, CIBC