# COVID Credit-Card Rate Cuts The CIBC Pace It Offers a Temporary Lower Annual Rate for Cardholders By Grace Mahas | Published 2020-07-13 | Business Source: Trend Hunter, https://www.trendhunter.com/trends/cibc-pace-it References: [financialpost](https://financialpost.com/personal-finance/debt/cibc-cuts-credit-card-rates-to-give-relief-to-customers-amid-covid-19-pandemic/wcm/f26c4358-a957-4200-8953-f16a4d4bb36a/?ggg) & [cibc.mediaroom](http://cibc.mediaroom.com/2020-04-03-CIBC-announces-reduced-credit-card-rates-for-Canadians-experiencing-financial-hardship-due-to-COVID19#:~:text=CIBC%20credit%20card%20clients%20who) Consumers are facing a steep financial toll in the wake of the [COVID](https://www.trendhunter.com/trends/moon-under-water)-19 pandemic, and the [Canadian Imperial Bank of Commerce](https://www.trendhunter.com/trends/rbc-and-canadian-tire) (CIBC) is setting itself apart with its financial aid for hard-hit clients. The bank rolled out the '[CIBC Pace](https://www.trendhunter.com/trends/ai-tool1) 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 ## Trend Insights (Trend Hunter) - Score: 0.9/10 - Popularity: 5% | Activity: 12% | Freshness: 9% - Audience gender: 50% men, 50% women - Primary generations: Millennial, Gen X - Top markets: North America ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Business](https://www.trendhunter.com/business) > [Market](https://www.trendhunter.com/market) ## Key Themes ### What's Driving This Trend - **Flexible Payment Plans:** Financial institutions can create flexible payment plans for customers to alleviate stress during financial hardship. - **Low Interest Rates for Credit Cards:** Banks can offer lower interest rates for credit cards to help customers manage financial strain during difficult times. - **Installment Plans for Credit Card Purchases:** Credit card companies can offer installment plans for purchases above a certain amount to make payments more manageable for customers. ### Who This Affects Most - **Banking:** Banks can offer financial assistance to clients in difficult times by introducing flexible payment plans and reduced interest rates for credit cards. - **Fintech:** FinTech companies can innovate with flexible payment plans and improved credit card products designed for customers facing financial hardship. - **Consumer Goods:** Consumer goods businesses can collaborate with financial institutions to offer installment payment options for customers, making large purchases more affordable and manageable. ## Related on Trend Hunter - [Affordable BNPL Programs](https://www.trendhunter.com/trends/apple-pay-later.md) - [Inflation-Fighting Pizza Promotions](https://www.trendhunter.com/trends/fixedrate-pizza.md) - [BNPL Bank Programs](https://www.trendhunter.com/trends/marqueta.md) - [Efficient Banking AI Tools](https://www.trendhunter.com/trends/ai-tool1.md) - [Cashflow Maintenance Credit Payments](https://www.trendhunter.com/trends/american-express-flexible-payment-option.md) - [Immersive Banking Experiences](https://www.trendhunter.com/trends/cibc-experience-centre.md) - [eCommerce Credit Cards](https://www.trendhunter.com/trends/shopify-credit.md) - [Fixed-Rate Pizza Commitments](https://www.trendhunter.com/trends/fixedrate-pizza-commitment.md) - [Year-Round Pizza Promotions](https://www.trendhunter.com/trends/fixed-rate-pizza-2024.md)