Credit card rate relief is on the way.
Canada's big six banks announcing they will reduce interest rates on credit cards in an effort to help customers impacted by COVID-19.
BMO and the Bank of Nova Scotia the first to announce they will temporarily reduce the interest rates to 10.99 percent for personal and small business customers receiving payment deferrals due to the outbreak.
TD, Royal Bank, CIBC and National Bank of Canada also following suit with similar measures.
Most of the banks charge between 19 and 20 percent interest on outstanding credit card debt.
Meantime, in an effort to help us practise social distancing, two of the major credit card companies are raising their tap limits.
Both Mastercard and Visa are increasing the limits on their credit cards to $250 from $100.
Mastercard made the call last week, Visa tells the Globe and Mail it will follow suit, but has not announced when the increase will go into effect.