Royal Bank of Canada (RBC) has decided to reduce the credit card interest rates by 50% for its business customers affected by a coronavirus (Covid-19).

In a press release, RBC said that it will reduce the interest charges starting from 6 April 2020.

The interest charges will be reduced for those clients receiving minimum payment deferrals on credit cards.

During the deferral period, customers can get a 50% credit of their interest charges, as part of the latest move. This move is subject to the completion of a financial review with an RBC advisor.

RBC personal and commercial banking group head Neil McLaughlin said: “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.

“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.”

The move is also applicable for existing personal and small business credit card customers who are already receiving minimum payment deferrals.

RBC will reduce the interest charges by 50% and the difference in interest will be credited back into their accounts.