Bank of Montreal said on Saturday it will temporarily reduce credit card interest rates to 10.99 per cent for personal and small business customers receiving payment deferrals due to the outbreak. Bank of Nova Scotia announced the same change on Friday. They joined Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce, who announced similar measures. TD Bank said it will cut credit card interest rates by 50 per cent for customers experiencing hardship, and Royal Bank said it will reduce the charges by the same extent for clients receiving minimum payment deferrals. Even with these reductions to clients who are making minimum payments these rates are insane!