	canadian imperial bank lowering visa rates canadian imperial bank of commerce said it was lowering the  rate on its visa credit card to pct from pct effective with the may billing statement the bank said it was also halving its yearly visa card user fee to six dlrs but would retain its ct fee for each transaction a bank spokesman said the previously reported call by the canadian parliament s finance committee on march for a substantial cut in credit card rates was a factor in the move but he would not elaborate canada s minister of state for finance thomas hockin had threatened legislation to reduce the rates which apply to unpaid balances if the financial institutions did not voluntarily act the canadian imperial bank spokesman said the bank card market is a very competitive one and we have to move to stay competitive canadian imperial s new rates match those of toronto dominion bank which lowered its rates before the finance committee report canadian imperial bank added that cardholders will be allowed to choose between the ct transaction fee or the six dlr yearly card fee it will also eliminate the ct minimum monthly transaction fee it said minister of state for finance tom hockin said in the house of commons today he was delighted with the bank s cut in its credit card rate i would hope retail stores and other financial institutions will look to their rates as well hockin said during the daily question period reuter 
