RBC, CIBC and National Bank have agreed to temporarily cut the interest rates on credit cards for customers facing financial challenges.

The $8 cap on credit card late fees is "far below banks’ actual costs," according to a statement by Rob Nichols, president and CEO of the American Bankers Association.

WASHINGTON — The White House on Wednesday was due to announce fresh efforts to slash credit card late fees and drive down the prices that Apple Inc and Google parent Alphabet Inc charge on mobile app ...