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CIBC LAUNCHES LOW-RATE VISA

The Canadian Imperial Bank of Commerce added a low interest rate VISA to its line of credit card products yesterday. Users of the card, called Select VISA, will be charged a 9.9% interest rate on any outstanding balances. Scott Pehleman, card products senior vice-president, said the Toronto-based bank launched the new card because research showed some clients wanted a low rate card that didn't involve having to pay for special perks such as airline points. Applications for the Select VISA are available at CIBC branches across Canada. In-branch brochures and a direct mail campaign are supporting the card's launch. CIBC created the brochures in-house.

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