CANADIAN IMPERIAL BANK LOWERING VISA RATES <Canadian Imperial Bank of Commerce> said it was lowering the interest rate on its Visa credit card to 15.9 pct from 18.6 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 15 ct fee for each transaction. A bank spokesman said the previously reported call by the Canadian Parliament's finance committee on March 20 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 15 ct transaction fee or the six dlr yearly card fee. It will also eliminate the 50 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.