Understand key terms to help you avoid interest and fees, manage your spending and get the most from your credit card. For the full details on how your credit card works, refer to your CIBC Cardholder Agreement.
A summary of your transactions for this statement period.
Pay either the amount due or minimum payment by the due date.
The start and end dates of your credit card activity for this billing cycle.
How much money you can spend using your credit card.
The percentage you're charged on an unpaid balance, cash advance or balance transfer.
a) Previous balance is the total balance that appeared on your last credit card statement.
b) Any payments you made or credits posted to your account after your last statement period are subtracted from the money you owe.
c) Total charges is the total amount of your purchases, cash advances, interest and fees. Cash advances include balance transfers and convenience cheques.
d) Total balance is your total outstanding amount at the end of the statement period. If you pay this in full, you may also pay off any active CIBC Pace It™ Installment Plans you have. To calculate your total balance, we take your previous balance, subtract your credits and payments, and add your total charges.
a) Amount due is how much you need to pay to avoid interest on purchases shown on your statement that haven't been converted into an Installment Plan. The amount due includes any balance transfers and convenience cheques on your account, plus any monthly installment payments due if you have an Installment Plan.
To calculate your amount due, we take your total balance, subtract the current balance of any Installment Plans you have and add the monthly installment payments due. If you don't have any active Installment Plans, your total balance and amount due are the same, unless you have a credit balance. In that case, your amount due is $0.00.
b) Minimum payment is the lowest amount you need to pay by the due date to keep your account in good standing. It includes any monthly installment payments due. Your payment due date is shown in this section.
a) Your statement period runs for one month and covers all your credit card activity during that time. The last day of the period is the date your statement was created. This is your statement date. Your payment is due at least 21 days after this date. You can find your due date in the "Your payment due this month" section.
a) Your credit limit is the maximum amount you can charge to your card. Cash advances, balance transfers, convenience cheques and Installment Plans are part of your credit limit. The amount you have left to spend is your available credit.
b) Your cash limit is the maximum amount of cash you can withdraw or transfer from your card. It includes cash advances, balance transfers and convenience cheques. Your cash limit is part of your total credit limit — not extra money you can spend.
a) Interest rates are used to calculate the amount you're charged for borrowing money. It's shown on your statement as an annual rate.
b) Other than purchases converted into an Installment Plan, you can avoid paying interest on purchases shown on your statement if you pay the amount due by the due date.
c) For cash advances, interest is charged as soon as you make a cash advance or cash-like transaction.
For convenience cheques and balance transfers, interest is charged once they're posted to your account. If you have a promotional rate for a balance transfer, that rate will appear in this section. If you have an Installment Plan, you pay interest with each monthly installment payment, except for the first one. Find the interest rate for Installment Plans on the second page.
What you paid during the statement period.
The interest you're charged during the statement period.
Details of any CIBC Pace It Installment Plans that are active on your account.
All your charges, such as purchases and fees, and credits posted to your account during the statement period.
If you're worried about missing a payment, you can set up alerts to remind you.
Or you can sign up for CIBC Auto Pay Service. It withdraws your payment automatically from your bank account on the due date. You can choose to pay the minimum payment or the amount due each month. To set up Auto Pay, visit a CIBC Banking Centre or call 1-800-465-4653 Opens your phone app. .
When you don't pay your amount due by the due date, you're charged interest on the money you still owe. You'll continue to pay interest until you pay off the total balance. This section includes any interest from purchases, cash advances, balance transfers, convenience cheques and CIBC Pace It Installment Plans. It also lists the annual interest rate for each charge. For each active Installment Plan you have, the interest you pay with your monthly installment payment is listed in a separate line.
CIBC Pace It is an Installment Plan that lets you pay off big purchases in monthly payments at a lower interest rate. This can help you pay for the big things that matter at a pace you choose. This section shows the original purchase amount, length of the plan, annual interest rate, installment payment due this month and how much you have left to pay on your plan. After the first payment, each monthly installment payment includes both the interest and the Installment Plan principal.
a) When you get money back on your account, such as a refund, this amount appears as a credit. It's subtracted from the amount you owe.
b) The One Time Installment Fee is the amount you pay when setting up your CIBC Pace It Installment Plan. The fee is 1.50% of the purchase amount.
c) Other types of charges include purchases, balance transfers, convenience cheques, cash advances and other fees. If you have the optional CIBC Payment Protector™ Insurance, this section will show the premium due for the statement period. Setting up an Installment Plan won't change how your premiums are calculated.
A summary of where you've used your credit card.
A summary of active promotional balance transfers on your credit card account.
Important messages from us about your account.
CreditSmart Spend Report helps you track your spending. This section sorts your transactions into 10 categories and shows how much you've spent in each one. If you've set a monthly budget for each category, you can tell at a glance if your spending is on target. To set up budgets, sign on to your CIBC Online Banking account. You can also set up alerts to notify you when you go over your budget.
CIBC promotional balance transfer offer is a promotion whereby CIBC offers clients a lower balance transfer annual interest rate on balance transfers made on their credit card account which may or may not include a fixed one-time balance transfer fee. This section shows the promotional interest rate for balance transfers performed as a result of a special offer made by CIBC, the remaining outstanding balance for the promotional balance transfers performed and the expiry date of the promotional balance transfer. As per the promotional balance transfer offer terms and conditions, after the expiry date, the annual interest rate applicable to the balance transfer balance will revert to cash advance annual interest rate applicable to your credit card account. This summary only shows active promotional balance transfers on your credit card account.
Your message centre includes important information about your account. For example, we could send you a message about a missed payment, your CIBC Pace It Installment Plan, promotional balance transfers or changes to your account.
Account statement closing date
Refer to statement date.
How much you need to pay by the due date to avoid interest on purchases shown on your statement that haven't been converted into a CIBC Pace It Installment Plan. Amount due includes any balance transfers and convenience cheques on your account, plus any monthly installment payments due if you have an Installment Plan. To calculate your amount due, take your total balance, subtract the current balance of any Installment Plans you have and add the monthly installment payments due. If you don't have any active Installment Plans, your total balance and amount due will be equal, unless you have a credit balance. In that case, your amount due is $0.00 and the letters CR appear beside the total balance amount on your statement.
The amount you pay annually to use certain credit cards that offer benefits, such as travel rewards or existing insurance coverage. Some cards offer benefits but don't charge a fee.
Auto Pay Service
If you're worried about missing a credit card payment, you can sign up for CIBC Auto Pay Service. We withdraw your payment automatically from your bank account on the due date. You can choose to pay the minimum payment or amount due each month. To set up Auto Pay, visit a CIBC Banking Centre or call 1-800-465-4653 Opens your phone app. .
The amount available to spend on your credit card. If we let you spend more than that amount, you could be charged an overlimit fee. Set up alerts and check how close you are to your credit limit using CIBC Online or Mobile Banking®.
Using your CIBC credit card to pay off debt on a non-CIBC credit card. This could save you money if the interest rate on your CIBC credit card is lower than the interest rate on your non-CIBC credit card. We may occasionally offer a promotional rate for balance transfers. You're charged interest as soon as the balance transfer is posted to your account.
A short-term loan that lets you withdraw cash using your credit card. The amount you can borrow depends on your cash limit. You're charged interest as soon as you make a cash advance. Fees usually apply. Balance transfers and convenience cheques are treated as cash advances.
Cash advance fee
What you pay for using your credit card to borrow cash. You're also charged interest as soon as you make a cash advance.
Buying items that are similar to cash or can be converted into cash. These items include casino chips, money orders, wire transfers, certain lottery tickets and traveller’s cheques.
The maximum amount of cash you can withdraw or transfer using a credit card. This includes cash advances, balance transfers and convenience cheques. Your cash limit is part of your total credit limit — it’s not extra money you can spend.
An Installment Plan from CIBC that lets you pay off large credit card purchases in monthly payments at a lower interest rate. This can help you pay for the big things that matter at a pace you choose. When you set up your plan, you may pay a One Time Installment Fee of the purchase amount. After the first payment, each monthly installment payment includes both the interest and the Installment Plan principal.
Refer to statement date.
Cheques that are linked to your credit card. Use them to pay off another credit card or to make purchases at places that don’t accept credit cards. The amount you can write on your cheque depends on your cash limit. You're charged interest once the cheque is posted to your account. We may occasionally offer a promotional interest rate for balance transfers, which you may also request for convenience cheques.
When you get money back on your account, such as a refund, the amount appears as a credit. It’s subtracted from the money you owe.
Credit balance (also called negative balance)
When you pay more than the total balance on your credit card account. On your statement, the letters CR appear beside the total balance amount if you have a credit balance. A credit balance doesn't give you a higher credit limit. But it lets you spend more before reaching your limit. As you make new transactions, your credit balance decreases until you use it up.
Credit card balance
Refer to current balance.
The maximum amount you can charge to your credit card. You can set up alerts and check how close you are to your credit limit using CIBC Online or Mobile Banking.
Current balance (also called credit card balance or outstanding balance)
How much you owe on your credit card at any given moment. The current balance doesn't include pending transactions. If you pay your current balance in full, you’ll also pay off any CIBC Pace It Installment Plans and balance transfers on your account. Your current balance may be different from your total balance, which is how much you owed on your last statement. Transactions you make after your last statement period count towards your current balance and will show up on your next statement. Check your current balance using CIBC Online and Mobile Banking.
