CIBC also waives fee on CIBC Pace ItTM that offers lower interest on credit card purchases
TORONTO, April 3, 2020 /CNW/ - CIBC today announced that it is offering reduced interest rates on personal credit cards for Canadians experiencing financial hardship due to the COVID-19 pandemic.
CIBC credit card clients who request to skip a payment and are experiencing financial difficulties will receive a temporary lower annual rate of 10.99% as they deal with the impact of COVID-19. For the 80,000 Canadians that have already received CIBC credit card relief, the temporary lower rate will be retroactively applied to March 15, 2020.
Clients seeking a credit card payment deferral are encouraged to complete our online financial assistance form. Clients in financial hardship can also contact their CIBC Advisor or call 1-877-454-9030 to discuss options to improve their cash flow over the short term by reviewing their payment obligations.
"We know Canadians need help now to manage day to day expenses," says Laura Dottori-Attanasio, Senior Executive Vice-President, Personal and Business Banking, CIBC. "By lowering rates, we want to help reduce stress that Canadians are feeling as a result of COVID19 and provide them with additional flexibility for every day purchases."
CIBC Pace It™ offers no fee and low interest rates on credit card purchases
As an additional relief measure for clients during the COVID-19 pandemic, CIBC is also announcing that as of April 6, credit card purchases of $100 or more are now eligible for installment plans with lower annual interest rates using CIBC Pace ItTM. CIBC will also be rebating the one time installment fee of 1.5% of the purchase amount which is typically applied with this feature until June 30, 2020.
"CIBC Pace It allows all of our clients the option of lowering their credit card costs by moving purchases to installments at lower rates," says Dottori-Attanasio. "This option will help all Canadians looking to free up cash flow as they manage through these uncertain times."
Available on most personal CIBC credit cards, CIBC Pace It offers clients the flexibility of choosing different payment terms simply by converting the minimum purchase amount to an installment plan online or in app.
How CIBC Pace It works:
- Clients will see an "Eligible for Installments" indicator on purchases that can be converted into an installment plan when they sign into CIBC Online or Mobile Banking®. A choice of different payment terms ranging from six to 24 months are available at rates from 5.99% to 7.99% per annum.
- Installment plans can be cancelled at any time.
- Multiple installment plans can be set up and managed through online or mobile banking (limit of one per day).
To find out more visit: www.cibc.com/PaceIt
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.