CIBC Pace ItTM
gives credit card clients flexible installment options to pay
off purchases and manage budgets at a reduced interest rate
TORONTO, Sept. 12, 2019 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today became the first major Canadian bank to offer a
credit card feature that allows clients to convert purchases of
$250 or more into installment plans,
spreading out payments over a fixed term at a lower annual interest
rate.
Available on most CIBC personal credit cards, CIBC Pace
It offers clients the flexibility of choosing different
payment terms and rates while continuing to enjoy all the benefits
of their current card, simply by converting a purchase amount to an
installment plan online or in app.
"We understand that spending can vary from month-to-month,
particularly when you have large or unplanned purchases. CIBC Pace
It is a simple solution that brings flexibility to our clients'
lives by letting them manage the payment of the big things that
matter, at a pace that better fits their lifestyle," said
Edward Penner, Executive
Vice-President, Personal Banking Products, CIBC.
Benefits of CIBC Pace It include:
- Choice of different payment terms and rate options: six equal
monthly payments at annual interest rate of 5.99%; 12 payments at
6.99%; or 24 payments at 7.99%
- Continue to enjoy all the benefits of their credit card such as
rewards and insurances
- Purchases are made within existing credit limits, so no credit
checks or approvals are required
- Digital self-service: installment plans can be set up in three
simple steps through online or mobile banking
- No additional payments or statements to manage, as installment
plans are included in monthly credit card bills
"We're focused on meeting the needs of our clients, and they've
told us they want easier ways to manage their finances. CIBC Pace
It is a simple and convenient option that helps manage your cash
flow, particularly when the unexpected happens and you need a bit
of breathing room," Penner added. "CIBC is proud to be the only
major bank in Canada to offer this
innovative feature to our clients."
How 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®
- There is a one time installment fee of 1.5% of the purchase
amount, shown at the time of set-up
- Installment plans can be cancelled at any time
- Multiple installment plans can be set up and managed through
online or mobile banking
To find out more visit: www.cibc.com/PaceIt
About CIBC
CIBC is a leading Canadian-based global
financial institution with 11 million personal banking, business,
public sector and institutional clients. Across Personal and Small
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.or by
following on LinkedIn (www.linkedin.com/company/cibc), Twitter
@CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
SOURCE CIBC