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Frequently Asked Questions

Credit Cards - Payment Information

  1. When is my payment due?
  2. How do I dispute a charge on my statement?
  3. What is the minimum payment?
  4. How is interest calculated on purchases?
  5. How can I use my credit card to make bill payments?
  6. I have just made a payment to my CIBC credit card. Why is the payment not reflected in my credit card balance?
  7. How do I make credit card payments electronically?

More Credit Card FAQs
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  1. When is my payment due?

    Your payment due date is 21 days from the statement date. When you carry a balance, we will extend the payment due date by 5 days in the following month (your payment period will be 26 days instead of the normal 21). Interest will continue to accrue for the extended period. When you pay your balance in full, your payment due date will revert back to 21 days.

    You must submit at least the minimum payment by this date in order to keep your account current. If you've misplaced your credit card statement, please contact CIBC Credit Card Services. Our automated system or a customer service representative will be able to advise when your payment is due. The Online Banking service will also enable you to view your payment due date, minimum payment amount, transaction details, and more.

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  2. How do I dispute a charge on my statement?

    If there is a charge on your statement that you do not recognize (or any other error or omission), you must notify us within 30 days after the date of the statement on which it appears. Please contact Credit Card Services with the details of the transaction (e.g. date, description of the transaction and the date of the statement). If required, a copy of a sales draft may be requested from the merchant. If so, a copy will be mailed to you, along with an accompanying letter confirming your request. Please allow up to 60 days for receipt of this. If, after reviewing the sales draft, the charge does not belong on your account, simply sign the letter and return it to us (detailed instructions will be included in the body of the letter). In most cases, we will pursue an investigation with the merchant on your behalf.

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  3. What is the minimum payment?

    The minimum payment is equal to $10 or 2.1% of the full balance, whichever is greater at the time of billing (or your full balance if less than $10).

    For more details on payments, please refer to your CIBC VISA Cardholder Agreement.

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  4. How is interest calculated on purchases?

    You can avoid having interest charged on New Purchases by always ensuring that we receive payment for your full Balance by the payment due date.

    If the Primary Cardholder is not a resident of the Province of Quebec, then we charge interest on New Purchases as follows:

    • On the day we prepare your current monthly statement, we determine whether we received payment for your full Balance from your prior month's monthly statement by the payment due date. If we did not, then all New Purchases appearing on your current monthly statement will be subject to interest. If we did receive payment for the full Balance from your prior month's monthly statement by the payment due date, then all New Purchases on your current monthly statement will not be subject to interest, as long as we also receive payment for the full Balance on your current monthly statement by the payment due date.
    • For any individual New Purchase which is subject to interest, interest will be charged retroactively from the Transaction date until we receive a payment which covers the New Purchase, as described in the 'Application of Payments' section of this Agreement. Any interest which accrues on this New Purchase between the date of your last monthly statement and the date we receive your payment will appear on your next monthly statement.
    • For New Purchases in general, once we have received payment for the full Balance shown on your current monthly statement by the payment due date, any New Purchases appearing on monthly statements after the payment was received will not be subject to interest as long as we continue to receive payment for the full Balance on each of these future monthly statements by the payment due date.

    If the Primary Cardholder is a resident of the Province of Quebec, interest will be charged on New Purchases appearing on your current monthly statement unless we receive payment for the full Balance shown on your current monthly statement by the payment due date. If we did not, then interest charges on these New Purchases will appear on your next monthly statement and interest will be charged retroactively on each New Purchase from the Transaction date until we receive a payment which covers the New Purchase, as described in the 'Application of Payments' section of this Agreement. Any interest which accrues on New Purchases between the date of your last monthly statement and the date we receive this payment will appear on the next monthly statement.

    Fees are treated in the same manner as New Purchases for the purposes of charging interest.

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  5. How can I use my credit card to make bill payments?

    It is not possible to pay bills through Online Banking from your CIBC credit card account. When a bill is paid, funds must be taken from your CIBC bank account. If you transfer funds from your CIBC credit card to your CIBC bank account, please keep in mind that interest will be automatically billed from the date of the transfer until the date the cash advance is fully paid off.

    You may want to ask your merchant if it is possible to set up a pre-authorized payment from your CIBC credit card account. For example, if you have a cellular bill, the merchant (i.e. Rogers AT&T Wireless or Bell Mobility) may be able to bill your CIBC credit card.

    If you have any further questions, please call CIBC Credit Card Services. Refer to "Who do I contact for assistance with my CIBC credit card account?" for contact numbers and hours of operation.

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  6. I have just made a payment to my CIBC credit card. Why is the payment not reflected in my credit card balance?

    Payments made via CIBC Online Banking or Telephone Banking before 6 pm Eastern time or at a CIBC bank machine before 6 pm local time will be credited on the day the payments were made, but will not show on your credit card balance for 1-3 business days later.

    Payments made via CIBC Online Banking or Telephone Banking after 6pm Eastern Time or at a CIBC bank machine after 6 pm local time will be credited next business day and not show on your credit card balance for 1-4 business days.

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  7. How do I make credit card payments electronically?

    You can pay your credit card through CIBC Online Banking, bank machine or Telephone Banking.

    First register your CIBC credit card as a registered bill by calling Telephone Banking at 1-800-465-2422. Then you can utilize the bill payment function next time you sign on to Online Banking, bank machine or Telephone Banking.

    A CIBC credit card payment can also be made by transferring funds from a CIBC Bank account used for day to day banking, to a CIBC credit card account through CIBC Online Banking, bank machine or Telephone Banking.

    If you want to make a future dated bill payment/funds transfer, you can do so using CIBC Online Banking or Telephone Banking.

    Note-Bill payments must be made from a CIBC account used for day to day banking.

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