A one-time statement credit for CIBC Costco Mastercard accounts (the “Interest Reversal”) will be offered as a goodwill gesture to Eligible Clients (as defined below) to refund all interest charges related to purchase or cash advance transactions charged for their first statement period (the “March Statement”) following their migration to CIBC on or around March 3, 2022 (the “Conversion”).
1. Eligibility
The Interest Reversal will be applied to accounts which at the time of Conversion:
(i) had AutoPay enabled with the previous issuer of the Costco Mastercard; and
(ii) were in good standing.
Cardholders whose accounts meet the foregoing eligibility requirements and otherwise comply with these Terms are referred to as “Eligible Client(s)”.
2. Delivery of Reversal
If an Eligible Client qualifies to receive the Interest Reversal, the Interest Reversal will be applied as a statement credit on their April statement.
3. Additional Limitations and Conditions
The Interest Reversal is not transferable or assignable. The recipient of the Interest Reversal is solely responsible for any tax consequences associated with their receipt thereof. CIBC is applying the Interest Reversal for Eligible Clients as a one-time goodwill gesture in accordance with these Terms and Conditions. Cardholders should continue to make payments in accordance with the terms and conditions of the Cardholder Agreement. All terms and conditions of the Cardholder Agreement continue to apply.
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