Your credit card statement explained

First page of statement

1. Your account at a glance 

A summary of your transactions for this statement period.


2. Your payment due this month 

Pay either the amount due or minimum payment by the due date.


3. Statement period 

The start and end dates of your credit card activity for this billing cycle.


4. Credit and cash limits 

How much money you can spend using your credit card.


5. Interest rates 

The percentage you're charged on an unpaid balance, cash advance or balance transfer.

Searching for more credit card terms? Check out our glossary 

Page 1 statement details

Your account at a glance

1. Your account at a glance


a) Previous balance is how much you owed on your last 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.

Your payment due this month

2. Your payment due this month


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. If you only make your minimum payment, you'll pay interest on the unpaid balance. Your payment due date is shown in this section.

Statement period

3. Statement period 


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.

Credit and cash limits

4. Credit and cash limits 


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.

Interest rates

5. Interest rates


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 withdraw the cash.

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.

Second page of statement

6. Your payments 

What you paid during the statement period.


7. Your interest 

The interest you're charged during the statement period.


8. Your installment summary 

Details of any CIBC Pace It Installment Plans that are active on your account.


9. Your new charges and credits 

All your charges, such as purchases and fees, and credits posted to your account during the statement period.

Searching for more credit card terms? Check out our glossary 

Page 2 statement details

Your payments

6. Your payments


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 1-800-465-4653Opens your phone app..

Your interest

7. Your interest


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.

Your installment summary

8. Your installment summary


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.

Your new charges and credits

9. Your new charges and credits


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.

Third page of statement

10. CreditSmart® Spend Report 

A summary of where you've used your credit card.


11. Your message centre 

Important messages from us about your account.

Searching for more credit card terms? Check out our glossary 

Page 3 statement details

CreditSmart Spend Report

10. CreditSmart Spend Report


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.

Your message centre

11. Your message centre


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.

Credit card glossary

Skip to B  C  D  E

A

Account statement closing date

Refer to statement date.

Amount due

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.

Annual fee

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 1-800-465-4653Opens your phone app..

Available credit

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®.

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B

Balance transfer

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.

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Cash advance

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. 

Cash-like transaction

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.

Cash limit

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.

CIBC Pace It

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 pay a One Time Installment Fee of 1.50% of the purchase amount. After the first payment, each monthly installment payment includes both the interest and the Installment Plan principal.

Closing date

Refer to statement date.

Convenience cheque

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.

Credit

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.

Credit limit

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.

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D

Due date

The last day to make your credit card payment. Your due date is at least 21 days after the end of the statement period. Find your due date on your statement in the section "Your payment due this month."

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E

eStatement

A digital version of your credit card statement you can access online or on your mobile device. You can choose how you want to be notified when you have a new eStatement: by email, text message, push notification or as a message in your CIBC Online Banking account. Learn how to make the switch or change your alert preferences at CIBC eStatements.         

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Skip to G  H  I  J

F

Fees

The total amount of all fees on your credit card account during a statement period. Certain transactions have fees. Your fees could include overlimit, cash advance, CIBC Pace It Installment Plan and annual fees. Find your total fees in the "Your account at a glance section" of your statement.

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G

Grace period

See interest-free grace period.

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I

Interest

The amount you pay for borrowing money on your credit card. If you don’t pay your amount due by the due date, you'll pay interest on the remaining amount. You'll continue to pay interest until you pay off the total balance. For some transactions, including cash advances, convenience cheques and balance transfers, interest is always charged.

Interest-free grace period

The time you’re given to pay your credit card bill before you’re charged interest. The grace period is at least 21 days, starting from the statement date and ending on the due date. Other than purchases converted into an Installment Plan, you won't be charged interest on purchases shown on your statement if you pay the amount due by the due date. There's no interest-free period for cash advances, balance transfers or convenience cheques.

Interest rate

When you don’t pay your amount due by the due date, you’re charged a percentage of the money you still owe. You'll continue to pay interest until you pay off the total balance. Your credit card statement shows your interest rates as yearly rates. This is called the annual interest rate. Different transactions have different rates. These include purchases, cash advances, convenience cheques, balance transfers and CIBC Pace It Installment Plans. If you miss your minimum payment 2 times in 12 months, your rates may increase.

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Skip to L  M  N  O


L

Loyalty rewards 

Some CIBC credit cards offer rewards, such as travel points or cash back. Rewards cards include Dividend® Visa*, Aventura® Visa and Aeroplan® Visa cards. If you have a rewards card, your statement includes a summary of the points, miles or cash back you've earned. To redeem your Aventura, Gold Visa or Vacationgold® Points, go to CIBC RewardsOpens a new window in your browser..

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M

Minimum payment

The smallest amount you need to pay on your credit card bill to keep your account in good standing. It includes any monthly installment payments due if you have a CIBC Pace It Installment Plan. If you only make your minimum payment by the due date, you'll pay interest on the remaining balance. A credit on your account, such as a refund, is not a payment. If you have a credit, you still need to make your minimum payment unless you have no remaining balance. Past due amounts must be paid immediately. If you miss your minimum payment 2 times in 12 months, your interest rates may increase.

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N

Negative balance

Refer to credit balance.

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O

One Time Installment Fee

The amount you pay when setting up your CIBC Pace It Installment Plan. The fee is 1.50% of the purchase amount.

Outstanding balance

Refer to current balance.

Overlimit

When you go over the maximum amount you can charge to your credit card. If we let you go over your credit limit, you may be charged a fee. You can set up alerts and check how close you are to your limit using CIBC Online or Mobile Banking. Or you can add an overlimit block, which automatically stops new purchases that will put you over your limit. To set up an overlimit block, call 1-800-465-4653Opens your phone app..

Overlimit fee

If we let you go over your credit limit, you may be charged a fee. Set up alerts and check how close you are to your credit limit using CIBC Online or Mobile Banking.

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Skip to Q  R  S  T

P

Pace It

Refer to CIBC Pace It.

Payments

The total amount you paid towards your credit card during a statement period. Find your total payments in the "Your account at a glance" section of your statement.

Payment Protector premium

The amount you pay if you sign up for CIBC Payment Protector Insurance for Credit Cards. This optional insurance helps reduce the burden of credit card payments if you can't work because of a disability, involuntary unemployment, loss of self-employment or in the event of a covered critical illness or death. The insurer, Canadian Premier, charges the premium and related taxes to your card on the statement date. The premium pays for your coverage for the next statement period. Setting up a CIBC Pace It Installment Plan won't change how your premiums are calculated.

Payment slip

If you want to pay your credit card bill by mail, fill out the slip on the first page of your statement and include it with your payment.

Pending transaction

A transaction that's been approved, but not posted to your credit card account yet. This means the money is no longer available for you to use, but the amount hasn't been added to your current balance yet. A pending transaction takes up to 5 days to post to your account.

Previous balance

The total balance that appeared on your last credit card statement.

Purchases

The total amount of goods or services you bought using your credit card. Purchases don't include cash advances, balance transfers or convenience cheques. Find your total purchases in the "Your account at a glance" section of your statement.

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R

Remittance stub

See payment slip.

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S

Statement balance

Refer to total balance.

Statement date (also called closing date or account statement closing date)

The last day of your statement period and the date your credit card statement was created. Your payment is due at least 21 days after the statement date. Find your due date in the "Your payment due this month" section of your statement.

Statement period

The start and end dates of your credit card activity. This period runs for one month. Your payment is due at least 21 days after the end of the period. Find your due date in the "Your payment due this month" section of your statement.

Back to glossary 


T

Total balance (also called statement balance)

How much you owe on your credit card for the statement period. If you have a CIBC Pace It Installment Plan, the total balance includes the monthly installment payments that aren't due yet. If you pay your total balance in full, you may also pay off your Installment Plans. To calculate your total balance, take your previous balance, subtract your credits and payments, and add your total charges. Find your total balance in the "Your account at a glance" section of your statement.

Total charges

The amount of all charges on your credit card account during the statement period. This could include purchases, cash advances, interest, convenience cheques, balance transfers and fees. Find your total charges in the "Your account at a glance" section of your statement.

Total credits

The amount of all credits and payments on your credit card account during the statement period. Find your total credits in the "Your account at a glance" section of your statement.

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Learn more about credit cards

How to switch to eStatements

Access up to 7 years of your credit card statements online and on your mobile device.

Learn moreAbout how to switch to eStatements.

How your credit limit is determined

Find out what factors go into deciding how much you can spend on your card.

Learn moreAbout how your credit limit is determined.

Credit score basics

A strong credit score is important if you want to borrow money for a big purchase or increase your credit limit.

Learn moreAbout your credit score and your credit card.