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.
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.
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.
Refer to statement date.
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.
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.
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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