CIBC Pace It™

To be eligible for an Installment Plan, your purchase must fit the following criteria:

• A posted purchase of $100 or more.
• A purchase posted in the current cycle, and not yet on a monthly statement. Purchases posted in a previous statement are not eligible.
• A purchase made on an eligible CIBC credit card.
• A purchase made on an account in good standing and not over limit. Secured, hypothecated or guaranteed accounts are also not eligible.

Purchases eligible for Installment Plans will be labelled “Eligible for Installments” in mobile and online banking.

Transactions such as interest, fees, cash advances, CIBC Payment Protector™ Insurance premium charges or pre-authorized debit transactions aren’t eligible for CIBC Pace It Installment Plans.

Here's an example of a less common instance where a transaction would not be eligible:

• If you have a $1,000 purchase, and make a $200 payment to your account, you won't be able to create an Installment Plan on the $1,000 purchase, as your Balance applicable to purchases is $800.

No, you can't combine multiple purchases into one Installment Plan. You need to create new Installment Plans for each eligible purchase.

We always try to ensure our rates and fees remain competitive. Your Installment Plan options will be available when you create the Installment Plan. They're based on the following criteria:

a) Your province of residence 

b) The merchant you shopped at

c) Your credit card product

After you create your Installment Plan, it may take 2 to 3 business days before you see your Installment Plan details.

There are several ways to access your Installment Plan details.

Mobile banking:

• Sign on and select your credit card
• In the Summary tab, go to "More Options" then select "CIBC Pace It Installment Plan"

Online banking:

• Sign on and select your credit card
• Go to "Manage my Card" then select "My CIBC Pace It Installment Plan"

You can also review your Installment Plan details on your monthly credit card statement. Learn more about reading your credit card statement.

Yes, you can convert eligible purchases from an authorized user’s credit card to Installment Plans. But only you as the primary cardholder can request Installment Plans, not your authorized user.

We calculate your Installment Plan monthly payments and interest at the time you convert a purchase into an Installment Plan. For your first payment, the entire amount goes toward paying off your principal. The interest portion of your monthly Installment Plan payment decreases with each payment you make, starting from your second payment.

You can calculate your estimated monthly payment based on the purchase you want to convert using our Installment Plan calculator Skip to calculate Installment Plan payments.. 

Example:

You buy a new couch for $900 with your eligible CIBC credit card. You decide to convert the purchase to a 6-month Installment Plan at 5.99%.

If you pay the Minimum Payment or Amount Due by the due date as shown on your credit card statement, you'll also be making your monthly Installment Plan payment.

Breakdown of payments to pay off your Installment Plan

The ending installment balance includes the ending installment principal after you've made each payment and the applicable installment interest as shown on your statement.

Installment summary on your monthly statements

The current balance you'll see on the statement includes the monthly payment due and associated interest.

No, using CIBC Pace It doesn’t change your available credit. The original purchase amount is automatically deducted from your available credit. As you pay off your monthly installments, the amount you pay off is added back to your available credit.

Example:
Your credit limit: $5,000
Purchase converted to Installment Plan: $900 for a new couch
Installment Plan selected: 6 months at 5.99%
One Time Installment Fee: 1.50% of the transaction ($13.50)
Available credit: Credit limit ($5,000) – Transaction total ($900) – One Time Installment Fee ($13.50) = $4,086.50

If you return a purchase that you’ve converted into an Installment Plan, you’ll receive a credit for the return in your account. The credit gets applied to the overall balance in your account, not the Installment Plan. If your return credit is less than your current credit card balance, your Installment Plan won’t be cancelled, and will continue as scheduled. If you no longer want your Installment Plan, cancel it through mobile or online banking.

If you dispute a purchase that was converted to an Installment Plan, your Installment Plan payments continue as scheduled. You can cancel your Installment Plan at any time in mobile or online banking. To view the complete terms and conditions of your Installment Plan, visit Terms and conditions Skip to Terms and conditions.

A one time Installment Fee may apply to your requested Installment Plan. If applicable, this fee will be disclosed to you before you request to create your Installment Plan. The one time Installment Fee, if applicable, will be charged in the first monthly credit card statement after the Installment Plan is created. The fee will be included in your minimum payment and also part of your total balance. This fee doesn't apply to Quebec residents.

For example: If you set up a CIBC Pace It Installment Plan on a $900 purchase of a new couch, and the One Time Installment Fee is 1.50%, you'll be charged $13.50 (1.50% of $900).

Make your monthly Installment Plan payments when they show up on your next credit card statement after you created the Installment Plan. The monthly Installment Plan payment appears on your credit card statement as part of the minimum payment due and amount due.

Learn more about how to read your credit card statement.

Your first monthly Installment Plan payment goes toward the principal only. You'll begin to see interest for your Installment Plan monthly payment on your second statement after you've created your Installment Plan. The interest is calculated from the day you create your Installment Plan to that second statement date.

If you pay more than your amount due, the excess amount goes to unbilled purchases and Installment Plan payments not yet due at that time.

To find out how we apply payments to your account, refer to the CIBC Cardholder Agreement (PDF, 230 KB)  Opens in a new window.

If you miss your minimum payment or only pay part of it, the unpaid principal portion of your Installment Plan payment is charged the annual interest rate for regular purchases associated with your credit card. This starts from the first day of the next statement period after your missed payment. Interest is added to your account at the end of each statement period. We don't charge interest on interest.

Installment Plans don't change your current AutoPay setup. Your monthly Installment Plan payment is automatically included in your minimum payment and amount due, as shown on your monthly credit card statements.

No, you can't change an Installment Plan once you set it up, but you can cancel it at any time.

You can cancel an Installment Plan at any time without cancellation fees through mobile and online banking. If you cancel an Installment Plan, the unpaid installment balance goes back to the annual interest rate for purchases that applies to your credit card. It'll be calculated as set out in your terms and conditions. To view the complete terms and conditions of your Installment Plan, visit Terms and conditions Skip to Terms and conditions.

You’ll continue to see your Installment Plan listed in online and mobile banking for 6 months. You won’t see it under “Your Installment Summary” anymore starting on your next monthly credit card statement.

If you cancel your Installment Plan in the same statement period that you set up the installment, and you were charged an Installment Fee, we'll refund the Installment Fee. If you cancel the Installment Plan after the first statement period, the fee is non-refundable.

We can cancel Installment Plans automatically for several reasons:

• You close your CIBC credit card account
• Your account is no longer in good standing
• You pay off your full Balance

If you cancel your CIBC credit card with Installment Plans, you also cancel the Installment Plans. The unpaid Installment Plan balance reverts back to the annual interest rate of your cancelled credit card. You need to pay the full credit card Balance in order to pay your Installment Plans in full.

Yes, you can transfer Installment Plans to another eligible CIBC credit card. Once the transfer is complete, your active Installment Plans will show up in mobile and online banking and on your credit card statement.

You can transfer existing Installment Plans, but you won't be able to create new ones on a CIBC Select Visa* Card.

This doesn't affect your Installment Plan. Your monthly Installment Plan payment will be due on the new statement date. Your last monthly installment payment may differ from your previous monthly Installment Plan payments.

If your credit card is insured with CIBC Payment Protector Insurance for Credit Cards, the premium will be calculated in the same way as before you set up your Installment Plan. The premium will also be charged on an Installment Fee, if applicable, since it's part of the Total Balance. 

Your Installment Plans don't impact your CIBC Payment Protector Insurance coverage. But your disability and job loss insurance benefits may not cover your entire minimum payment in certain situations, depending on the Installment Plan you select. You're responsible for any amounts owing on your insured credit card that aren't covered by this insurance.

No, approved claims are still based on the statement balance shown on your last credit card statement prior to date of loss. This includes active Installment Plan balances.

For more information, visit CIBC Payment Protector Insurance for Credit Cards.