Using a Personal Line of Credit for Everyday Purchases

There are many reasons to use a personal line of credit, beyond just making major purchases. A personal line of credit carries a lower interest rate than most credit cards, plus it can be accessed straight from your debit card.

Reasons to use your personal line of credit

For those moments in life when you would ordinarily use a credit card, you could instead use a personal line of credit. Credit lines usually have lower interest rates and more flexible repayment options than credit cards, making them more affordable solutions. They are also reusable like credit cards, meaning you can spend the money in your credit line at any time and then repay it on a rolling basis. Basically, you can treat your line of credit like a more affordable credit card, and use it for:

  • Purchases for the home, like appliances, televisions, furniture, furnishings and décor
  • Groceries and dining out
  • Vacations and weekend getaways
  • Personal purchases like clothing, jewelry, haircuts and even new eyeglasses
  • Entertainment purchases like tickets to the movies, theatre and sporting events

Personal line of credit details

When considering a CIBC personal line of credit, the broad range of products and credit limits - some as low as $5,000 or as high as $200,000 - is what makes CIBC personal lines of credit so competitive. You can also get a secured line of credit, such as the Home Power Plan®, which features lower interest rates and higher limits than an unsecured line of credit. Plus, using your line of credit is as easy as using your bank accounts since you can access funds:

  • at a bank machine in the CIBC network
  • with a debit card
  • by writing cheques
  • in a branch
  • through CIBC Telephone Banking
  • through CIBC Online or Mobile Banking

You can apply for a personal line of credit online in just a few minutes or you can speak with a CIBC advisor at 1-866-525-8622 to get started.

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