‡ The Annual Percentage Rate (APR) is based on a new $275,000 mortgage for the applicable term and a 25-year amortization assuming a Property Valuation Fee of $300.
APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and non-interest charges associated with the mortgage. If there are no non-interest charges, the annual interest rate and APR will be the same.
1 CIBC Prime is the variable rate of interest per year declared from time to time to be the prime rate for Canadian dollar loans made by CIBC in Canada. CIBC Prime rate was RDS%rate[1].PRIME.Published(null,null,null,null)(#O2#)% on RDS%SYSTEM_DATE(#M# #d#, #Y#)%. The interest rate on the line of credit component of your CIBC Home Power Plan will change whenever CIBC Prime varies.
On March 6, 2023, your rate will revert to the ongoing interest rate stipulated in your CIBC Home Power Plan Line of Credit and Mortgage Loan Terms and your CIBC Line of Credit Statement of Disclosure. Apply for a new CIBC Home Power Plan by October 31, 2022 and open the line of credit component by December 31, 2022; this is subject to credit approval. This offer is only available to applicants that do not hold a CIBC Home Power Plan at the time of application, unless the CIBC Home Power Plan to which this offer applies is not secured by the same property securing the applicant’s existing CIBC Home Power Plan or Home Power Line of Credit. A $300 property valuation fee applies. Other conditions apply. Offer ends on October 31, 2022. CIBC may change or cancel this offer at any time without notice.
CIBC Home Power Plan is offered by CIBC. All CIBC Home Power Plan applicants must meet CIBC’s lending criteria. Minimum borrowing amount is $10,000. Minimum equity in your home is required to qualify. Available on residential properties only. Some conditions and restrictions apply.
Automatic rebalancing of the line of credit component of your CIBC Home Power Plan may take up to 60 days and is subject to your maximum Personal Line of Credit rebalancing limit, as such term is defined in your CIBC Home Power Plan Agreement. The credit limit on the line of credit component of your CIBC Home Power Plan can't exceed an approved percentage of the value of the property held as security for your CIBC Home Power Plan at time of application.
2 The CIBC Homeowner Banking Bundle rebate (the “rebate”) is a rebate on the regular monthly account fee of any of the following eligible personal CIBC chequing accounts (each an “Eligible Chequing Account”):
- CIBC Smart™ Account;
- CIBC Smart™ Plus Account;
- CIBC Everyday® Chequing Account; or
- CIBC EverydayPlus™ Chequing Account (Discontinued);
A. Qualifying for the CIBC Homeowner Banking Bundle
To qualify for the rebate, you must have an eligible Chequing Account and at least 3 other eligible CIBC personal banking products (each an “eligible product”). You must have one eligible product from each of the following categories:
i. A personal annual fee CIBC credit card OR a personal CIBC creditor insurance product:
Credit cards include any of the following:
- CIBC Aventura® Visa* Card;
- CIBC Aventura® Gold Visa* Card;
- CIBC Aventura® Visa Infinite* Card;
- CIBC U.S. Dollar Aventura® Gold Visa* Card;
- CIBC Aeroplan® Visa* Card
- CIBC Aeroplan® Visa Infinite* Card
- CIBC Aeroplan® Visa Infinite Privilege* Card
- CIBC Dividend® Visa Infinite* Card;
- CIBC Dividend Platinum® Visa* Card;
- CIBC Select Visa* Card;
- CIBC Aventura® MasterCard® Card (discontinued);
- CIBC Aventura World Elite MasterCard® Card (discontinued);
- CIBC Aventura World MasterCard® Card (discontinued);
- CIBC Aero Classic Visa* Card (discontinued);
- CIBC Aerogold® Visa* Card (discontinued);
- CIBC Dividend Unlimited® World MasterCard® Card (discontinued);
- CIBC Dividend Unlimited® World Elite MasterCard® Card (discontinued);
- CIBC Vacationgold® Visa* Card (discontinued);
- CIBC Gold Visa* Card (discontinued); or
- CIBC Driver’s Edge® World MasterCard® (discontinued)
Creditor insurance includes any of the following:
- Creditor Disability Insurance for CIBC Personal Lines of Credit (PLC);
- Creditor Disability Insurance for CIBC Personal Loans;
- Creditor Life Insurance for CIBC PLC;
- Creditor Life Insurance for CIBC Personal Loans;
- CIBC Mortgage Disability Insurance;
- CIBC Mortgage Disability Insurance Plus;
- Creditor Life Insurance for CIBC Mortgages;
- CIBC Payment Protector Insurance for CIBC Personal Loans; or
- CIBC Payment Protector™ Insurance for CIBC Credit Cards
ii. A personal CIBC investment product such as:
- CIBC Savings Account;
- CIBC Guaranteed Investment Certificate (GIC);
- CIBC Mutual Funds or CIBC Managed Portfolio Services (CIBC Securities Inc.);
- CIBC Personal Portfolio Services;
- CIBC Investor's Edge® Account; or
- CIBC Imperial Investor Services Account
iii. A personal CIBC borrowing product (or one that you guarantee):
- CIBC-brand residential mortgages;
- CIBC-brand real estate secured personal lines of credit; or
- CIBC Home Power Plan®
Excluded Products
The following do not qualify as Eligible Products:
- Foreign currency accounts and investment products (including those denominated in US dollars);
- Simplii Financial™ accounts, investment products and mortgages;
- CIBC Mellon investments;
- CIBC investments held in CIBC Wood Gundy, or other investment dealer accounts;
- FirstLine Mortgages; and
- Supplementary CIBC credit cards from another person’s account
B. Joint Ownership of the Eligible Chequing Account
The application of the rebate to a joint Eligible Chequing Account may allow the other joint accountholder to become aware that you have other products with CIBC. By applying for, or accepting an offer for, the rebate you consent to the rebate being applied to the joint Eligible Chequing Account. Speak to your CIBC Advisor for more details.
C. Calculation and Application of the CIBC Homeowner Banking Bundle
- The rebate is calculated and credited on the last calendar day of each month to your Eligible Chequing Account after the monthly fee for your Eligible Chequing Account has been applied and collected;
- The first rebate will be credited to your Eligible Chequing Account within 8 weeks after the last calendar day of the month in which you qualify;
- If you open an Eligible Chequing Account in the middle of a month and only pay a prorated monthly fee a prorated rebate will be credited.
The rebate amount for each Eligible Chequing Account is as follows:
Account Type Rebate on Monthly Fee
- CIBC Everyday Chequing Account 50%
- CIBC EverydayPlus Chequing Account (Discontinued) 50%
- CIBC Smart™ Account 30%
- CIBC Smart™ Plus Account 30%
The monthly account fee is subject to change at any time. The rebate will be applied to your monthly fee only and does not apply to recordkeeping, additional transactions or any other Eligible Chequing Account fees. You are only entitled to receive one rebate even if you have more than one Eligible Chequing Account or more than the minimum number of Eligible Products on an account. If you change from one Eligible Chequing Account to another Eligible Chequing Account in the last week of a month you may not receive the rebate on your new Eligible Chequing Account until the following month provided you still qualify for the rebate. If in any month, you do not qualify for the rebate, the regular monthly fee on your Eligible Chequing Account will be reinstated automatically without notice to you. However, if you qualify again for the rebate, the rebate will be applied to your Eligible Chequing Account within 8 weeks of the date that you qualify (or within 8 weeks of the date you consent to the rebate being applied to the joint Chequing Account).
D. General Terms and Conditions
You must comply with the Terms and Conditions of the CIBC Homeowner Banking Bundle and all other CIBC products you have or you guarantee, including the Eligible Chequing Account and Eligible Products, every calendar day of the month in order for the rebate to apply for that month.
Your Eligible Chequing Account and Eligible Products must be open and active, as follows:
- You must initiate at least one transaction in your CIBC chequing accounts, including a deposit, withdrawal or debit once every 6 months;
- Your credit card account must be in Good Standing (read your cardholder agreement for details);
- Your creditor insurance coverage must have been approved by the insurer and in effect;
- For borrowing products, funds must have been disbursed.
Payments for all borrowing products and any other CIBC product you have or guarantee must be up to date and not in arrears.
You are not eligible for the rebate if any other fee discount or promotion is or may be applied to any of your CIBC chequing accounts.
If you no longer qualify for the rebate, CIBC may, but is not obligated to, automatically enroll you in another rebate for which you qualify.
CIBC may, at any time, without prior notice to you:
- Change or cancel the Eligible Chequing Accounts or Eligible Products which qualify for the rebate;
- Change the amount of the rebate;
- Cancel the rebate; or
- Amend these Terms and Conditions
Except as modified, the terms and conditions relating to the existing CIBC products that you hold remain in full force and effect.
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