Use your credit card responsibly to help you maintain good credit. Don’t spend more than you can pay off each month and always pay your bill on time. Try these tricks to help you stay on track:
Set budgets All purchases on your CIBC credit card are automatically sorted into spending categories like Restaurants and Transportation. Plus, you can create your own. To help manage your spending for each category, you can set up monthly budgets.
Set up alerts Staying on top of your credit card spending is easy with Alerts. You can receive alerts through push notification, text message, and email. Choose from alerts for upcoming payment due dates, exceeding your monthly spending budgets, approaching your credit limit, and new credit card eStatements.
Make regular payments You can pay your credit card bill using CIBC Online or Mobile Banking®, at a CIBC Banking Centre, or through telephone banking. To avoid missing payments, you can schedule recurring bill payments.
From the moment you apply for a CIBC credit card, it takes about 2 to 3 weeks to receive and process your application. We’ll notify you, by mail, about the status of your application.
Yes, you can withdraw money from your credit card in the form of a cash advance. Cash advances can help in emergencies but they’re expensive.
Withdrawing money from your card comes with a higher interest rate, and you may have to pay an extra fee too. Plus, there’s no grace period for cash advances — you’ll be charged from the day you withdraw cash until the day a payment is made to cover the amount of the cash advance, plus interest.
Your credit card usually expires every 3 to 4 years. The expiration date is printed on your card — it's found below the credit card number in a month and year format.
Before your card expires, we’ll send you a new one in the mail.
You can use your credit card to pay for almost anything. If you use it responsibly, you can use your card to earn rewards, pay off debt and build a strong credit history.
Here are some tips to help you make the most of your credit card:
Pay on time
A late credit card payment can hurt your payment history and credit rating, especially if it’s a pattern. Plus, you’ll have to pay interest on the balance and other late fees.
Schedule your payments
If you have trouble remembering to pay your credit card bill, set up a scheduled payment from your chequing account to your credit card every month. Make sure you have enough funds in your account to cover the amount due.
Pay in full
Paying just the minimum balance will keep your account in good standing but it won’t save you on interest fees. Plus, carrying a balance each month means you’ll be in debt longer. Try not to spend more than you can afford to repay, and stick to a budget.
Don’t go over your limit
Going over your credit limit can lower your credit score. Try not to use all of your available credit at once.
Assess your financial situation
If you don’t have a regular source of income or enough money in the bank to cover your credit card bills, a credit card may not be right for you — consider a debit or a prepaid card instead.
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