CIBC Pace It™

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

• A purchase of $100 or more.
• A purchase made on an eligible CIBC credit card.
• A purchase made on an account in good standing. Secured, hypothecated or guaranteed accounts are also not eligible.
• 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.

Additional criteria for requesting an Installment Plan after the purchase is posted to your account:

• The purchase must be posted in the current statement period and not yet on a monthly statement. Purchases posted on the last day of the statement period and purchases posted in a previous statement are not eligible.
• The Installment Plan must be requested by the primary cardholder.

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

Additional criteria for requesting an Installment Plan during checkout at participating retailers:

• The Installment Plan must be requested by either the primary cardholder or an authorized user who is completing the purchase.
• The Installment Plan must be requested during the online checkout process on the participating retailer website.
• The participating retailer must enable Installment Plans as a payment option.

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.

For the full list of participating retailers, visit Installments Enabled by Visa Opens in a new window..

No. At this time, CIBC Pace It Installment Plans can only be requested during online checkout if you make a purchase on a participating retailer's website.

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. Any Installment Plan options that are available to you will be based on the following criteria:

a) Your province of residence 

b) The retailer you shopped at

c) Your credit card product

For Installment Plans requested after the purchase is posted to your account

Your Installment Plan may take 2 to 3 business days to process.

For Installment Plans requested during online checkout at participating retailers

Your Installment Plan will be processed and posted to your account at the same time your purchase is posted to your account, subject to Installment Plan Terms and Conditions.

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.

For Installment Plans requested after the purchase is posted to your account

If you request an Installment Plan after the purchase through online or mobile banking, only you as the primary cardholder can request Installment Plans, not your authorized user.

For Installment Plans requested during online checkout at participating retailers

Both the primary cardholder and authorized users can request Installment Plans for eligible purchases during checkout at participating retailers.

We calculate your Installment Plan monthly payments and interest at the time you request an Installment Plan for an eligible purchase. 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.

Calculate your estimated monthly Installment Plan payment based on the purchase amount 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 request a 6-month Installment Plan at 6.99% with a $0 One Time Installment Fee.

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. Estimated amounts assume that the monthly Installment Plan payments are made on the statement payment due date.

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 6.99%
One Time Installment Fee: 2% of the transaction ($18.00)
Available credit: Credit limit ($5,000) – Transaction total ($900) – One Time Installment Fee ($18.00) = $4,082.00

Scenario 1: You’ve requested an Installment Plan through CIBC Online Banking^® or the CIBC Mobile Banking^® App after the purchase is posted to your account, then you return the purchase.

You'll receive a credit for the return to your credit card account. The credit will be applied to the overall balance on 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, you can cancel it anytime through CIBC Online or Mobile Banking.

Scenario 2: You’ve requested an Installment Plan during online checkout, then you return the purchase and receive a credit from the retailer for the full amount.

The credit will be applied to the Balance on your credit card account and the Installment Plan will be cancelled.

Scenario 3: You’ve requested an Installment Plan during online checkout, then you return a portion of your purchase and receive a credit from the retailer for a partial amount.

The credit will be applied to the Balance of your credit card account and an amount equal to the credit will be converted from the Installment Plan principal to the Balance of your credit card account.  A partial credit will not cancel the Installment Plan unless it is equal to or greater than the remaining Installment Plan balance. If you no longer want your Installment Plan, you can cancel it anytime through CIBC Online or Mobile Banking.

If you dispute a purchase after you've requested an Installment Plan for that purchase, 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.

When a card is reported as lost or stolen or a purchase is reported as fraud, the credit card account gets cancelled and a new credit card is issued. Any Installment Plans previously created will not be impacted, but you will not be able to access your credit card account and request Installment Plans on CIBC Online and Mobile Banking until you receive your new card and activate it.

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 2%, you'll be charged $18.00 (2% of $900).

You will start to make your monthly Installment Plan payments on your next credit card statement after the Installment Plan has been created. 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 any applicable interest charges 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..

For the CIBC Costco®^† Business Mastercard® refer to the CIBC Business Cardholder Agreement – Personal Liability (PDF, 135 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.

You can transfer Installment Plans to another eligible personal 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. If you have a CIBC Costco Business Mastercard you cannot transfer your Installment Plans to any other CIBC business credit 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.