New feature from CIBC offers lower interest on large credit card purchases

CIBC Pace It^TM gives credit card clients flexible installment options to pay off purchases and manage budgets at a reduced interest rate

TORONTO, Sept. 12, 2019 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today became the first major Canadian bank to offer a credit card feature that allows clients to convert purchases of $250 or more into installment plans, spreading out payments over a fixed term at a lower annual interest rate.

Available on most CIBC personal credit cards, CIBC Pace It offers clients the flexibility of choosing different payment terms and rates while continuing to enjoy all the benefits of their current card, simply by converting a purchase amount to an installment plan online or in app.

"We understand that spending can vary from month-to-month, particularly when you have large or unplanned purchases. CIBC Pace It is a simple solution that brings flexibility to our clients' lives by letting them manage the payment of the big things that matter, at a pace that better fits their lifestyle," said Edward Penner, Executive Vice-President, Personal Banking Products, CIBC.

Benefits of CIBC Pace It include:

• Choice of different payment terms and rate options: six equal monthly payments at annual interest rate of 5.99%; 12 payments at 6.99%; or 24 payments at 7.99%
  
  
• Continue to enjoy all the benefits of their credit card such as rewards and insurances
  
  
• Purchases are made within existing credit limits, so no credit checks or approvals are required
  
  
• Digital self-service: installment plans can be set up in three simple steps through online or mobile banking
  
  
• No additional payments or statements to manage, as installment plans are included in monthly credit card bills

"We're focused on meeting the needs of our clients, and they've told us they want easier ways to manage their finances. CIBC Pace It is a simple and convenient option that helps manage your cash flow, particularly when the unexpected happens and you need a bit of breathing room," Penner added. "CIBC is proud to be the only major bank in Canada to offer this innovative feature to our clients."

How it works:

• Clients will see an "Eligible for Installments" indicator on purchases that can be converted into an installment plan when they sign into CIBC Online or Mobile Banking^®
  
  
• There is a one time installment fee of 1.5% of the purchase amount, shown at the time of set-up
  
  
• Installment plans can be cancelled at any time
  
  
• Multiple installment plans can be set up and managed through online or mobile banking

To find out more visit: www.cibc.com/PaceIt 

About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.or by following on LinkedIn (www.linkedin.com/company/cibc), Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.

SOURCE CIBC