CIBC, together with Visa, announced a new installment payment option for online purchases, anticipated to launch for CIBC cardholders in Canada in early 2022.
Visa Installments is a new option to convert qualifying purchases into smaller, equal payments made over a defined period of time using an eligible credit card.
This new offering will be available to most CIBC personal credit card holders, on qualifying purchases at participating merchants. Clients will then be able to pay for the purchase they are making in regular installments, as part of their monthly credit card payments.
This new offering builds on the popularity of the CIBC’s post-purchase installment plan, CIBC Pace It™. With Pace It, clients can shop in person or online, and later convert eligible purchases of $100+ into installment plan payments through CIBC online banking or mobile banking.
Additionally, cardholders are able to use their existing CIBC credit card account instead of needing to submit a credit check, download an app or open a line of credit to participate in a merchant-based program. CIBC cardholders also continue to enjoy existing credit cards benefits for their purchases, such as rewards and insurances, and can pay off an installment plan at any time without penalties, regardless of the length of the installment plan they’ve chosen.
“As the popularity of installment plans for online credit card purchases continues to grow globally, we’re pleased to be working with Visa to bring this innovation to our CIBC credit card clients here in Canada,” said Diane Ferri, Senior Vice President, Card Products at CIBC. “This new option builds on CIBC Pace It, offering clients greater flexibility and more options to manage their cash flow.”
“We’re excited to help CIBC bring our tailor-made Visa Installments solution to their cardholders, giving them more choice in how they pay for purchases, and more control over their budgets,” said Brian Weiner, Vice President and Head of Product and Digital, Visa Canada. “Cardholders will have the option to divide their total purchase amount into smaller, equal payments made over time, within their existing credit card limit, and without needing to fill out a new form or apply for a new loan.”
