CIBC Pace It: What It Is and How to Use It

CIBC's Pace It is a popular installment plan that lets you break a large purchase into smaller installment payments charged every month.

We'll give you the rundown on how installment plans work and how to set one up with your CIBC credit card. And if you don't have a CIBC card yet, we'll share some top recommendations to help you save on interest, earn rewards, or meet your personal financial goals.

CIBC Pace It eligibility

CIBC Pace It is available to eligible cardholders in all Canadian provinces and territories. However, the one-time installment fee doesn't apply in Quebec, so you'll need to select your location from the dropdown menu on the Pace It website to see the applicable terms.

Availability also depends on your credit card and whether your purchase meets the plan's eligibility requirements. Here are the main requirements to know before setting up a CIBC Pace It plan:

Available on select CIBC credit cards

Before choosing a card, keep in mind that you'll need to be registered for CIBC online or mobile banking to set up a Pace It installment plan.

Here are the credit cards you can use to set up an installment plan:

• CIBC Aventura Visa Infinite Card
• CIBC Aeroplan Visa Infinite Card
• CIBC Aeroplan Visa Infinite Privilege Card
• CIBC Aventura Visa Infinite Privilege Card
• CIBC Aventura Gold Visa Card
• CIBC Aventura Visa Card
• CIBC Aeroplan Visa Card
• CIBC Adapta Mastercard
• CIBC Dividend Visa Infinite Card
• CIBC Dividend Platinum Visa Card
• CIBC Dividend Visa Card
• CIBC Costco Mastercard
• CIBC Aventura Visa Card for Students
• CIBC Aeroplan Visa Card for students
• CIBC Classic Visa Card
• CIBC Classic Visa Card for Students
• CIBC Costco Business Mastercard

Available for new purchases of $100 or more

When you log in to your CIBC credit card account, look for recent purchases that haven't appeared on your statement yet or started accruing interest.

Any purchases of $100 or more are eligible for Pace It plans, but remember the large purchase amount still counts toward your credit limit.

What does CIBC Pace It cost?

With an installment plan, you won't pay the usual credit card interest on your purchase. Instead, you'll pay a one-time installment fee plus a set portion of the purchase amount each month.

CIBC's Pace It plan calculator lets you estimate your monthly payments, one-time installment fee, and total cost over the life of your plan.

Take a look at this example for a $150 purchase:

You'll see that setting up a 6-month plan will have an interest rate of 6.99% and a one-time fee of $3. Your monthly payment will be $25.52.

The calculator also shows how much money you'd save by using an installment plan versus paying credit card interest at a rate of 21.99%.

CIBC Pace It for Costco

CIBC partners with Costco to offer a personal and business credit card. When you shop with either the CIBC Costco Mastercard or the Costco Business Mastercard, CIBC will waive the installment plan fee for eligible Costco purchases. Plus, you'll get discounted plan rates:

• 5.99% for 6 months
• 6.99% for 12 months
• 7.99% for 24 months

How to set up CIBC Pace It installments

Setting up an installment plan might seem complicated, but the process is fairly simple. The steps depend on whether you set up the plan at checkout or after making your purchase.

Set up CIBC Pace It after making a purchase

This is probably the most well-known way to set up an installment plan. Here's how it works:

1. Charge a purchase of at least $100 to your CIBC credit card.
2. Log in to your account online or in the mobile app.
3. Check Installment Eligibility – you'll see eligible purchases listed.
4. Select a purchase and pick an installment plan option.
5. Review and agree to the terms and conditions.
6. Confirm your choice and wait 2 to 3 days for CIBC to set up the plan.

Set up CIBC Pace It when checking out

Setting up an installment plan at checkout comes with a few extra restrictions. For example, this option is only available for online purchases, not in-store shopping.

Here's what you need to do:

1. Shop with an online retail partner.
2. Put items into the site's shopping basket and head to checkout.
3. Review Pace It plan options and select one for your purchase of $100+.
4. Review and agree to the terms and conditions.
5. Confirm your choice, and your plan will be processed when the purchase is posted to your account.

Checkout installment plans have different terms than plans set up after a purchase. Depending on the retailer, you can choose a repayment period of 3 – 48 months, with interest rates ranging from 0% – 13.99%. There's also no one-time installment fee for setting up a plan at checkout.

Best credit cards for CIBC Pace It

Pace It isn't available on most CIBC business credit cards or on the CIBC Select Visa Card. But that doesn't mean there aren't great CIBC credit cards to choose from:

FAQ

How does CIBC Pace It work?

CIBC Pace It lets you split eligible credit card purchases of $100 or more into monthly installment payments. You can set up a plan at checkout when shopping online with a participating retailer or convert an eligible purchase into a plan after you make it. You'll pay interest and a one-time installment fee instead of the usual credit card interest.

Is CIBC Pace It worth it?

CIBC Pace It plans are worth it if you need to break up a large purchase into smaller payments and want to avoid paying a lot in interest. CIBC's installment program is similar to Amex Plan It and also lets you break up purchases of $100+ into smaller payments.

Who is eligible for CIBC Pace It installment plans?

If you have an eligible CIBC credit card in good standing, you can set up Pace It installment plans for purchases of $100 or more. Keep in mind that you can't set up installment plans if your card is over or close to your credit limit. Your balance must be less than 90% of your limit, including any pending transactions.

Are installment plans worth it?

Installment plans can be worth it since the one-time fee, lower interest rates, and/or payment plan fees are often less than what you'd pay in credit card interest. That said, you do need to track how many installment plans you set up so you don't overextend yourself.

What does the CIBC Pace It calculator do?

The calculator helps you determine whether or not it makes financial sense to set up a Pace It plan versus paying credit card interest. Spoiler alert – you'll be paying less with a Pace It plan if your credit card charges a standard interest rate of 20%+.