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CIBC to expand instalment payment options for online credit card purchases with Visa Canada

Friday 25 June 2021 12:55 CET | News

CIBC, together with Visa, has announced a new instalment 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. According to the press release, thanks to the Visa Installments solution, eligible Canadian CIBC cardholders will be able to request an instalment option at the online checkout stage of their shopping experience.

This new offering will be available to most CIBC personal credit cardholders, on qualifying purchases at participating merchants. Clients will then be able to pay for the purchase they are making in regular instalments, as part of their monthly credit card payments. 

Moreover, the solution builds on the popularity of the CIBC's post-purchase instalment plan, CIBC Pace It. With Pace It, clients can shop in person or online, and later convert eligible purchases of USD 100+ into instalment plan payments through CIBC online banking or mobile banking. 

Additionally, cardholders are enabled 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 programme. CIBC cardholders can also use the existing credit cards benefits for their purchases, such as rewards and insurances, and pay off an instalment plan at any time without penalties, regardless of the length of the instalment plan they've chosen.


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Keywords: Visa, product launch, instalment payments, BNPL
Categories: Payments & Commerce | Online Payments
Countries: Canada
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