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CIBC Charges Interest Even Though They Advertised 0% – They’re Thieves

CIBC Logo with the Dollar Defender BEWARE Stamp

 

Dear CIBC,

 

A few months ago, I received a flyer which advertised “Free yourself from higher-interest rate balances with our LOW 0% interest rate.”  After reading the fine print, I understood that if I used these cheques before January 31, 2012, I would be charged  a one-time fee of 1% on the balance I was transferring.

 

CIBC Low 0 % Interest Rate flyer with the Dollar Defender BEWARE Stamp

 

This seemed like a great deal to me so I immediately transferred $8,000.  I was then understandingly charged $80, which was added to my total balance.  I also ensured that any of my other purchases would be paid off before the monthly deadline and I also ensured that my payments were well above my monthly usage.  This was to avoid paying the extremely high interest rate charged on the balance.

 

You can imagine how shocked I was to find out that despite the advertised 0 % interest rate until May 2012, with all of my monthly purchases being paid off since my balance transfer, I was still charged a total of $40.64 in interest.  This seems like theft to me!

 

I did try to read and understand the “fine print” on the back of the flyer, yet I failed to see where you hid the fact that I would be charged anything but the advertised 0% interest.  I believe that it is very, very misleading for you to charge any interest during the promotional period when my monthly purchases were paid off.

 

I would like you to look into this matter and return all charged interest for last 5 statements, as well as any upcoming statements remaining during the promotional period.

 

Since I do not like to be misled and taken advantage of by banks, I have already paid off the entire balance on this card.

 

I know that it is almost pointless to try and fight banks with all of your complicated “fine print”. However, let me assure you that the moment I find out that I will not be reimbursed for the interest charged during the so-called 0% interest promotion, I will cancel my Petro Points CIBC card the same day and will never use your bank for anything again.

 

Thank you,

 

The Dollar Defender

 


 

One Response to “CIBC Charges Interest Even Though They Advertised 0% – They’re Thieves”


 
  1. Liz says:

    That totally sucks. Most banks suck. I only deal with CIBC cos they offered me a line of credit. But it seems right at the times that you may find it hard to pay off your minimum monthly balance owing, they up your interest rate.
    I am doing my darndest to pay off what I owe them, The best place to put your money is PC Financial or ING. Higher interest on your savings, NO FEES, and there’s always someone in the office everyday till 6 pm. Plus now I have a tax-free high interest savings account & I’ve talked all my family into getting one too.

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