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