how to transfer credit off CIBC credit card>

My spidey senses tell me these great people can look into their crystal ball and tell you 100% 1-800-465-2422

On a serious note, I recall someone saying on this forum not long ago, that as long as the amount you’re transferring is not a penny more than the credit, that a fee wouldn’t be applied.
I’d still call to verify that if it were me.

gogoblender wrote: ↑ Just received a cibc 200 Cash Back on the dividend card today. Its there showing a -200 credit as I dont have a balance
I know I can spend this credit by using the card itself...but since I have a LOC with CIBC as well? I go into their transfer funds menu... and I see that I can do a "move" of 200 from credit card to the LOC...but my spidey senses tell me... will i get dinged ...like as a balance transfer free or something like that? Or is it really that simple and I can just "transfer" that credit from the credit card to the loc?

I would call CIBC and ask them to confirm whether you can do this for free.

Regardless of what people might say on the forum, even if true, it might have been a one-off for that particular customer. Someone might have written on the forum that they received 50% off their annual credit card fee for cancelling partly into the year and when I called my credit card company which happened to be the same institution, the person I spoke with mentioned that I wouldn't get anything back so told me that I would be better off cancelling either on the month the annual fee shows up on my statement or the month after to not be charged the annual fee.

My personal feeling is that you will be dinged the balance transfer fee since I believe that banking institutions implemented the balance transfer fee to circumvent people from using their credit card account as a free checking account (getting free personalized balance transfer cheques, topping up their credit card account by the amount they want to write on the cheque, and then writing the cheque for the amount). I used to do exactly this at TD Canada Trust prior to institutions charging a balance transfer fee and didn't pay anything. Back when I did it, bill payments were not free (like it is now) and paying a bill meant sending a cheque to the company or delivering the cheque to the company. My chequing account also at the time only allowed for something like 2 free cheques per month whereas using the personalized TD Visa balance transfer cheques gave me free personalized cheques and I could use as many of these free personalized cheques as I wanted/needed without being charged anything extra.

gogoblender wrote: ↑ Just received a cibc 200 Cash Back on the dividend card today. Its there showing a -200 credit as I dont have a balance
I know I can spend this credit by using the card itself...but since I have a LOC with CIBC as well? I go into their transfer funds menu... and I see that I can do a "move" of 200 from credit card to the LOC...but my spidey senses tell me... will i get dinged ...like as a balance transfer free or something like that? Or is it really that simple and I can just "transfer" that credit from the credit card to the loc?

I'm not sure about CIBC, but I do that with scotiabank all the time for balance transfer promos (overpaying the credit card with 0 balance and transferring to chequing), it shows a notification that you will get charged a $3.50 cash advance fee but it doesn't (did the same with TD). I was able to confirm over the phone with scotiabank that as long as you are not borrowing money they wouldn't have any reason to charge a fee. I would call to inquire still, but I think you're pretty safe.

Andreit wrote: ↑ I'm not sure about CIBC, but I do that with scotiabank all the time for balance transfer promos (overpaying the credit card with 0 balance and transferring to chequing), it shows a notification that you will get charged a $3.50 cash advance fee but it doesn't (did the same with TD). I was able to confirm over the phone with scotiabank that as long as you are not borrowing money they wouldn't have any reason to charge a fee. I would call to inquire still, but I think you're pretty safe.

Do you mean if I have negative balance in my credit card and if I transfer those balance to chequing account, I wouldn't get charged cash advance fee?

smartie wrote: ↑ Do you mean if I have negative balance in my credit card and if I transfer those balance to chequing account, I wouldn't get charged cash advance fee?

Exactly. I haven't tried with CIBC particularly, but I'm able to do it all the time with scotiabank. As long as you do not transfer more than the overpaid amount (bring the balance exactly to zero).

If you happen to have a payment of say $998.05 multiple times a month, you can withdraw from a CIBC ATM without any fees. $990. then if you accidentally pay another $998.05 into the account, you'll now have $1006.10. Withdraw $1000.

I transferred my credit balance of Cibc Credit card to my CIBC checking account a few times recently. Although it alerts the cash advance fee, it won’t charged any fee if your credit card balance is 0. I am not sure how it works on the LoC