Why you should have a CIBC Business Banking Convenience Card in your wallet (2024)

FAQs

What is a CIBC business convenience card? ›

The CIBC Business Banking Convenience Card® is a debit card issued to your business. It lets you bank in the way that best suits you. Use the card at any CIBC banking centre or ATM. You can also use it for Interac® Direct Payment, CIBC Telephone Banking, CIBC Online Banking® and CIBC Mobile Banking®.

The CIBC Convenience Card is a debit card for clients who do not want the added benefit of worldwide purchase acceptance (including online, by phone, by mail) and the contactless debit feature Interac Flash, which the CIBC Advantage Debit Card offers.

Use your debit card at millions of merchants in over 200 countries, wherever Visa is accepted. When paying, select “Visa” if required and enter your PIN. The purchase will be deducted from your bank account. It's that simple!

CIBC ranks highest in small business banking customer satisfaction with a score of 692.

Use of a Business Card is also better commercial practice and keeps your business expenses separate, which is important for VAT and accounting purposes. Using a Business Card helps to safeguard your personal credit rating, because personal funds are not being used for business purposes.

Likewise, if you run your own business, a business credit card can help you pay for expenses required to purchase supplies and run your day-to-day operations. Like personal credit cards, business cards offer the ability to earn points, miles or cash back on your spending and finance large purchases.

As a CIBC client, you have access to one of Canada's largest ATM networks. In Canada, you can use any machine displaying the Interac® logo.

Credit cards often get a bad reputation, but the truth is they can be a key financial tool if used responsibly. Here are some of the top advantages and disadvantages to consider before you add a shiny new card to your wallet. Convenience: You don't have to worry about how much cash you have on hand.

You can use a bank card to buy goods and services, withdraw funds, and earn rewards. However, it can be easy to forget that the plastic in your pocket represents real cash. Be sure to routinely check and manage account balances connected to any bank card.

CIBC and its affiliates including CIBC Bank USA, US Commercial Real Estate and Real Estate Finance, and CIBC Private Wealth have offices strategically located across the United States to serve clients coast to coast.

What is the CIBC minimum balance? ›

There is no minimum balance for most of our bank accounts. If you're opening a TFSA or another registered savings account, there is a $25 minimum investment. For some chequing accounts, you may be eligible for a monthly fee rebate if you maintain minimum balance requirements.

Access your U.S. dollars quickly and easily

Write U.S. dollar cheques and withdraw U.S. funds from any CIBC Banking Centre or CIBC U.S. currency ATM in Canada.

The CIBC Money Market Account isn't as strong as the bank's online savings account. While it includes checks and a debit card, the money market account has a low interest rate. You'll also need to maintain at least $2,500 in your account daily to waive the $15 monthly service fee.

CIBC offers Visa and Mastercard options for personal, business, student and U.S. dollar spending. Clients receive travel points, privileges, cash-back or no annual fee benefits on CIBC reward cards from partners — Aventura, Aeroplan and Costco. A few of the featured cards include: CIBC Costco Mastercard.

This was largely due to fears of low diversification due to high exposure in the Canadian housing market. And as the pandemic ravaged the Canadian economy in 2022, housing prices and rent skyrocketed, placing many mortgagers and renters in default. This is what likely shrunk CIBC's market cap.

A convenience fee is a fee charged by a seller when a consumer pays with an electronic payment card rather than by a standard form of payment accepted by the business. Standard payments include cash, check, or an Automated Clearing House (ACH) transfer.

A convenience user is a credit card holder who pays their balance in full each month within the stated period on the account. By using the card in this manner the account holder does not incur finance charges or interest payments.

A convenience account is established to let another person use the funds for the benefit of the owner, such as to pay their bills and run errands. Convenience accounts are not joint accounts, and they become part of the owner's estate when they pass away.