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Tuesday, 20 September 2016


If you have a CIBC credit card, including a business credit card, you should know that CIBC's fraud dept. is overwhelmed with calls!  If you have a CIBC credit card, check the balance and call them before you find that your card balance is over the credit limit.
My card had over $1K of fraud on it, and be it that the card was not even in my wallet, I was a little surprised that I only found out upon receiving my statement.
You'd think the fraud dept. would have caught on since the transactions were out of province and I hadn't used the card for a while, but apparently, their fraud dept. doesn't have their act together.
According to the CIBC agent I spoke to, CIBC sets up its credit card account numbers with a predictable card number and expiry date that some group figured out the pattern--probably FSociety (LOL--Mr. Robot reference).  That's why I waited over a half an hour to speak to the fraud dept.
This WILL effect your credit rating temporarily as a large balance hurts your credit to debt amortization to higher than what you want it to be (around 1%).

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