Credit Limit and Available Credit. Your initial Credit Limit will be indicated in the Disclosure Statement accompanying your Card. The monthly statements you receive will indicate your current Credit Limit and the amount of credit available for you and any Additional Cardholder(s) to use (“Available Credit”) as of the last day of the statement period. As the charges to your Account increase, your Available Credit will decrease. As you make payments to your Account, your Available Credit will increase. Your Available Credit is calculated by deducting the amount you owe us from your Credit Limit, including the amount of any purchases that have been authorized but not yet posted to your Account, and adding any payments or amounts credited to your Account. We may, from time to time, allow the amount you owe to us to exceed your Credit Limit by authorizing transactions in excess of your Credit Limit, but are not required to do so. In instances where your balance exceeds your Credit Limit, an over limit fee will be charged to your Account, as set out in the Disclosure Statement. You agree that you must repay any amount which exceeds your Credit Limit once we have indicated to you that you have exceeded your Credit Limit. We may at any time refuse to authorize transactions that will result in your Credit Limit being exceeded. We will not increase your Credit Limit without your prior consent. We may, however, ask you whether you want an increase in your Credit Limit. You may also ask us at any time to review your eligibility for a Credit Limit increase. You understand that your Available Credit will decrease by the amount of any authorized transaction, whether or not you receive goods or services at that time. We may decrease your Credit Limit without prior notice at any time in our sole discretion.
Credit Limit and Available Credit. The maximum permitted outstanding balance for your Account (including principal, accrued Interest and fees, whether billed or unbilled) is your credit limit (“Credit Limit”). Your credit available (“Available Credit”) is the Credit Limit less your outstanding balance and any amounts we at our sole discretion may add to keep your outstanding balance below your Credit Limit, such as Interest Charges and Fees incurred but not yet billed. The initial Credit Limit for your Account will be equal to the amount of the Deposit that you make with us, which must be at least $200 (see “Security Interest” above). However, if you choose to deposit more than $200, your initial deposit and corresponding Credit Limit may not exceed $2,000 and must be at least the amount specified in the solicitation or application. Your initially available credit will be equal to your initial Credit Limit, less the Annual Fee in the amount specified in the accompanying Summary of Terms, imposed after your Account is opened. For example, if your initial Credit Limit is $200 and if your Annual Fee specified in the accompanying Summary of Terms is $49, your initially available credit would be $151. (The renewal Annual Fee, when imposed annually thereafter, would also reduce your then available credit by $49.) Or, for example, if your initial Credit Limit is $200 and if your Annual Fee specified in the accompanying Summary of Terms is $39, your initially available credit would be $161. (The renewal Annual Fee, when imposed annually thereafter, would also reduce your then available credit by $39.) Or, for example, if your initial Credit Limit is $200 and if your Annual Fee specified in the accompanying Summary of Terms is $29, your initially available credit would be $171. (The renewal Annual Fee, when imposed annually thereafter, would also reduce your then available credit by $29.) Your Credit Limit may be increased only with our approval. For cardholders under the age of 21 with a co-signer, the co-signer must sign a written statement approving the increase and taking responsibility for repayment of the increase. If we approve your request to do so, your Credit Limit and Available Credit may be increased by your making an additional deposit with good funds to your Account, by mailing them to us at the address we specify at the time of approval. We may choose to increase your Credit Limit without requiring you to add to the Deposit Account. Any increases in your Credit Limit are subject to cr...
Credit Limit and Available Credit. Your initial Credit Limit is disclosed to you when you open your Account on the application approval page. You understand that we may adjust your Credit Limit at any time, including reducing or terminating your borrowing privileges at any time without prior notice to you, except as prohibited by law. Your “Available Credit” is the amount of credit that is available for you to make transactions with your Card at any given time. Your Available Credit is equal to the Credit Limit minus the outstanding balance on your Account and any holds, accrued fees or finance charges, and other charges that have not posted to your Account. You agree not to exceed your Credit Limit or Available Credit unless authorized by us. We may, in our sole and absolute discretion, honor your request for a transaction that will cause you to exceed your Credit Limit or Available Credit (without increasing your total Credit Limit). If we do, all the provisions of this Card Agreement will apply to the total balance on your Account, including amounts in excess of the Credit Limit. Finance charges and other fees will apply to the excess as they do to other balances on your Account. If you exceed your Credit Limit, you must immediately repay the amount in excess of your Credit Limit.
Credit Limit and Available Credit the Summary of rates and Fees will indicate your initial Credit limit. Your monthly statement will indicate your current Credit limit as well as your available Credit as of the date of the monthly statement. You can also obtain information about your Credit limit through CIBC online Banking or CIBC mobile Banking. Your Credit limit is shared among all Cards on your Credit Card account. once a transaction is authorized, your available Credit will decrease by the amount authorized, whether or not you receive the goods or services at that time. We may decrease your Credit limit at any time without prior notice.
Credit Limit and Available Credit
