• Report: #173427

Complaint Review: CIBC VIsa Aerogold - CIBC Bank

  • Submitted: Thu, January 26, 2006
  • Updated: Tue, July 22, 2008

  • Reported By:Toronto Ontario
CIBC VIsa Aerogold - CIBC Bank
CIBC Ombudsman P.O. Box 342, Commerce Court Toronto, Ontario Canada

CIBC VIsa Aerogold - CIBC Bank ripoff The Lies Keep getting better and better with Toronto Ontario

*Consumer Comment: My suggestion: Only use a CC with REALLY SIMPLE terms & conditions

*Consumer Comment: Re:Aerogold? More like Zerogold

*Consumer Suggestion: Aerogold? More like Zerogold.

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CIBC Visa Aerogold credit card centers will NOT HELP you even if you have a near death experience and desperately require their assistance. Instead they will hike up your interest rate to the HIGHEST legal amount of 28% when you are down and out regardless if you have had a spotless credit record with them for the last 8 years.

THAT IS RIGHT THIS IS TRUE!! -- This happened to me!! I had a credit card balance in 2003 of only 4500 dollars and got very ill for approxamately 18 months in February 2003. Sometime in 2004 when I was very sick and desperately fighting for my life (from a parasite that attacked my liver and almost killed me) I happened to be late on a payment as I could barely mentally comprehend what was going on in my life. I received a reminder in the mail about my late payment that was placed in the CIBC Visa Aerogold collection department. I explained my situation was very unique and that I had been an outstanding customer with them for the past 8 years... --- WOW my visa card had gone up to approx. $16, 000 which was a mistake made from my doctor that I had no clue was happening while sick in bed. You see my doctor was billing the wrong credit card for ordering the medicine to keep me alive-- (I thought she was billing my American Visa Card)

Much to my surprize when I discovered that I was late and my credit card was racked up high... I called CIBC Visa Aerogold collections immediately upon seeing the letter and asked what I can do to rectify the situation. The supervisor at the time (they would not disclose any first and last names) explained that I could pay and not be late on any payments for 1 full year and I would be able to "quality" for the 10.5 interest rate CIBC Visa credit card (and not the high interest reat CIBC Visa aerogold card) - I agreed to do this in November of 2004. I made a payment of 500 dollars every month WITHOUT FAIL and called CIBC Visa Credit Card Services today January 26th 2006 to see about this grey area called "qualitying" and I was told be Maria (again a supervisor with no last name) That I did not "qualify". When I asked if they were willing to help me after our previous agreement of no late payments and paying more than the minimum amount for 1 full year... she came up with really bad advice about making more payments (at the 28% interest rate which is approx. $290-$390 of interest on that type of balance. It is painfully obvious that the GREED of the CIBC Visa National Credit Card organization would rather watch a long time loyal client choke on the highest interest rate possible for the longest period of time -- rather than helping a perfect credit score client with integrity.

I asked Maria to kindly help me as i have met my agreement with the last unknown supervisor and she not only LIED to me about there being no agreement like that (when this is clearly in my notes) but also didn't really have a Specific definition on my question - WHAT EXACTLY IS THE CRITERIA FOR QUALIFYING????

I am writing this because I need to let the public know the TRUTH about how this particular financial institute (CIBC Visa credit card center) has NO interest in running a business with a shred of integrity. They will LIE if they have to I know this because they did this to me!!! -- I still have a credit of $2800 on that card which i do not use and If I am such a bad client to be treated so poorly then why wouldn't CIBC Visa credit card services just cancel card??? If they don't value my business -- the only answer I can think of is they want to make the MOST MONEY they can from someone who had an unfortunate turn of events in their life. Oh Well-their Karma not mine :O) I will NEVER use CIBC or CIBC Visa credit card services for anything ever... i hope you are smart enough to do the same!!

Toronto, Ontario

This report was posted on Ripoff Report on 01/26/2006 04:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/CIBC-VIsa-Aerogold-CIBC-Bank/Toronto-Ontario-M5L-1G2/CIBC-VIsa-Aerogold-CIBC-Bank-ripoff-The-Lies-Keep-getting-better-and-better-with-Toronto-173427. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

My suggestion: Only use a CC with REALLY SIMPLE terms & conditions

AUTHOR: Friendly Help - (U.S.A.)

I have a CC with one of the credit unions I use, and its terms & conditions and its rewards program are all as simple as simple can be. The only reason for complicated T&C is to ding you, in my view. Likewise, I receive a lot of per-approved CC with complicated rewards programs. The only reason I can fathom for the rewards programs being so complicated is to reduce your likelyhood of fully collecting those rewards.

Check out some credit unions, especially those that are affiliated to your association, profession, or employment.
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#2 Consumer Comment

Re:Aerogold? More like Zerogold

AUTHOR: Paul - (Canada)

For being an Aerogold Visa customer in excellent standing for 17 years, CIBC Zerogold Visa gave me a 5 day extension after the due date in case I might forget to pay by the due date. After reading all the fine print on the bill, it was clear to me that I was getting 5 extra days after the due date to pay for the bill should I need the extra time, without receving a penalty or interest charge as long as I pay the bill in full by the due date+5 days. I thought, great...no need to rush to pay the bill by the due date. So that month, I paid the bill in full 1 day after the due date. Next months bill showed a $130 interest charge. When I called customer service, they told me that I was 1 day late and had to pay interest on the full amount of the bill. I pointed out the "payment extension" that was written on the bill and was told that interest is charged if you don't pay by the due date regardless of this so-called payment extension. I told them it was not clear to me that interest would be charged and they would not take off the interest charge. I said the written rules were vague and was not clear to me interest would be charged regardless of the payment extension.

The customer service supervisor even said to me "I get lots of complaints about this and if the wording on the bill was clear, the world would be a better place and there would be no complaints." I then cancelled my visa account. CIBC Visa interprets their rules to suit them, even though the rules on the bill are vague. I think that is wrong and they are gouging their customers. I plan on taking them to small claims court to recover the interest charge.
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#3 Consumer Suggestion

Aerogold? More like Zerogold.

AUTHOR: Rick - (Japan)

I had a Zerogold card, but once I moved they sent me one statement and then cancelled the card without ever notifying me.

It was rather embarasing that when I went to pay they told me the card was no longer valid and I had to pay with another card.

Zerogold didn't help or offer advice as to why they would do such a thing even when I was making payments.

I paid off my card and stopped dealing with CIBC from that point on.
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