You can also apply by calling CIBC or booking an in-person appointment at your local CIBC branch. Most credit cards require you to earn a minimum income to qualify as a cardholder, and in the case of the CIBC Dividend® Visa* Card, you’ll need a household annual income of at least $15,000. For all other purchases, you’ll earn up to 1% cash back. CIBC Dividend Visa Infinite Card Ready to earn cash back from your everyday purchases? Now, let us compare all the four Cash Back Credit Cards offered by CIBC. Earn 2% cash back on eligible grocery purchases†. The biggest strength of the CIBC Dividend Platinum® Visa* Card is the 4% cash back on eligible groceries and gas purchases. That said, there are several strong no-fee cash back credit cards on the market today, including the CIBC Dividend® Visa* Card. All Canadian Visa Infinite cardholders can take advantage of the following: After ensuring that you meet those eligibility requirements, the fastest way to get the card is to apply online here. Most people looking for a cash back card will likely prefer a welcome offer with a super-high cash back rate for a limited time, and not a low purchase interest rate for a limited time. Those who are anathema to annual fees should check out the no annual fee Tangerine Money-Back Card, which allows cardholders to choose 2-3 spending categories (including gas and grocery) in which they’ll earn 2% cash back; all other purchases outside those categories earn 0.5%. Its coverage is among the most comprehensive offered by any credit card, and it’s a very valuable feature for those that spend a lot of time on the road, particularly considering that an annual CAA membership with comparable benefits will cost $100+. CIBC Visa is not a card worthwhile to have in your wallet. The rates on this card don’t diverge too drastically from what you would get from any other providers. What Credit Card Should You Have at Your Income Level? The CIBC Dividend® Visa* Card is a no-fee cash back credit card that gets you 2% cash back on your first $6,000 of spend with eligible grocery purchases and no limit on how much cash back you can earn. Although their minimum yearly income to get the card is $35 000, you would need to make a lot more money for this card to be worthwhile. Our Review A no fee, cash back credit card with bonus rewards on groceries, the CIBC Dividend Visa provides cash back rewards on every purchase. Personally, I prefer the purchase rate, as it helps to not accumulate so much debt and spend so much. The CIBC Dividend® Visa* Card is a very good credit card for people who want to capitalize on benefits and get a solid cash back bonus without having to pay a yearly fee. The first is CIBC's flagship cash back card, The CIBC Dividend Visa Infinite Card. Just make sure you book your fare with this credit card and are the primary cardholder. Use My Rate Compass to compare this CIBC Credit Card Canada with other cash back credit cards. (An eligible grocery store is classified by the credit card network as a grocery store. I was very disturbed to receive a collection letter on my CIBC Dividend Visa account saying it was delinquent. If you spend the entire $6,000 on groceries (which works out to about $500/month), you’ll get $120 back. This is a relatively common policy among Canadian cash back cards, but some cards do offer a more flexible redemption policy (see the ‘How Does It Compare’ section below). 2% cash back on grocery store purchases (up to $6k spending per year, after that, reverts back to 1%); 0.50% cash back on regular purchases up to $6k spending; 1% cash back on regular purchases after $6k spending in a year; Purchase assurance – 90 days insurance in case of theft or damage; and, This score is based on our evaluation of 1 sources including reviews from users and the web's most trusted critics. All rights reserved, Hotel Credit Cards That Come With a Free Night, TD Aeroplan Visa Infinite Credit Card Review. Common carrier accident insurance, which covers you if you travel by plane, ferry, train, or bus. Shopping with this credit card is extremely easy because VISA is widely accepted across Canada and globally. Get a first year annual fee rebate!† Plus, get a 10.99% introductory interest rate on all purchases until August 2021!†. The CIBC Dividend Visa Infinite Credit Card is the top of the range card offered by CIBC. Good catch. Currently, if you apply this credit card through cibc.com, you can get a first-year annual fee rebate. First-year annual fee rebates + 6% cash back on up to $2,000 worth of purchases for the first three months. That means when you make purchases with this credit card, a small percentage of your spending accumulates as cash back. Best Sites for Earning Cash Back on Shopping, Face Off: Nordstrom Canadian Visa Card vs. American Express Gold Rewards Card vs. Scotia Momentum® Visa Infinite* card, Scotia Momentum® Visa Infinite* card Review, Earning Cash Back on eligible gas and groceries, First-year annual fee rebates and 10.99% interest on purchases until August 2021. She is based in Halifax and has written for publications including The Globe and Mail, Toronto Star, and CBC. Our CIBC Dividend Visa Card review will start off by covering the interest rates that holders of this card are responsible for paying. The CIBC Dividend Visa Card for Students is a no-fee credit card. CIBC recently launched an excellent new offer for their premium cash back card the CIBC Dividend® Visa Infinite* Card.The card has a welcome offer of 10% cash back on all purchases up to $2,000 made during the first four monthly statement periods. Instead, accumulated cash back from all cards associated with the account will be applied as a credit to the primary cardholder’s card balance once annually on the December statement. *The TD Cash Back Visa Infinite* Card is not available for residents of Quebec. With a history that stretches back to the original Canadian Bank of Commerce in 1867 (and subsequently merging with the Imperial Bank of Canada in 1961) there is no doubt that CIBC is one of the most trusted names in … We recommend the card to anyone who spends at least $210 a month on gas and groceries, which will earn enough cash back over the course of a year to make up for the card’s annual fee. There is no annual fee for the CIBC Dividend® Visa* Card, so applying is free. Beyond the cash back rewards, this credit card also offers some insurance coverage, including doubling the manufacturer’s warranty on new purchases up to 1 year, and $100,000 in common carrier insurance. While the TD Cash Back Visa Infinite offers strong earn rates in major spending categories, there are some competitive cash back card alternatives out there as well. The CIBC Dividend® Visa* Card has a reasonable annual purchase interest rate of 19.99%, an annual cash advance rate of 22.99% and you need a household income of at least $15,000 per year to qualify. You might want to mention that Costco, Walmart, etc. 0 of 0 people found this review helpful. Its annual fee score is 100/100. When she's not writing, she's probably reading. CIBC Student Credit Card Review – Dividend Visa. All rights reserved, Hotel Credit Cards That Come With a Free Night, TD Aeroplan Visa Infinite Credit Card Review. Though the Tangerine Money-Back may only offer 0.5% cash back on all purchases, which is half that of the CIBC Dividend® Visa* Card, it still gives you 2% cash back on two spending categories of your choice and also offers you a welcome bonus and a reduced rate balance transfer, which is helpful in case you need to consolidate your credit balances. Rewards Points: Which Is Worth More? CIBC Dividend Visa card for students. The Divident Platinum Visa is going to be replaced by the CIBC Dividend Infinite Visa, check it out. After the first year, you start paying an annual fee of $99 for the primary card which is on the higher side compared to others in the market. The card allows a maximum of four users: the primary cardholder + three additional authorized users. I recently applied for the CIBC Aerogold Visa Infinite Card, here’s my review.. After booking (well not booking dates but paying for) for our future trip to the Maldives that will hopefully happen before the end of 2022, I thought it might be a good idea to start applying for some credit cards to accumulate more Aeroplan points. Posted by Jessica in Student. Costco and Walmart, for example, are not classified as grocery stores, but Loblaws, Sobeys, and No Frills are classified as grocery stores.). The CIBC Dividend Visa Infinite Card has some drawbacks as follows. Cash back from the Tangerine Money-Back Card is applied to the card’s balance on a monthly basis. Cash Back vs. Rewards Points: Which Is Worth More? As a result, this card is best suited for someone who spends enough money to surpass that $6,000 threshold to start earning the full 1% cash back. The CIBC Dividend Visa Infinite Card is particularly well suited for families and long-distance commuters, given its high cash back rates on gas and groceries. Cash Back vs. The CIBC Dividend Visa Infinite Card offers a full suite of travel benefits and a decent return on cash back. Read more from Emily on her, Subscribe to our newsletter and get our updates straight to your inbox, Copyright © 2020 Greedyrates.ca. CIBC Dividend Visa Platinum credit card is great – Here’s why – You get a cool 4% cash back of all your spending’s in gas stations and Tim Hortons is what the brochure/booklet says. Subscribe to our newsletter and get our updates straight to your inbox, Copyright © 2020 Greedyrates.ca. You, your spouse, and your children are covered with up to $100,000 in insurance. I think the Meridian Visa Infinite Cash Back card is the best option long term compared to the Scotia Momentum Visa Infinite card and CIBC Dividend Visa Infinite card. A Look Into A Decade of Canadian Spending, Term Life Insurance in Canada: All You Need to Know, How to Make Your Mortgage Interest Tax Deductible, CIBC Dividend® Visa Infinite* Card Review, Pros and Cons of the CIBC Dividend Visa Infinite Card, Eligibility Requirements & Card Application, The 7 Golden Rules of Preventing Credit Card Fraud, Tangerine Money-Back Credit Card vs. BMO CashBack® MasterCard®*. The CIBC Dividend Visa Infinite Card’s main selling point is its high 4% earn rate on eligible gas and groceries, which are generally the two biggest expenditures for Canadians (outside of taxes and housing). 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