CIBC Dividend Platinum® Visa Card

About CIBC Dividend Platinum® Visa Card

A CIBC Dividend Platinum® Visa Card is a credit card with extensive cash back earning opportunities and valuable insurance coverages included. Along with that, a CIBC Dividend Platinum® Visa Card provides you with discounts on car rentals and fuel purchases.

As a welcome offer for new CIBC Dividend Platinum® Visa Card applicants, CIBC offers a first-year annual fee rebate for a primary cardholder and up to 3 additional users.

CIBC Dividend Platinum® Visa Card features

A CIBC Dividend Platinum® Visa Card features a 20.99% purchase interest rate and 22.99% (21.99% for Quebec residents) cash interest rate. The annual fee for this credit card is $99 for primary cardholders and $30 for each additional card. New CIBC Dividend Platinum® Visa Card applicants can count on an annual fee rebate during the first year, available for a primary cardholder and up to 3 authorized users. 

Purchases made with your CIBC Dividend Platinum® Visa Card at merchants classified by Visa as “grocery stores and supermarkets” and “service stations or automated gas dispensers” will bring you 3% cash back.

Purchases made with your CIBC Dividend Platinum® Visa Card at merchants classified by Visa as “local and suburban commuter transportation in Canada,” “eating places and restaurants, drinking places and fast-food restaurants,” and “recurring payments” will bring you 2% cash back.

The annual spending threshold for earning cash back at 3% and 2% rates is $80,000 (up to $20,000 for each spending category mentioned above). After you reach the $80,000 spending threshold, you will continue earning cash back for purchases in these categories at a regular rate of 1%. 

Eligible purchases in other categories made with your CIBC Dividend Platinum® Visa Card will bring you 1% cash back. 

There is no limit on the maximum amount of cash back you can earn with your CIBC Dividend Platinum® Visa Card.

From time to time, CIBC announces special offers for sending money abroad through CIBC Global Money Transfer™. With such offers in place, you can earn cash back for the international transfers you make. CIBC Global Money Transfers involve no transaction fees; only CIBC foreign exchange rates apply. In addition, you won’t have to pay interest, provided you pay your balance by the payment due date.

A CIBC Dividend Platinum® Visa Card provides you with discounts on fuel purchases and car rentals at CIBC’s partner merchants, in particular:

• Up to $0.10 per liter when purchasing fuel at participating Pioneer, Ultramar, and Chevron gas stations upon linking your credit card with Journie Rewards

• Up to 25% off car rentals at participating Avis® and Budget® locations worldwide 

A CIBC Dividend Platinum® Visa Card is eligible for the CIBC Pace It™ Installment Plans, meaning you can pace your payments for purchases of $100 and more with installment plans at lower interest rates:

• 4.99% for a 6-month plan

• 5.99% for a 12-month plan

• 6.99% for a 24-month plan

Setting up an installment plan involves a one-time installment fee of 1.50% of the purchase amount. 

Insurance coverages included in a CIBC Dividend Platinum® Visa Card are auto rental collision and loss damage insurance, purchase security and extended warranty insurance, and $500,000 common carrier accident insurance. Additionally, you can apply for optional CIBC Payment Protector™ Insurance for Credit Cards to ensure coverage of your CIBC Dividend® Visa Infinite Card payments in case of disability, job loss, critical illness, or loss of life.

Pros and cons

The advantages of a CIBC Dividend Platinum® Visa Card are:

• Welcome annual fee waiver options

• Unlimited cash back earning opportunities

• Eligibility for CIBC Pace It™ Installment Plans 

• Zero transaction fees for foreign currency purchases

• No interest on a CIBC Global Money Transfer if paying your balance by the payment due date

• Discounts at partner gas stations and car rentals

• Online and mobile banking features for convenient credit card account management

• Contactless payment available through Apple Pay®, Google Pay™, and Samsung Pay®

• Credit card protection capabilities (the Mastercard Zero Liability Protection policy and fraud alerts)

The disadvantages are:

• A $90 annual fee after the first year

• The lack of exclusive privileges from Visa

• Few insurance coverages included 

• Minimum income requirements to apply

How to apply for a CIBC Dividend Platinum® Visa Card

Applying for a CIBC Dividend Platinum® Visa Card is simple — all you need to do is click the “Apply now” button on the credit card description page and fill out the application form. Based on whether you are a CIBC client already or not, you will proceed with either a shorter or extended application form. If the first is the case, sign in using your online or mobile banking login credentials. To proceed as a new client, select “No, continue application” and provide the following information:

• Your first name

• Your last name

• Your date of birth

• Your email

• Your phone number

• Your address 

• Your living situation (rent, own/buying, live with parents, room or board, or other)

• How long you have lived at the specified address

• Your social insurance number

• Your job category

• Statement options

• Your personal annual income

• Your other household income (optional)

• Your housing payments (monthly rent, mortgage, and condo fees)

To qualify for a CIBC Dividend® Platinum Visa Card, you must have a $15,000 minimum annual income.