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CIBC Dividend Platinum® Visa Card
Credit cards

CIBC Dividend Platinum® Visa Card

Updated 01.12.2022

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.

What is the cash back earning rate for travel purchases made with a CIBC Dividend Platinum® Visa Card?For travel purchases, you will earn cash back at a regular 1% rate.
What is the minimum cash back balance to request redemption?To request cash back redemption, you must have a minimum cash back balance of $25.
Can I automate my credit card payments?You can sign up for the CIBC Auto Pay Service and set up pre-authorized debits to your credit card account from the bank account you choose. You can set up recurring payments either in the amount of the minimum payment or the amount due by the payment due date.
Rate
i

Effective interest rate on the product

21.99% - 22.99%

Other Credit cards of Canadian Imperial Bank Of Commerce (CIBC)

Financial product
Amount
Rate
CIBC Costco® Mastercard®Canadian Imperial Bank Of Commerce (CIBC)
19.75% - 21.49%

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