About CIBC Dividend® Visa Card
A CIBC Dividend® Visa Card is a credit card with cash back earning opportunities and a zero annual fee. In addition, this credit card features valuable insurance coverages, saving opportunities for fuel purchases, and cash back rewards.
CIBC Dividend® Visa Card features
A CIBC Dividend® Visa Card features a 20.99% purchase interest rate and 22.99% cash interest rate (21.99% for Quebec residents). The annual fee for this credit card equals zero, and you can issue up to 3 additional cards at no cost.
For purchases made with your CIBC Dividend® Visa Card at merchants classified by Visa as “grocery stores and supermarkets,” you can earn 2% cash back.
For purchases made with your CIBC Dividend® Visa Card at merchants classified by Visa as “service stations or automated gas dispensers,” “local and suburban commuter transportation in Canada,” “eating places and restaurants, drinking places and fast-food restaurants,” “recurring payments,” you can earn 1% cash back. The net annual purchase limit for earning cash back at 2% and 1% rates is $80,000 (up to $20,000 for each spending category mentioned above).
After you reach the annual spending thresholds, you will continue earning cash back for purchases in these categories at a regular rate of 0.5%. This cash back earning rate applies to all other eligible purchases made with your CIBC Dividend® Visa Card. CIBC doesn’t limit the maximum amount of cash back you can earn.
From time to time, there are special offers for sending money abroad through CIBC Global Money Transfer™ at CIBC. With such offers in place, you can earn cash back for international money transfers you make. In addition, CIBC charges no transaction fees (only CIBC foreign exchange rates apply) and no interest on CIBC Global Money Transfers, provided you pay your balance by the payment due date.
As for partner integrations, a CIBC Dividend® Visa Card provides you with the following benefits:
Saving up to $0.10 per liter when purchasing fuel at participating Pioneer, Ultramar, and Chevron gas stations after linking your credit card with Journie Rewards
Saving up to 25% on car rentals at participating Avis® and Budget® locations worldwide
With your CIBC Dividend® Visa Card, you can get the advantage of the CIBC Pace It™ Installment Plans and pay off your purchases starting from $100 in monthly installments at a lower interest rate:
4.99% for a 6-month plan
5.99% for a 12-month plan
6.99% for a 24-month plan
To set up an installment plan, you must pay a one-time installment fee equal to 1.50% of the purchase amount.
Insurance coverages included in a CIBC Dividend® Visa Card are purchase security and extended warranty insurance. Purchase security insurance provides 90-day repair, replacement, or reimbursement coverage for purchases made with your CIBC Dividend® Visa Card for lost, stolen, or damaged items. With the extended warranty insurance, you can extend the original manufacturer’s warranty by up to 1 additional year.
Additionally, you can apply for CIBC Payment Protector™ Insurance for Credit Cards and get coverage of your CIBC Dividend® Visa Card payments in case of disability, job loss, critical illness, or loss of life.
Pros and cons
Here are definite advantages of a CIBC Dividend® Visa Card:
A zero annual fee
Free issuance of up to 3 additional cards
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
Benefits from partner integrations
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 disadvantages are:
Few insurance coverages included
The lack of exclusive privileges from Visa
Minimum annual income requirements to apply
How to apply for a CIBC Dividend® Visa Card
You can apply for a CIBC Dividend® Visa Card online. Click the “Apply now” button on the credit card description page. On the next screen, the system will ask if you are a CIBC client. Select an option that applies to you: "Yes, sign on now” or “No, continue application.”
If you choose to proceed as a new client, you will need to 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 be eligible for a CIBC Dividend® Visa Card, you must have a $15,000 minimum annual income.
| How to maximize my cash back rewards? | There are several ways to maximize your potential cash back earnings:
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| How do I redeem my cash back rewards? | By default, CIBC credits your annual cash back earnings to your January statement. However, whenever you need, you can request cash back redemption (provided your cash back balance is at least $25) through your CIBC Online Banking® account, through the CIBC Mobile Banking® App, or by calling CIBC at 1 800 465-4653. |
| How much cash back will I earn for purchases at drugstores? | Since drugstores don’t qualify as spending categories eligible for accelerated cash back earning rate, you will earn 0.5% cash back on every $1 spent at a drugstore. |
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