CIBC Credit Cards
The company offers an impressive list of 24 credit card options with various benefits and rewards you may be interested in: travel, student, Costco, no annual fee, business, low interest, cash back, and newcomer.
Types of CIBC credit cards
You can use the search with filters at the official website Credit Cards page to compare and decide which card fits your needs:
Travel points and privileges cards are designed for frequent travelers or those who plan a trip inside Canada or worldwide. Save points making everyday purchases and spend them for traveling expenses.
Aventura Visa Infinite and Gold or Aeroplan Visa Infinite has an annual fee of $139 with a purchase rate of 20.99% and a cash rate of 22.99%, similar to other CIBC cards.
With rewards, you can get over $1,200 or $1,050 in value for the first year as a cardholder. Points for travel booked through the bank's Rewards Centre, free lounge accession, NEXUS fee rebate, Visa concierge service (for Infinite cards), or points spent directly with Air Canada and Air Canada Vacations. Insurance coverage included.
Aventura and Aeroplan Privilege cards offer more points, larger amounts of money saved in value, and some extra benefits with bigger annual fees — $499 or $599.
Aventura Visa and Aeroplan Visa have the same rates as the majority of CIBC cards, travel points, and additional services without an annual fee.A low-interest card: Select Visa has the lowest balance interest rate of 0% for 10 months, a balance transfer rate of 1%, and a purchase and cash rate of 13,9%, but has no points or cash back to earn. The annual fee is $29, but you can get a rebate for the first year of usage.
It is an excellent option for Canadians with high-interest credit card debt who want to repay it steadily, with no extra interest accrued.Classic Visa is a no annual fee card with insurance coverage and a $0 transfer fee with Global Money Transfer.
Cash back cards: Dividend Visa gives a 2% cash back rate on groceries, 1% on gas, transportation, dining, and recurring payments; the annual fee is $0, Dividend Platinum and Infinite give the best cashback rates of 3% on groceries and gas, 2% on transportation, dining, and recurring payments, 1% on other purchases and have an annual fee of $99 and $120, but it's rebated for the first year.
Student cards have no annual fees, give free CPC+ membership and offer mostly the same conditions as regular Dividend, Aeroplan, and Aventura cards, but are available only to post-secondary students and have no minimum income requirement. Visa for students has a minimum credit limit of $1,000 and insurance options.
Business cards are travel, low interest, and corporate cards with different features available for an annual fee from $0 to $180.
Costco Mastercard Purchases with a rate of 19.75% and cash rate of 21.49%, $0 annual fee, and 3-2% cash back at Costco and gas stations.
There are special welcoming offers for people all over the world who have recently moved to Canada for two years of annual fee rebate and higher cashback rates.
Check out some fees that may be charged: an over limit fee of $29 is applied if your balance goes over your credit limit, the NSF fee is $42,50, installment, cash advance fee, and other fees.
How to apply for a CIBC credit card
If you are the bank's client, you may quickly apply online or at the mobile app. Visit the website, choose the "Credit card," and click the "Apply now" to go through an online application or go to the nearest office. Be ready to go through a credit check.
Requirements
To get a credit card, you should be a Canadian resident, you’ve reached the age of majority in your province, and have a valid SIN, job, and income proof.
You are expected to have a certain income: $15,000 minimum annual household income for most cards, $60,000 individuals, or $100,000 household income for Aventura and Dividend Visa Infinite, $150,000 individual, or $200,000 household income for Aventura and Aeroplan Visa Infinite Privilege.
Pros and cons
Pros
An extensive range of products to choose
Rewards and benefits
No annual charge and low-interest options
One of the best cashback rate
Featured offers for students and newcomers
Online and mobile service
Cons
Overlimit, NSF, and other fees may apply
Rather high purchase and cash rate
Rates increase if required payments aren't repaid by the due date
Minimum income requirement
How to make a payment
You may set pre-authorized payments on your card by calling the credit card service or signing in to online banking and transferring funds from the deposit accounts to your card. To verify that the credit card is linked to your debit card, check the "My Accounts" page for a "Link Account" option next to the card.
Register your credit card as a payee through your profile online or call at 1-800-465-2422. Once you have registered, you can make payments online via mobile, telephone banking, or ATMs.
Also, it is possible to send your payments through the mail.