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CIBC Dividend Platinum® Visa* Card

CIBC Dividend Platinum® Visa* Card
Review

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Card Details

Interest Rates


Purchase: 20.99%

Cash Advance: 22.99%

Balance Transfer: 22.99%

Annual Fees


Main Card: $99

$0

First Year Waived

Additional Cards: $30 (first year waived)

Annual Income


Personal: N/A

Household: $15,000

Credit Score Estimate


300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Welcome Bonus


Get a first-year annual fee rebate for you and up to three Authorized Users and earn 10% cash back for the first 4 statements on net purchases of up to $2,000.

Card & Reward Type


Card Type: Credit

Reward Type: Cash Back

Our Rating


2.8/5

Institution


CIBC

Rewards


  • 3% cashback on gas and groceries if they are in the first $80K transactions of the year and $20K of categorical spends
  • 2% cashback on transportation, dining and recurring bills if they are in the first $80K transactions of the year and $20K of categorical spends
  • 1% cashback on all other eligible card purchases

Insurance & Benefits


Insurance

Coverage

  • car insurance

    Car Rental Damage & Theft

    yes
  • heart lock

    Travel Accident

    $500,000
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to a year

Benefits

Details

  • gas station

    Gas Discount

    save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations
  • car rental

    Car Rental Discount

    Get up to 25% off auto rentals at participating Avis and Budget locations worldwide.

Pros & Cons


Pros

  • 10% Cash Back Welcome Offer: Earn 10% cash back for the first 4 months, up to $2,500 in spending.
  • Solid Cash Back Rates: Get 3% cash back on gas, groceries, and EV charging, plus 2% on restaurants, transportation, and recurring bills.
  • Fuel Savings: Save up to 10 cents per litre at Journie Rewards gas stations (Ultramar, Fas Gas, Pioneer, Chevron).
  • Low Income Requirement: Only a $15,000 household income requirement, making it accessible to a wider audience.

Cons

  • Limited Insurance Coverage: Only includes basic insurance options, which may not be ideal for travelers or those seeking comprehensive coverage.
  • Annual Fee: The $99 annual fee reduces the net rewards slightly.

CIBC Dividend Platinum® Visa* Card Review


When it comes to CIBC credit cards, the CIBC Dividend Platinum Visa Card isn’t exactly the best of the best, but that doesn’t mean it doesn’t earn a decent ranking in this institution's cashback category.


Overall, the rewards on popular spend categories are competitive, especially for a low-fee card, and the coverage and benefits, while minimal, are still commendable for the right cardholder.


To discover more about what this card has to offer, plus a detailed comparison to its close competitors, keep scrolling.


How You Earn Rewards with the CIBC Dividend Platinum Visa Card


Let’s dive right into it by breaking down these popular spend categories more thoroughly.


With the CIBC Dividend Platinum Visa Card, you’ll receive:


  • 3% cashback on gas and groceries as long as they’re in the first $80k transactions of the year and $20k of categorical spends
  • 2% cashback on transportation, dining, and recurring bills if they’re in the first $80k transactions of the year and $20k of categorical spends
  • 1% cashback on all other eligible card purchases

So, as long as you mind the spending caps, you can collect solid cashback on tons of day-to-day expenses, making the card ideal for everyday shoppers.


Redeeming your Rewards with the CIBC Dividend Platinum Visa Card


Conveniently, the CIBC Dividend Platinum Visa Card allows you to redeem your cashback at any time, as long as you have at least $25 worth of rewards sitting in your account. You can redeem this cashback through either CIBC online or mobile banking.

5 Benefits of the CIBC Dividend Platinum Visa Card


There are plenty of reasons you might want to apply for the CIBC Dividend Platinum Visa Card, and those reasons are highlighted in this section.


Here are the different types of perks you can expect as a cardholder:


First Year Annual Fee Rebate


Thankfully, the CIBC Dividend Platinum Visa Card’s annual fee is already on the lower end of the spectrum. On top of this, this fee is completely waived during the first year of membership, so you can save as you’re just starting out.


Cashback Welcome Bonus


Another sign-up incentive offered by the CIBC Dividend Platinum Visa Card is the extra cashback welcome bonus that’s active for the first 4 statements on capped net purchases.


To take advantage of these boosted rates, start spending right away!


Low Income Requirements


Another perk associated with the CIBC Dividend Platinum Visa Card is its accessibility. With this card, you’re only expected to have a household annual income requirement of $15,000.


Solid Cashback Rates that Cover all of the Bases


As previously stated, the CIBC Dividend Platinum Visa Card’s reward program is a perk in and of itself, offering solid cashback across plenty of common spend categories like groceries, gas, transportation, dining, and recurring bills.


Optimizing groceries, gas, transportation, and recurring bills is beneficial because they tend to be frequent expenses, and dining is a great category to optimize because it can be expensive.


Road-Trip-Oriented Discounts


There are only a couple official benefits loaded onto the CIBC Dividend Visa Infinite Card – a gas discount and a car rental discount.


Specifically, cardholders receive savings on fuel at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations. Likewise, the card comes with car rental discounts at participating Avis and Budget locations across the globe.


2 Downsides of the CIBC Dividend Platinum Visa Card


The same way that there are aspects of the CIBC Dividend Platinum Visa Card that will make you want to send in an application, there are also certain downsides that might make you hesitate to hit submit.


Here are some cons to keep in mind:


Limited Insurance Coverage


For a paid card, the insurance coverage isn’t very extensive. With the CIBC Dividend Platinum Visa Card, cardholders receive basic purchase protection and extended warranty insurance, plus car rental damage and theft insurance and travel accident insurance.


We only mention this as a downside because there are cards with similar price points with more coverage, and there also are cards within the CIBC institution with better insurance policies as well.


An Annual Fee for Few Benefits


It’s also a little disappointing that the CIBC Dividend Platinum Visa Card lacks substantial perks beyond the gas and rental car discounts. Again, there are cards of a similar cost and cards issued by CIBC that bulk up this inclusion category.


Comparison to Other CIBC Cashback Visa Cards


The closest competitors to the CIBC Dividend Platinum Visa Card are of course other CIBC Cashback Visa cards.


In this section, we’ll point out where the following cards are similar and how they differ.


CIBC Dividend Platinum® Visa* CardCIBC Dividend® Visa Infinite* CardCIBC Dividend® Visa* Card

Welcome Bonus

Up to $200Up to $200N/A

Earn Rates

  • 3% cashback on gas and groceries if they are in the first $80K transactions of the year and $20K of categorical spends
  • 2% cashback on transportation, dining and recurring bills if they are in the first $80K transactions of the year and $20K of categorical spends
  • 1% cashback on all other eligible card purchases
  • 4% cashback on Gas and Groceries if they are in the first $80K transactions of the year and $20K of categorical spends
  • 2% cashback on Transportation, Dining and Recurring payments if they are in the first $80K transactions of the year and $20K of categorical spends
  • 1% cashback on all other credit card purchases.
  • 2% cashback on groceries if they are in the first $80k transactions of the year and $20k of categorical spends
  • 1% cash back on eligible gas, electric vehicle charging, transportation, dining and recurring payments if they are in the first $80k transactions of the year and $20k of categorical spends
  • 1% cashback on all other eligible card purchases

Insurance Included

4 types

  • car insurance

    Car Rental Damage & Theft

    yes
  • heart lock

    Travel Accident

    $500,000
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to a year

6 types

  • travel accident medical

    Emergency Out of province Medical

    $5 Million per person, per trip. 10 day coverage
  • car insurance

    Car Rental Damage & Theft

    $65K
  • heart lock

    Travel Accident

    $500K
  • mobile device insurance

    Mobile Device Insurance

    $1000 per person, per occurrence
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to a year

3 types

  • heart lock

    Travel Accident

    $500,000
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to a year

Perks

2 perks

  • gas station

    Gas Discount

    save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations
  • car rental

    Car Rental Discount

    Get up to 25% off auto rentals at participating Avis and Budget locations worldwide.

2 perks

  • gas station

    Gas Discount

    save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations
  • car rental

    Car Rental Discount

    Get up to 25% off auto rentals at participating Avis and Budget locations worldwide.

2 perks

  • gas station

    Gas Discount

    save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations
  • car rental

    Car Rental Discount

    Get up to 25% off auto rentals at participating Avis and Budget locations worldwide.

Annual Fee

$99 (First Year Waived)$120 (First Year Waived)$0

Income Requirements

$15,000 household$60,000 personal or $100,000 household$15,000 household

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CIBC Dividend Platinum Visa Card vs CIBC Dividend Visa Infinite Card


Let’s begin by comparing the CIBC Dividend Platinum Visa Card to the best overall CIBC credit card, the CIBC Dividend Visa Infinite Card.


If you don’t mind spending a little more annually (while also still receiving a first year fee rebate), the CIBC Dividend Visa Infinite Card earns you more cashback on gas and groceries, plus the same cashback rate on transportation, dining, and recurring payments.


A bigger difference presents itself through insurance. On top of extended warranty insurance, purchase protection insurance, travel accident insurance, and car rental damage and theft insurance, the CIBC Dividend Visa Infinite Card adds mobile device insurance and emergency out of province medical insurance.


Surprisingly, the benefits on both the CIBC Dividend Platinum Visa Card and the CIBC Dividend Visa Infinite Card are the same, with car rental discounts at Avis and Budget locations, plus gas discounts at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.


In all honesty though, the CIBC Dividend Visa Infinite Card comes with some higher income requirements, which might make it even less accessible than the CIBC Dividend Platinum Visa Card.


At the end of the day, you’ll probably only apply for the CIBC Dividend Visa Infinite Card if you’re a higher-earning CIBC credit card enthusiast who wants slightly better cashback on gas and groceries, plus more extensive coverage. Otherwise, the CIBC Dividend Platinum Visa Card has a lower annual cost, lower income requirements, and identical perks for the budget-conscious.


CIBC Dividend Platinum Visa Card vs CIBC Dividend Visa Card


Speaking of being budget-conscious, you might want to take this mindset a step further and apply for a no-fee credit card instead. If that’s the case, there’s always the CIBC Dividend Visa Card.


The catch? You’ll have to compromise with less cashback on groceries, and even less cashback on gas, electric vehicle charging, transportation, dining, and recurring payments. Luckily though, the base rate of cashback on all other purchases remains the same.


You’ll also have to settle for fewer insurance categories, since the CIBC Dividend Visa Card only includes extended warranty insurance, purchase protection insurance, and travel accident insurance, whereas the CIBC Dividend Platinum Visa Card adds car rental damage and theft insurance.


The benefits remain the same as they have for all CIBC Dividend cashback cards, plus the household annual income requirements of the CIBC Dividend Visa Card match those of the CIBC Dividend Platinum Visa Card.


All in all, you’d probably only pick the CIBC Dividend Visa Card over the CIBC Dividend Platinum Visa Card if you want to save on annual fees indefinitely and you don’t mind sacrificing some extra cashback and coverage.


Final Verdict


The CIBC Dividend Platinum Visa Card offers a good middle ground when it comes to CIBC cashback contenders.


For a low annual fee (one that’s waived in the first year), cardholders receive solid cashback on popular earn categories like gas and groceries, plus transportation, dining, and recurring payments.


If you’re looking for a little more cashback on gas and groceries, and some extra insurance, check out the CIBC Dividend Visa Infinite Card – just mind the higher income requirements and annual fee!


On the other hand, if you want something that voids an annual fee altogether, opt for the CIBC Dividend Visa Card, but keep in mind that reward rates and coverage will be less impressive.


All CIBC Dividend cashback cards offer the same benefits. You might want to consider other institutions if you’re in search of the best cashback credit card that effectively balances rewards, coverage, and perks.



Rewards Breakdown

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