
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
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 Rental Damage & Theft
yesTravel Accident
$500,000Purchase Protection
90 daysExtended Warranty
Up to a year
Benefits
Details
Gas Discount
save up to 10¢/L on fuel at participating Pioneer, Fas Gas, Ultramar and Chevron gas stationsCar 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* Card | CIBC Dividend® Visa Infinite* Card | CIBC Dividend® Visa* Card | |
---|---|---|---|
Welcome Bonus | Up to $200 | Up to $200 | N/A |
Earn Rates |
|
|
|
Insurance Included | 4 types
| 6 types
| 3 types
|
Perks | 2 perks
| 2 perks
| 2 perks
|
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 |
Apply Now | APPLY NOW | APPLY NOW | APPLY NOW |
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.