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CIBC Dividend® Visa Review

CIBC Dividend^® Visa Card review

Name: Jordann Brown
Item: CIBC Dividend® Visa Card review
Rating: 5
Author: Jordann Brown

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5.0

Welcome Offer

Get 5% cash back for the first 4 statements on net purchases of up to $2,000 (up to $100 cash back).†

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2% Get 2% cash back on eligible grocery purchases†

1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†

0.5% 0.5% cash back on all other purchases†

$0.10 Save up to 10 cents off per litre on gas with CIBC and Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†

20.99% Purchase APR non-Quebec residents†

22.99% Balance Transfer Rate non-Quebec residents†

22.99% Cash Advance APR non-Quebec residents†

$0 Annual Fee $0 for each additional card (3 card maximum)

Good Recommended Credit Score

$15,000 Required Annual Household Income

5.0

CIBC Dividend^® Visa Card review

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By Jordann Brown

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Quick overview of the CIBC Dividend^® Visa Card

Cash back credit cards are one of the most popular types of rewards credit cards in Canada, but if you don’t want to pay an annual fee for the benefits of cash back, you’ll need to choose from a smaller pool of available options. That said, there are several strong no-fee cash back credit cards on the market today, including the CIBC Dividend^® Visa* Card.

Who can benefit from the CIBC Dividend® Visa Card?

The CIBC Dividend® Visa is ideal for individuals who want to earn cash back without paying an annual fee. Whether you're a frequent grocery shopper, rely on transportation, or make recurring payments, the CIBC Dividend® Visa Card offers competitive cash back rates on these categories. Additionally, the card provides a complimentary SPC membership, making it a great choice for students looking to save on everyday purchases.

Pros and cons of the CIBC Dividend^® Visa* card

Pros

No annual fee
High earn rates on popular spending categories
Up to three additional cards at no extra cost
Low required household annual income of $15,000†
No limit on the cash back you can earn†

Cons

Low earn rates on everyday spending
Only option to redeem cash back rewards is statement credit

Welcome bonus with the CIBC Dividend Visa credit card Card

The CIBC Dividend® Visa Card offers a competitive cash back program that can benefit both individuals in Canada and globally. With a welcome bonus of 5% cash back for the first 4 statements on net purchases of up to $2,000, cardholders have the opportunity to earn up to $100 cash back^†.

How to earn cash back with the Dividend Visa Card from CIBC

The CIBC Dividend^® Visa* Card is a cash back credit card. That means when you make purchases with this credit card, a small percentage of your spending accumulates as cash back. After the welcome offer ends, this credit card lets you earn 2% cash back on eligible grocery purchases.^† (An eligible grocery store is classified by the credit card network as a grocery store. Costco and Walmart, for example, are not classified as grocery stores, but Loblaws, Sobeys and No Frills are classified as grocery stores.) For all eligible gas, EV charging, transportation, dining purchases and recurring payments, you’ll earn 1%^† and then 0.5% cash back on all other eligible purchases^†.

Redeeming cash back

Cash back can be redeemed on demand by cardmembers at any time they have a minimum of $25 through CIBC Online and Mobile Banking^®.^† This is a huge benefit because it is much more convenient to use cash back towards purchases or paying down the balance of your credit card.

Key benefits of the Dividend Platinum^® Visa* Card from CIBC

The CIBC Dividend® Visa* Card is an affordable way to earn cash back rewards on your everyday spending. This no-fee cash back credit card offers a range of benefits that make it a great choice for savvy shoppers.

After the welcome offer promotional period ends, you'll earn 2% cash back on eligible grocery purchases, 1% cash back on eligible gas, EV charging, transportation, and dining, as well as recurring payments†. Plus, you'll receive 0.5% cash back on all other eligible purchases†. With no annual fee, you can enjoy these rewards for free.

In addition to cash back rewards, this credit card offers some insurance coverage. You'll enjoy double the manufacturer's warranty on new purchases, up to one year, and $100,000 in common carrier insurance†. All told, there is plenty of value on offer despite the lack of an annual fee.

CIBC Dividend Visa insurance coverage

The CIBC Dividend^® Visa* Card doesn’t have the robust suite of insurance you’ll find with many fee-based cash back credit cards, but it does offer several additional perks and features beyond cash back rewards:

Extended Protection Insurance, which doubles the manufacturer’s warranty on items purchased with this credit card up to one year.^†
Purchase Security, which insures most new items purchased on this credit card from theft, loss, or damage for 90 days after purchase.^†
Common Carrier Accident Insurance, which covers you if you travel by plane, ferry, train, or bus. You, your spouse, and your children are covered with up to $100,000 in insurance. Just make sure you book your fare with this credit card and are the primary cardholder.^†

Extra benefits of the CIBC Dividend Visa credit card

Car rental savings: Get up to 25% off vehicle rentals at Avis® and Budget® locations worldwide when you pay with your CIBC credit card.
Send money abroad with $0 fees: Send money abroad to over 120 countries with a $0 transfer fee.
CIBC mobile app access: Set up alerts, pay your bill, track your cash back rewards, and more with the CIBC Mobile Banking App and CIBC Online Banking.
Mobile wallet connectivity
Credit report alerts

Rates and fees

The CIBC Dividend^® Visa* Card has a Purchase Annual Interest Rate of 20.99%^†, which is well within the normal range for a cash back credit card. If you were to take a cash advance from this credit card, the money you withdraw would be subject to a 22.99%^† (for non-Quebec residents only) cash advance annual interest rate. The balance transfer annual interest rate is 22.99%^† (for non-Quebec residents only). Shopping with this credit card is extremely easy because VISA is widely accepted across Canada and globally.

How the CIBC Dividend^® Visa* card compares

As we mentioned above, your possibilities for a no-fee cash back credit card in Canada are not endless. That said, there are several good competitors in the market. Here’s how the CIBC Dividend^® Visa* Card compares:

Comparing the best no-fee cash back credit cards	CIBC Dividend^® Visa* Card	Tangerine Money-Back Credit Card	SimplyCash® Card from American Express
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Cash back rewards	After the welcome offer ends get 2% cash back on eligible grocery purchases† and up to 1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments,^† 0.5% on all other eligible purchases^†	2% in two categories, 0.5% on everything else (option to add a 3rd cash back category when you open a Tangerine savings account)	Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada and 1.25% cash back on all other eligible purchases.
Welcome offer	Get 5% cash back for the first 4 statements on net purchases of up to $2,000 (up to $100 cash back)^†	Special 10% extra cash back rate on the first $1,000 spent with the card on everyday purchases (max. $100 cash back) in the first two months if you're approved.	In your first 10 months as a new SimplyCash^® card from American Express cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your card. This could add up to $100 in statement credits in the first 10 months. Conditions apply.
Insurance coverage	Extended Protection Insurance, Purchase Security, common carrier insurance^†	Extended warranty, purchase assurance	Travel accident, buyer’s assurance, purchase protection, car rental and theft damage
Purchase annual interest rate	20.99%^† (22.99%^† for non-Quebec residents only) balance transfer annual interest rate and 22.99%^† (for non-Quebec residents only) cash advance annual interest rate)	19.95%	21.99%
Minimum income requirement	$15,000	$12,000	N/A
Free supplementary cards?	Yes, up to 3	Yes	Yes
Get started	Apply now	Apply now	Apply now

†Terms and Conditions Apply

The CIBC Dividend^® Visa* Card has a relatively standard base cash back earn rate of 0.5% on all purchases†, although it is low. Its main earn rate is highest for eligible groceries. As a result, this card is best suited for someone who spends enough money on groceries to enjoy the 2% cash back^†.

If you don’t see yourself spending enough to benefit from the CIBC Dividend^® Visa* Card, the SimplyCash^® Card from American Express might be more appealing to you. Earn 2% cash back on eligible gas and EV charging purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases. Plus, the card’s welcome bonus is notable: in your first 10 months as a new SimplyCash^® Card from American Express Cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your card. This could add up to $100 in statement credits in the first 10 months. Conditions apply.

Though the Tangerine Money-Back may only offer 0.5% cash back on all purchases, it still gives you 2% cash back on two spending categories of your choice and also offers a reduced rate balance transfer, which is helpful in case you need to consolidate your credit balances.

Is the CIBC Dividend ® Visa Card worth it?

If the CIBC Dividend® Visa* Card regular earn rate was higher and new cardholders were offered a welcome bonus to accelerate their cash back, this card would be perfect.

While Extended Protection Insurance and Purchase Security are great tools, additional travel insurance would further enhance this credit card's appeal. The absence of a cash back limit and the option to obtain free supplementary cards make it a potentially excellent choice, depending on your individual spending habits.

CIBC Dividend^® Visa eligibility requirements

To apply for the CIBC Dividend® Visa, you must meet certain eligibility requirements, including:

Be a Canadian resident
Be the age of majority in the province in which you live
Have a credit score of ≥ 640.
Have a minimum annual income of $15,000^†

You can apply for the CIBC Dividend^® Visa* Card online, over the phone, or at your local branch. You must be a Canadian resident and the age of majority in your province. If you aren’t a CIBC customer already, you’ll need to provide information like your address and income. The entire process of applying takes about five minutes and you will get a response in as little as 60 seconds. There is no annual fee for the CIBC Dividend^® Visa* Card, so applying is free.

This is a digital-exclusive offer.^†

To be eligible for this offer:

1) This offer must have been directly communicated to you from CIBC or from a partner/affiliate; and

2) You must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.^†

This offer is reserved for you. Please do not forward it to anyone else. CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another eligible card within the last 12 months.^†

^† Terms and Conditions apply

This offer is not available for the residents of Quebec. For Quebec Residents offer - visit CIBC.com product page here.

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Jordann Brown Author

Jordann Brown is a freelance personal finance writer whose areas of expertise include debt management, homeownership and budgeting. She is based in Halifax and has written for publications including The Globe and Mail, Toronto Star, and CBC.