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CIBC Classic Visa Card Review

CIBC Classic Visa* Card

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2.5

$0 Annual Fee

20.99% Purchase APR

22.99% Cash Advance APR

2.50% Foreign Transaction Fee

Good Recommended Credit Score

$15,000 Required Annual Personal Income

$60,000 Required Annual Household Income

2.5

CIBC Classic Visa* Card

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Quick overview of the CIBC Classic Visa* card

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Author: Lubna Umar

By Lubna Umar

🗓️

Updated: April 22, 2024

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The CIBC Classic Visa* is a simple, no annual fee card that gives you insurance coverage and perks like no transaction fees when you send money abroad using CIBC’s Global Money Transfer. With this card, you can enjoy making small purchases faster with Visa’s payWave™ and take advantage of Visa’s wide payment network, meaning that your card will be accepted worldwide.

Who’s the CIBC Classic Visa* card for?

The CIBC Classic Visa* credit card is great for anyone who is looking for a card with no annual fee and basic insurance coverage like purchase protection. If you’re a new credit card user in Canada, you’re just building your credit history and don’t need any fancy rewards, this is a great option to consider as the minimum income requirement is only $15,000, which is lower than most cards on the market. 

CIBC Classic Visa* card for students

If you’re a student who’s just starting school or currently in school, you can look into the CIBC Classic Visa* card for students and enjoy one year of free SPC+ membership. There’s no minimum income requirement and, best of all, you get great insurance coverage like $100,000 in common carrier accident insurance.

Check out the best student credit cards in Canada.

Pros and cons of the CIBC Classic Visa* Card

Pros

Pros

  • No annual fee

  • Save three cents per litre on gas through Journie Rewards

  • Send money abroad using CIBC Global Money Transfer™ and skip the transaction fee

  • 90 day purchase protection

  • $100,000 Common Carrier Accident Insurance

Cons

Cons

  • No rewards on spending

CIBC Classic Visa* card key benefits

Here are the key benefits of the CIBC Classic Visa* card:

  • Savings on gas: Link your card with your Journie Rewards and save up to 10 cents per litre on your gas purchase from participating gas stations.
  • Optional add ons: You can add on more insurance benefits by choosing to include CIBC travel medical insurance and CIBC’s Payment Protector insurance. 
  • Global money transfer: When you use CIBC’s Global Money Transfer™, you can easily send money abroad and skip the additional transaction fees.

CIBC Classic Visa* card insurance coverage

Here are the insurance benefits you get with the CIBC Classic Visa card:

  • $100,000 common carrier accident insurance: When you charge your travel tickets to your CIBC classic card, you’re covered for up to $100,000 for any accident that occurs while traveling. 
  • Purchase security and extended protection insurance: Your new items are automatically protected for 90 days from any loss, theft or damages when the full purchase price is charged to the card.

How the CIBC Classic Visa* card compares

Let’s see how the CIBC Classic Visa* card compares with other great no annual credit cards in Canada. 

CIBC Classic Visa* card vs. Tangerine Money-Back credit card

Both the CIBC Classic Visa* and Tangerine Money-Back have no annual fee but the Tangerine Money-Back card offers you more bang for your buck with its flexible cash back rewards program, welcome bonus and insurance perks. You can earn 2% back in up to two categories of your choice and add on a third bonus category when you sign up for a Tangerine savings account. You earn 0.50% unlimited cash back on everything else. Best of all, there’s no spending cap. The insurance perks that come with the Tangerine Money-Back include rental car collision loss, mobile device insurance, purchase protection and extended warranty. See our Tangerine Money-Back credit card review.

CIBC Classic Visa* card vs. American Express Green card

The American Express Green card is a no annual fee credit card that comes with a rewards program. Unlike most rewards cards on the market, this card has no income requirements. You can earn one point for every $1 spent and one bonus point when you spend money on travel using Amex Travel Online. You can choose to redeem your points for cash back, gift cards and travel credit through Amex’s rewards portal. The American Express Green credit card also comes with a generous welcome offer. As compared to the CIBC Classic Visa*, this card clearly comes out as the clear winner. See our full review on the Amex Green credit card.

CIBC Classic Visa* card vs. CIBC Dividend® Visa card

CIBC offers another no annual fee credit card, the CIBC Dividend® Visa card. Let’s see how the CIBC Classic Visa* compares to the CIBC Dividend® Visa Card.

Card name CIBC Classic Visa* Card reviewed
CIBC Dividend® Visa Card
Annual fee $0 $0
Welcome offer N/A Get 5% cash back for the first 4 statements on net purchases of up to $2,000 (up to $100 cash back)
Insurance $100,000 common carrier accident insurance

Purchase security and extended protection insurance 		$100,000 common carrier accident insurance

Purchase security and extended protection insurance
Benefits Save up to 10 cents off per litre when you purchase gas through your Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations

Send money abroad using CIBC's Global Money Transfer and skip the transaction fees 		Earn 2% cash back on groceries, 1% eligible gas, EV charging, transportation, dining and recurring payments, plus 0.5% cash back on everything else
Read our review Currently reading CIBC Dividend Visa Card review
Apply Now Visit CIBC Apply Now

While both cards have the benefit of a $0 annual fee, the CIBC Dividend card has a great welcome bonus and cash back rewards, which can help you save money as you spend, making it the better option.

Is the CIBC Classic Visa* card worth it?

If you’re a student or someone who wants to start building out their credit history in Canada, then the CIBC Classic Visa* is a good option. But, if you are looking for additional credit card perks and benefits then you should check out the best no annual fee credit cards in Canada to find a card that does exactly that.

  • What credit score is needed for a CIBC credit card in Canada?

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    To be eligible for a CIBC credit card in Canada, you must have a credit score of 660 or higher. Some cards may also require you to have a source of income.

  • What is the difference between Visa Classic and Mastercard?

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    The Visa Classic card is a specific product offering, whereas both Visa and Mastercard serve as payment networks and card issuers. Each has its own security and fraud protection services, ensuring the security of your transactions. When deciding between the two, it's essential to examine the specific cards and their overall rewards and benefits before making a choice.

Lubna Umar Content Strategist

Lubna Umar has worked in the field of personal finance for over 5 years. She has produced a wide variety of content including personal finance guides and insurance reports for brands like RATESDOTCA and the Financial Post. In her free time, she can be found writing fiction or exploring the café culture in Toronto or any other major city.

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