CIBC Dividend Platinum Visa Card review
- Welcome Offer
- Up to 10% cash back
- Rewards
- Up to 3% cash back
- Annual Fee
- $0 annual fee for the first year ($99 thereafter)
- Purchase Interest Rate
- 20.99%
- Cash Advance Rate
- 22.99% (21.99% for Quebec residents)
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Summary
Get a generous welcome bonus and earn a top return on cashback when you shop for daily essentials.
Get a first-year annual fee rebate for you and up to 3 authorized users and earn 10% cash back for the first 4 statements on net purchases of up to $2,000.
The CIBC Dividend Platinum Visa Card offers a competitive return on cash back for an annual fee. Earn 3% cash back on gas and groceries, and up to 2% on everything else.
30-second take
- Think about this card if you want a welcome bonus and a decent cash back return.
- Choose something else if you want low interest rates and no annual fee.
- You’ll need to have a basic household income of $15,000 to apply for this credit card.
The basics
If you’re looking to earn a decent cash back return and want to be rewarded for purchasing daily essentials like gas and groceries, then the CIBC Dividend Platinum Visa Card could be a good fit for you.
- Cash back. Earn 3% cash back on gas and groceries, and up to 2% on everything else.
- Welcome offer. Get a first-year annual fee rebate for you and up to 3 authorized users and earn 10% cash back for the first 4 statements on net purchases of up to $2,000.
- Purchase assurance. Safeguard the items you buy against loss, theft or damage with 90 days
purchase protection. - Extended warranty. Add a year onto your manufacturer’s warranty at no extra cost for eligible purchases you make with your card
The perks
- Common carrier insurance. Get coverage up to $500,000 when you travel by plane, ferry, train or bus.
- Optional insurance. Pay more to add travel medical and balance protection insurance to your account.
- Security features. Cards are protected with encrypted microchips and other security features like Visa payWave for online purchases.
- Low-interest financing plans. Qualify for lower interest rates when you finance a large purchase with CIBC’s “Pace It” installment plan.
- Tap and pay. Sign up for contactless payment with Android or Apple to pay in one easy swipe.
What to watch out for
- Annual fee. You’ll have to pay an annual fee of $99 to keep your card active, though this fee is waived in your first year.
- Interest rates. Interest rates sit at the industry standard 20.99% for purchases and 22.99% (21.99% for Quebec residents) for cash advances and balance transfers.
- Low return. You’ll only get 1% cash back on purchases that don’t fall into special categories.
- Hard to redeem cash back. Cash back is accumulated monthly, but it’s only paid out once per year on your December statement.
- Fee for additional cards. You’ll have to pay $30 for every card that you add to your account.
- Few benefits. There’s no option to get additional coverage like mobile device insurance or roadside assistance.
CIBC Dividend Platinum Visa Card interest rates
| Interest Type | Interest Rate |
|---|---|
| Purchase interest rate | 20.99% |
| Cash advance rate | 22.99% |
| Standard balance transfer rate | 22.99% |
What should I know before I apply?
How to apply
- Head to the CIBC website to begin your application.
- Complete the application, which includes providing your name, email address, social insurance number and birth date.
- Review and submit your application.
Bottom line
The CIBC Dividend Platinum Visa Card offers a competitive return on cash back for gas and groceries as well as a higher return on transportation, dining and recurring payments. It also comes with a generous welcome bonus, basic insurance and limited travel coverage for a reasonable annual fee, which is waived in the first year.
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