CIBC Dividend Platinum® Visa* Card Review

(Editor Rating)

Ranking

8/10

If you’re looking for a cash back credit card, the CIBC Dividend Platinum® Visa* Card is worth considering. It offers up to 4% cash back on eligible card purchases, and there’s no limit on the total cash back you can earn. The welcome offer has a value of almost $300: new cardholders get a first-year annual fee rebate and 10% cash back for the first 4 statements on total purchases up to $2,000.

Visit Site


Annual Fee

8/10

Rewards

8/10

Cardholder Perks

7/10

Welcome Offer

9/10



Best for:

 

  • Cash back rewards
  • Great welcome bonus
  • Auto Rental Collision and Loss Damage Insurance
  • Purchase Security and Extended Protection Insurance

About the CIBC Dividend Platinum® Visa* Card

The CIBC Dividend Platinum® Visa* Card takes a spot on our list as one of the best cash back credit cards in Canada, and it’s easy to see why. With this card, you earn 4% cash back on eligible gas and grocery purchases—two of the most-used spending categories for the majority of Canadians. Purchases at Tim Hortons and Telus earn 2% cash back, with everything else reaping a 1% cash back reward with no limit on the total cash back you can earn. The $99 annual fee is lower than other high-earning cash back cards, and it’s rebated for the first year as part of the welcome offer. In addition, new cardholders earn 10% cash back or the first 4 statements on total purchases up to $2,000.

The perks on the CIBC Dividend Platinum® Visa* Card are lean, but the $500,000 of common carrier accident coverage, auto rental damage and collision loss insurance,  as well as optional travel medical insurance will appeal to travellers. Additionally, cardholders can get items charged to the card replaced if they’re lost, stolen, or damaged (within 90 days), and can double manufacturer’s warranty (up to one year) on most items.

CIBC Dividend Platinum® Visa* Card: At A Glance
Welcome Bonus: 10% cash back for first four statements up to $2,000; first-year annual fee rebateMinimum income eligibility requirement: $15,000 (household)
Annual Fee: $99 (first year annual fee rebate)Credit Score Required: Good
Interest Rate on Purchases: 19.99%Interest Rate on Cash Advances: 22.99%
Rewards: Earn up to 4% cash back on eligible card purchases

Card Features & Benefits

The CIBC Dividend Platinum® Visa* Card definitely has some attractive selling features. For starters, it offers exceptional cash back rates on card purchases, without a limit on the total amount you can earn – all for a lower-than-average annual fee.

  • Earn 4% cash back on eligible gas and groceries
  • Earn 2% cash back on purchases at Tim Hortons and Telus
  • Earn 1% cash back on all other purchases
  • Competitive $99 annual fee

This card also comes with an enticing welcome offer valued at almost $300:

  • Earn 10% cash back on all purchases for the first four statements, up to $2,000 in total purchases ($200 in cash back)
  • First-year annual fee rebate (value of $99)

Learn more about the CIBC Dividend Platinum® Visa* Card.

Other Perks

Perks are limited compared to other cards but include $500,000 in common carrier accident protection and Auto Rental Collision and Loss Damage Insurance – two types of insurance that may appeal to travellers.

Pros and Cons

The biggest strength of the CIBC Dividend Platinum® Visa* Card is the 4% cash back on eligible groceries and gas purchases. This card’s base rate of 1% beats out the typical 0.5% seen on other cash back credit cards. That said, there could be better (and more) choices in the 2% category than only Tim Hortons and Telus.

The $99 annual fee (rebated for the first year) is slightly lower than the $120 seen on most high-earning cash back cards, and the welcome promotion of 10% cash back for the first four statements is juicy, though it caps out at $2,000 in total purchases (meaning the max you can earn is $200 cash back). If you’re looking for a gobsmacking promo, check out our best credit card offers page before pulling the trigger.

Pros

  • Robust welcome offer
  • Great cash back rate on groceries and gas
  • No limit on the total cash back you can earn

Cons

  • 2% cash back limited to Tim Horton’s and Telus
  • Additional cards are $30 per year

The Verdict

Overall, this is a great card for most Canadians looking to earn some cash back. The CIBC Dividend Platinum® Visa* Card delivers in its excellent welcome promotion of 10% back for the first four statements up to $2,000 in total purchases, which would earn you $200 back on top of the rebated $99 first year annual fee for a total savings of almost $300 in your first year. The regular rate of 4% cash back on eligible groceries and gas will likely please many Canadians and reap you some rewards if you spend a lot in those categories. But limiting 2% cash back to card purchases at Tim Horton’s and Telus, the CIBC Dividend Platinum® Visa* Card radically limits its appeal. That being said, the 1% base rate is acceptable and outshines some of the other leading cash back cards in Canada.

However, this is not a free card. It’s true that the $99 annual fee is more affordable than other rewards credit cards, but we would expect to see better perks and benefits at that rate. If an annual fee is unappetizing, consider one of the Best No Annual Fee Credit Cards we shortlisted. Or if travel rewards are your thing, take a look at our list of the Best Travel Rewards Credit Cards in Canada – some of which offer premium perks and big-time benefits.

Depending on your needs and budget, there may be a better card suited to your situation – so check out the Best Credit Cards in Canada before making a decision.

Article comments