CIBC Dividend Platinum® Visa* Card Review
If you’re looking for a cash back credit card, the CIBC Dividend Platinum® Visa* Card is worth considering. It offers up to 3% cash back on eligible card purchases, and there’s no limit on the total cash back you can earn. The welcome includes will get you 10% cash back (up to $200)* Plus, a first-year annual fee rebate!†
- Cash back rewards
- Good 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 3% cash back on eligible gas and grocery purchases†—two of the most-used spending categories for the majority of Canadians. You’ll also get 2% cash back on eligible transportation, dining purchases and recurring payments†, and 1% cash back on all other purchases† 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 get 10% cash back (up to $200)*.
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 Offer: Get 10% cash back (up to $200)* Plus, a first-year annual fee rebate!† Minimum income eligibility requirement: $15,000 (household) Annual Fee: $99 (first year annual fee rebate)† Interest Rate on Balance Transfers: 22.99% Interest Rate on Purchases: 19.99% Interest Rate on Cash Advances: 22.99% (21.99% QC only) Rewards: Earn up to 3% cash back on eligible gas and grocery 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 3% cash back on eligible gas and grocery purchases†
- Earn 2% cash back on eligible transportation, dining purchases and recurring payments†
- Earn 1% cash back on all other purchases†
- Competitive $99 annual fee
- First-year annual fee rebate (value of $99)†
- Get 10% cash back (up to $200)*
Quebec Residents – Learn More about this CIBC product here
Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien
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 3% cash back on eligible groceries and gas purchases, plus 2% cash back on eligible transportation, dining purchases and recurring payments. 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) categories available.
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 offer of 10% cash back up to $200 is decent. However, if you’re looking for a more lucrative promo, check out our best credit card offers page before pulling the trigger.
- Robust welcome offer
- Great cash back rate on eligible purchases
- No limit on the total cash back you can earn
- No other accelerated cash back categories
- Additional cards are $30 per year
Overall, this is a great card for most Canadians looking to earn some cash back. The CIBC Dividend Platinum® Visa* Card delivers in its welcome offer of a first year annual fee rebate† plus 10% cash back (up to $200)*. The regular rate of 3% 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. 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.