CIBC Dividend® Visa* Card Review

(Editor Rating)

Ranking

8.5/10

The CIBC Dividend® Visa* Card is a no annual fee credit card that lets you earn up to 2% cash back on eligible grocery purchases. The concept of a no annual fee credit card with cash back rewards is a winning one, especially since there’s also no limit on the total cash back you can earn. Plus, as a welcome offer, new cardholders get 5% cash back for the first 4 statements on total purchases of up to $2,000†. However, this card lacks some additional benefits and perks, as well as an attractive welcome bonus. If you’re looking for a card that combines cash back rewards, no annual fees, and a low-income requirement, the CIBC Dividend® Visa* Card might be for you.

†Conditions Apply

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Annual Fee

10/10

Rewards

8/10

Cardholder Perks

6/10



Best for:

 

  • Cash back rewards
  • No annual fee
  • Free additional cards
  • Shopping protection

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About the CIBC Dividend® Visa* Card

The CIBC Dividend® Visa* Card is a no annual fee credit card that offers cash back rewards. Cardholders can earn 2% cash back on eligible grocery purchases, and 1% cash back on eligible gas, transportation, dining purchases and recurring payments.† All other card purchases earn 0.5% cash back, with no limit on the total cash back you can earn. You can also take advantage of the welcome offer, which gives new cardholders 5% cash back for the first 4 statements on total purchases of up to $2,000† — a value of up to $100.

Cardholders can also get up to three free additional cards, so you can earn even more cash back on everyday spending. The low minimum household income of $15,000 makes this a highly accessible card, and the $0 annual fee means there’s no cost to carry it.

The CIBC Dividend® Visa* Card has few included perks. For starters, it comes with purchase security and extended protection insurance. Items purchased with it can be replaced if lost, stolen, or damaged (within 90 days), and you can double manufacturer’s warranty (up to one year) on most items. Additionally, cardholders get discounts at participating AVIS and Budget Rent-A-Car locations and get $100,000 in common carrier accident protection.

CIBC Dividend® Visa* Card: At A Glance
Welcome Bonus: Get 5% cash back for the first 4 statements on total purchases of up to $2,000†.Minimum income eligibility requirement: $15,000 household
Annual Fee: $0Interest 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 2% cash back on eligible purchases

Card Features & Benefits

The CIBC Dividend® Visa* Card’s stand-out feature is a better-than-average (for a no-fee card) cash back earn rate.

  • Get 5% cash back for the first 4 statements on total purchases of up to $2,000†.
  • Earn 2% cash back on eligible grocery purchases
  • 1% cash back on eligible gas, transportation, dining purchases and recurring payments†
  • 0.5% cash back on everything else†
  • Get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®
  • No annual fee
  • Low minimum income requirement: $15,000 annual household income

†Conditions Apply

Quebec Residents – Learn More about this CIBC product here

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

Learn more about the CIBC Dividend® Visa Card.

Other Perks

Like most other no-fee cards, the CIBC Dividend® Visa* Card doesn’t offer a ton of extras, but it does include a few benefits:

  • $100,000 Common Carrier Accident Insurance: This coverage protects you, your spouse, and your children when you travel.
  • Free additional cards: Get up to three free additional cards.
  • Car rental discounts: Save up to 25% at participating AVIS and Budget Rent-A-Car locations.
  • Purchase Security and Extended Protection: Replace lost, stolen, or damaged items within 90 days of purchase and double manufacturer’s warranty (up to one year) on most items.

Given that you’re not paying an annual fee, consider these a bonus just for carrying this card in your wallet.

Pros and Cons

The headline benefit to the CIBC Dividend® Visa* Card is the cash back program, offering 2% cash back on eligible grocery purchases, and 1% cash back on eligible gas, transportation, dining purchases and recurring payments †. All other card earn 0.5% cash back, with no limit on how much you can earn. The rate is fair (though some other no annual fee credit cards beat it), especially since you’re not even paying an annual fee. Plus, the welcome offer of 5% cash back for 4 months puts up to $100 back into your pocket. The card does allow you to earn unlimited cash back but there is no flexibility in how or when you receive it—it comes as a statement credit every December.

Pros

  • No annual fee
  • Shopping protection included — Double the manufacturer's original warranty up to one year on most of your purchases
  • Includes Common Carrier Accident Insurance

Cons

  • Annual rewards pay-out — Cash back rewards are paid annually (every December)

The Verdict

When it comes to no annual fee credit cards, the existence of great rewards or outstanding perks can really push one product to the top of the list. While the CIBC Dividend® Visa* Card does offer cash back rewards, the base earn rates are average and this card doesn’t offer many perks. The ones it does offer (common carrier accident insurance and discounts on car rentals) seem to be more suited to a travel card.

All things considered, the CIBC Dividend® Visa* Card succeeds in offering the valuable combination of cash back rewards with a no annual fee product. However, you might want to consider other no annual fee credit cards with better cash back rates before making a final call. Or if you don’t mind paying a moderate annual fee for better rewards, check out our Best Cash Back Credit Cards page.

Conditions Apply

Quebec Residents – Learn More about this CIBC product here

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

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