Quick overview of the CIBC Dividend Platinum® Visa* Card
The CIBC Dividend Platinum® Visa* Card offers cash back rewards ranging from 1% to 3% (depending on where you shop), as well as a moderate spread of extra insurance and travel benefits. It’s a particularly appealing cash back card for those that spend a lot on gas, EV charging and groceries, and offers surprisingly rich value for a card with such a low minimum income requirement.
Who can benefit from the CIBC Dividend Platinum® Visa* Card
The CIBC Dividend Platinum® Visa* Card is ideal for individuals who frequently spend on gas, EV charging, and groceries, as it offers a generous cash back rate of up to 3% in these categories. Additionally, the low minimum income requirement makes it accessible to a wide range of individuals. Whether you're a frequent driver or a grocery enthusiast, this card can help you maximize your cash back rewards.
Pros and cons
Pros
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Very impressive welcome offer
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Elevated cash back rates (2-3%) in five everyday spending categories†
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No limit in total cash back you can collect
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The $15,000 minimum annual income requirement† is very low for a cash back card of this calibre
Cons
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$99 annual fee may not be worthwhile for all consumers
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The $20K annual spending limit for earning cash back at the accelerated 2-3% rates is lower than the limits offered by some competing cash back credit cards
Welcome bonus with the CIBC Dividend Platinum Card
Get a first-year annual fee rebate for you and up to three Authorized Users† and earn 10% cash back for the first 4 statements on net purchases of up to $3,000†
How to earn cash back with the Dividend Platinum Visa Card from CIBC
The CIBC Dividend Platinum® Visa* Card earns cash back on every purchase as follows:
- After the Welcome Offer ends get 3% cash back on eligible gas, electric vehicle charging, and groceries† 2% cash back on transportation, dining and recurring payments†
- Earn 1% cash back on everything else†
Insurance coverage
On top of the cash back features listed above, the CIBC Dividend Platinum® Visa* Card comes with a few additional insurance benefits that further justify the card’s annual fee:
- $500,000 Common Carrier Accident Insurance†
- Purchase Security and Extended Protection Insurance†
You can also pay to opt in to CIBC Emergency Travel Medical Insurance and/or CIBC Payment Protector Insurance for credit cards.†
Key benefits of the Dividend Platinum® Visa* Card from CIBC
There is a lot to like about the Dividend Platinum Visa credit card from CIBC:
- First year annual fee rebate†
- Get up to 10 cents off per litre at participating gas stations with Journie Rewards
- Earn up to 3.00 % cash back
Extra benefits of the CIBC Dividend Platinum® Visa* credit card
- Car rental savings: Get up to 25% off vehicle rentals at Avis® and Budget® locations worldwide when you pay with your CIBC credit card†.
- Gas discounts: Get up to 10 cents off per litre at participating gas stations with Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- Send money abroad with $0 fees: Send money abroad to over 120 countries with a $0 transfer fee.
- CIBC mobile app access: Set up alerts, pay your bill, track your cash back rewards, and more with the CIBC Mobile Banking App and CIBC Online Banking.
- Mobile wallet connectivity
- Credit report alerts
How does the CIBC Dividend Platinum® Visa* Card compare to other credit cards?
The CIBC Dividend Platinum® Visa* Card is a strong cash back card, but it does have its advantages and disadvantages compared to the competition. Let’s take a closer look.
† Terms and conditions apply, *Terms and Conditions apply
At a glance, the Tangerine Money Back credit card looks like a pretty good deal since there’s no annual fee. However, the 0.5% cash back minimum is comparatively low.. And the Tangerine card earns at its enhanced 2% cash back rate in ‘only’ two or three spending categories.
The SimplyCash® Preferred Card from American Express has a very strong welcome bonus and similar earn rates as the CIBC Dividend Platinum® Visa* Card does. And as an Amex card it will be less widely accepted by merchants than a Visa will be.
Is the CIBC Dividend Platinum® Visa* Card worth it?
The CIBC Dividend Platinum® Visa* Card is a pretty solid choice for a cash-back card. The 3% cash back rate for eligible gas, EV charging, and groceries† is its big draw, as gas and groceries are two major budgetary expenditures for most Canadians.
CIBC Dividend Platinum® Visa* eligibility requirements
To apply for the CIBC Dividend Platinum® Visa* Card, you need to meet certain eligibility requirements. You must:
- Be a Canadian resident
- Be the age of majority in the province in which you live
- Have a Very Good credit score of ≥ 720.
- Have a minimum annual income of 15,000†
Applying for the CIBC Dividend Platinum® Visa* Card takes about five minutes and you’ll get a response in as little as 60 seconds. You can apply for the card through the CIBC website. Once approved, expect to receive the credit card within two to three weeks by mail.
This offer is not available for residents of Quebec.
†Terms and Conditions Apply
The information for the CIBC Dividend Platinum® Visa* has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Terms and Conditions apply.
Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.
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