The CIBC Dividend Platinum® Visa* Card is an excellent option for any one looking for a cash back card that has very good earn rates and easy redemption but doesn't have the high annual income requirement that many similar cards ask for.
The review of the CIBC Dividend Platinum Visa Card is broken down into the following sections:
Overview
The CIBC Dividend Platinum Visa Card is a mid-level cash back rewards card set right in-between their entry level CIBC Dividend® Visa* Card and their premium card, the CIBC Dividend® Visa Infinite* Card. Thanks to a strong welcome bonus, accelerated earn rates and low anytime cash out balance requirement it is one of Canada's better mid-level cash back rewards credit cards. In fact, it even challenges some of the premium cash back cards out there all without having to make income of $60,000, $80,000 or more annually.
Costs & Sign up Features
The CIBC Dividend Platinum Visa Card has an annual fee of $99 for the primary card and additional cards are $30 each annually.
Right now the card has a limited time welcome bonus of 10% cash back for the first 4 statements on net purchases of up to $2,000. That equates to up to $200 cash back!
The purchase interest rate
on the card is 20.99% while cash advances are charged 22.99%. Annual income requirements are $15,000 household.
Earning
The card earns cash back rewards as follows:
- 3% cash back on eligible gas, EV charging and grocery purchases.†
- 2% cash back on eligible transportation, dining purchases and recurring payments†
- 1% cash back on all other purchases†
There is an annual spending cap of $20,000 on the accelerated 2% and 3% earn rates. Once you reach that cap (or $80,000 in total spending on the card) those earn rates drop down to the base rate of 1%.
Redeeming
As with most cash back cards there is only one redemption option with CIBC Dividend Platinum Visa Card and that is to redeem for cash back! The Dividend Platinum Visa card has a very simple and easy cash back redemption process. Once your cash back rewards balance reaches $25 you can choose to redeem it via CIBC Online Banking or the CIBC Mobile Banking App as a credit to your account.
Features and Benefits
Cash back cards aren't known for extra features and benefits like their travel counterparts however the CIBC Dividend Platinum Visa card does come with savings for gas via Journie Rewards and it earns extra More Rewards points for grocery shopping with the Save-On family of grocery stores.
Save on gas with CIBC and Journie Rewards
Link and use your CIBC Dividend Platinum Visa Card with Journie Rewards to automatically save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
More Rewards
Simply use your CIBC credit or debit card and More Rewards cards to earn 2x More Rewards points at Save-On Foods, Urban Fare and PriceSmart Foods.
Insurance
The CIBC Dividend Platinum Visa Card provides basic travel insurance and shopping coverage as follows:
- $500,000 Common Carrier Accident Insurance
- Auto Rental Collision/Loss Damage Insurance
- Purchase Security Insurance
- Extended Warranty Insurance
What is good about this card
The welcome bonus - 10% back on the first $2,000 spent in the first four statement periods it is one of the better offers for 'true' cash back cards in the market.
The next good thing are the accelerated earn rates - 3% cash back for gas, EV charging and groceries is a great return for those highly utilized categories. 2% back on transportation, dining purchases and recurring payments is also a very respectable earn rate.
Being able to redeem anytime your cash back balance reaches $25 is great. This is a low limit and makes it very easy to realize the savings the card can provide. It's nice to not have to wait for your monthly statement to get the rewards or in the case of some other cash back cards, annually!
What is not so good about this card
The annual cap on the accelerated earn rates is on the low side at $20,000. For most Canadians this shouldn't be too big of an issue but if you know you can spend more than that across those categories you may lose out on some cash back as some competing cards have higher caps. Also with the cap being combined across all the accelerated spend categories means each time you make a 2% purchase you are taking away potential 3% cash back from future purchases.
The lack of benefits could be seen as a drawback as the Journie Rewards and More Rewards benefits are specific to certain cardholders. If you don't shop at those grocery stores or gas stations the benefits are meaningless to you.
Who should get this card
- Consumers who want an easy to use and rewarding cash back card
- Consumers who bank with CIBC and want to keep all their financial products with the bank
- Consumers who want a good cash back card but don't meet the income requirements for the CIBC Dividend® Visa Infinite* Card
Conclusion
The CIBC Dividend Platinum Visa Card is a decent mid-level cash back rewards card that is perfect for those who do not have the income level to apply for an Infinite Card. The valuable welcome bonus offer coupled with strong accelerated earn rates make it an excellent choice for a cash back card in your wallet. If you can take advantage of the Journie Rewards and More Rewards benefits the card gets even better. If you want simplicity and ease of use in a cash back card that provides good returns on gas and groceries you should consider the CIBC Dividend Platinum Visa Card
Latest card details:
CIBC Dividend Platinum® Visa* 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 $2,000†.
Annual Fee $99 | Additional Cards (Up to 3): $30 | Annual interest rate 20.99%† on purchases and 22.99%† on cash advances and 22.99% † on balance transfers | $15,000 household annual income †
- 3% cash back on eligible gas, EV charging and grocery purchases.†
- 2% cash back on eligible transportation, dining purchases and recurring payments†
- 1% cash back on all other purchases†
- 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®†
- Save on gas with CIBC and Journie Rewards
Link and use your CIBC Dividend Platinum Visa Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- This offer is not available for residents of Quebec.
- Click here to apply for the CIBC Dividend Platinum® Visa* Card
This is a digital-exclusive offer.†
To be eligible for this offer:
1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and
2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†
This offer is reserved for you. Please do not forward it to anyone else.
CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
† Terms & Conditions Apply. The information for the CIBC Dividend Platinum® Visa* Card has been collected independently by Rewards Canada. The card details on this page have not been reviewed or provided by the card issuer.
Other cards to consider if you are looking at this card:
- American Express Cobalt® Card
- SimplyCash™ Preferred Card from American Express
- CIBC Dividend® Visa Infinite* Card
- Neo Financial Mastercard
- RBC Cash Back Preferred World Elite MasterCard
- Rogers World Elite MasterCard
- Scotia Momentum® VISA* Infinite card
- Tangerine World Mastercard®
- TD Cash Back Visa Infinite* Card
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