CIBC Classic Visa Card Review: Is It Worth It?
- Welcome Offer
- N/A
- Rewards
- N/A
- Annual Fee
- $0
- Purchase Interest Rate
- 21.99%
- Cash Advance Rate
- 22.99% (21.99% for Quebec residents)
Our verdict
The CIBC Classic Visa is a basic, no-fee credit card with some useful perks, but you won't earn rewards on your everyday spending.
I've had the CIBC Classic Visa Card for over 10 years now since my student credit card with CIBC was automatically converted after I graduated. It comes with no annual fee, which is why I've kept it for so long, but not a ton of other standout perks.
It gives you access to free credit score monitoring, discounts on eligible gas purchases, purchase protection and free international money transfers. However, these benefits are available with most of CIBC's credit cards, many of which offer cash back and either no annual fee or a waivable annual fee.
If you want to get more from your spending, I'd recommend looking into a cash back or rewards points credit card, like the CIBC Aventura Visa Card or the CIBC Dividend Visa Card — both have no annual fee. I may have to apply for one myself!
CIBC Classic Visa Card pros
- Free credit score monitoring. One of my favourite features is that CIBC gives me free access to my TransUnion credit score. I get an updated score every three months, along with details like my credit history and outstanding balances. I can also use a score simulator to see what would happen to my credit history if I did things like opened a new account or took out a loan.
- Real-time notifications. I receive a notification on my phone every time a charge goes through on my credit card. I like it because I can make sure I’m being charged correctly and immediately spot any transactions I don’t recognize.
- Easy to manage the card. I’ve thankfully never had to use these features, but if someone did use my card, I can lock it and report it lost or stolen directly on the app. I can also replace a damaged card, activate a new one or change my PIN without having to call CIBC.
- No annual fee. This is what attracted me to the CIBC Classic Visa Card initially, as there are no spending, balance or account requirements to keep the annual fee at $0.
- Low income requirement. You only need a minimum household income of $15,000 to be eligible for this card.
- CIBC Pace It Installment Plans. CIBC allows customers to set up installment plans for eligible purchases over $100. Again, this isn’t a feature I’ve had to use, but I like that I can see which transactions are eligible when I go through my transaction history.
- Automatic payments. I set up pre-authorized payments from my non-CIBC chequing account to pay the amount due on my credit card each month. You can also set up an authorized payment to just pay the minimum amount due each month.
- Purchase protection and extended warranty. Eligible purchases are protected against loss, theft or damage for 90 days after purchase. The card also automatically doubles the original manufacturer’s warranty for eligible purchases, up to one additional year.
- Useful financial advice. CIBC’s mobile app has an Advice tab with tools for creating a budget, setting savings goals and getting personalized tips based on your financial activity. I use the budgeting tool regularly since setting up a goal of buying a house within the next year and linking my savings account. CIBC now tracks my progress and provides updates like how much I need to save each month to reach my goal.
- Helpful customer service. Someone used my card in Mexico, so I called CIBC right away. They locked my card, sent me a new one and investigated the transaction. In a few weeks, the charge was reversed.
- Discounts on eligible gas purchases. If you link your Journie Rewards card to your CIBC account and present both when purchasing gas, you can get up to 10 cents off per litre at participating Fas Gas, Pioneer, Ultramar and Chevron gas stations.
- Free CIBC Global Money Transfers. You can send money abroad with no fees and no interest, as long as you pay off the transfer in full when your bill comes. Exchange rate markups may apply though. I’ve never used this feature, but CIBC says most transfers will be completed by the next business day or within one to three business days at the most.
Cons
- Slow mobile app. While I do like the Advice tab on CIBC’s mobile app, it freezes a lot or times out when I use it. The app is normally fine for just checking my transactions or bills, though.
- No rewards program. The card doesn’t earn points or cash back on everyday spending. However, I use it with cash back platforms like Great Canadian Rebates and Rakuten to maximize savings.
- High interest rate. The purchase interest rate is currently 21.99%. I try to pay my balance in full each month, so I’ve never had to pay interest, but if this isn’t an option for you, you may want to consider a card with a lower purchase rate.
- Travel insurance isn’t included. You have to pay an additional fee to get travel insurance that’s underwritten by Co-operators Life Insurance Company and administered by Allianz Global Assistance.
- Foreign transaction fees. I try not to use my card abroad because CIBC doesn’t offer the mid-market exchange rate when it converts transactions to CAD. For example, when I used it in London, I was given a rate of 1 GBP = 1.93 when the market rate was 1 GBP = 1.88. Then CIBC charges a 2.5% fee on top of that.
Alternatives
Purchase Interest Rate
21.99%
Annual Fee
$0
Balance Transfer Rate
0.99% for the first 9 months
Purchase Interest Rate
19.99% - 29.99% (up to 24.99% in Quebec)
Annual Fee
$0
Balance Transfer Rate
N/A
What are the eligibility requirements of the CIBC Classic Visa?
To be eligible for the CIBC Classic Visa, you must:
- Be a Canadian citizen or resident
- Be the age of majority in your province (18 or 19)
- Have a good credit score
- Have a minimum annual household income of $15,000
- Have not filed for bankruptcy within the past seven years
What are the required documents?
When you apply for the CIBC Classic Visa, you must provide your:
- Full name and date of birth
- Home address, phone number and email address
- Gross annual income
- Current and previous employers
- Details about any other credit cards you currently have
- Social Insurance Number (optional)
Is it possible to get the CIBC Classic Visa Card with bad credit?
CIBC says to qualify for a credit card, you must have a good credit score, but it doesn’t state a specific credit score.
If you have bad credit, you may want to consider a secured credit card instead. You use the card like a regular credit card, but you need to provide a refundable security deposit, which serves as collateral and your credit limit. Making payments on time can help you build or rebuild your credit history so you can eventually get a regular credit card.
Credit cards for bad credit and alternatives
What’s the application process like?
You can apply for a CIBC credit card online, over the phone or in person, as there are over 985 branches across Canada. If you want to apply online, you can follow these steps:
- Download the CIBC Mobile Banking App or head to CIBC’s website and find the CIBC Classic Visa Card.
- Select Apply Now, then Start your application after you review the eligibility requirements.
- Review the annual interest rates and fees, then select Continue.
- Enter your full name, email address, phone number and birthday.
- Verify your residential information by stating what your living situation is and how long you’ve lived at your current address.
- Input your Social Insurance Number (SIN) to verify your identity faster.
- Enter details about what you do for a living, your income and how much you pay for housing.
- Review CIBC’s legal documents, agree to its terms and select Submit when you’re ready to complete your application.
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