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CIBC Corporate Classic Plus Visa Card review

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CIBC Corporate Classic Plus Visa Card
Welcome Offer
N/A
Rewards
N/A
Annual Fee
$20
Purchase Interest Rate
19.99%
Cash Advance Rate
22.99%
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Summary

Manage your business spending and build your credit history with this low-fee business card.

The CIBC Corporate Classic Plus Visa Card is a no-frills credit card that lets you easily manage your business expenses.

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The CIBC Corporate Classic Plus Visa Card is a no-frills credit card that lets you easily manage your business expenses. This card doesn’t offer any rewards but you’ll get common carrier insurance and special offers on travel and merchandise for a low annual fee.

30-second take

  • Think about this card if you own a small business and want to Pay a low annual fee of $20 to keep your card active.
  • Choose something else if you would prefer to earn rewards or get comprehensive benefits.
  • There’s no minimum annual income listed to qualify for this card but your approval will depend on the credit worthiness of your business.

The basics

If you’re looking for a no-frills credit card that can help you keep track of your business expenses, then you could benefit from the CIBC Corporate Classic Plus Visa Card.

  • Low annual fee. Pay a low annual fee of $20 to keep your card active.
  • Common carrier insurance. Get up to $100,000 in insurance coverage when you travel by plane, ferry, train or bus.
  • Car rental discounts. Enjoy car rental savings up to 25% at participating Avis and Budget locations around the world.
  • Special offers. Register your card with Visa SavingsEdge to lock in discounts on business solutions, travel, electronics and more.

The perks

  • Business tools. Track your business spending with special reporting software and online tools (enrollment with Visa is required).
  • Security features. Protect yourself from fraud with special features like instant alerts, encrypted chip-enabled cards and Visa Checkout services.
  • Many additional cards. Order up to 15 additional cards on your account.
  • Customizable spending limits. Set spending limits on your cards to make sure you don’t exceed your monthly budget.

What to watch out for

  • High interest. You’ll pay an industry standard 19.99% interest on any outstanding balances and 22.99% interest on cash advances.
  • No cash back or rewards. You won’t earn any points or cash back for spending money on your business.
  • Fee for additional cards. You’ll need to pay an annual fee of $20 for every extra card you add to your account.
  • Few benefits. You won’t even get purchase protection or extended warranty coverage on this card, which is the bare minimum for most basic credit cards.

CIBC Corporate Classic Plus Visa Card interest rates

Interest TypeInterest Rate
Purchase interest rate19.99%
Cash advance rate22.99%

What should I know before I apply

How to apply

  1. Head to the CIBC website to begin your application.
  2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
  3. Review and submit your application.

Bottom line

If you’re in the market for a no-frills card that will help you manage and track your business expenses, then you might benefit from the CIBC Corporate Classic Plus Visa Card. This card offers common carrier insurance and an array of business tools for a low annual fee.

Compare other credit cards

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
RBC ION Visa
3,500 points
1.5 points per $1 spent
20.99%
$0
Min. recommended credit score: 660
Get 3,500 Avion points when you get approved for the card.
Neo Credit Mastercard
Get $25.00 + up to 15% cash back
Up to 5% cash back
19.99% - 29.99%
$0
Min. recommended credit score: 600
Get $25 when you sign up for the Neo Financial Mastercard. Plus, earn bonuses like 15% cashback on your first purchase at most partners, and earn an average of 5% cashback at partner stores and at least 1% cashback guaranteed.
Tangerine World Mastercard
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until April 30, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
American Express Cobalt Card
15,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
20.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
Tangerine Money-Back Credit Card
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until April 30, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
RBC Cash Back Mastercard
N/A
Up to 2% cash back
20.99%
$0
Min. recommended credit score: 650
RBC ION+ Visa
7,000 points
3 points per $1 spent
20.99%
$48
Min. recommended credit score: 660
Get up to 7,000 welcome points. Get 3,500 points on approval and earn 3,500 bonus points when you spend $500 in your first 3 months.
BMO eclipse rise Visa Card
25,000
Up to 5 points per $2 spent
20.99%
$0
Min. recommended credit score: 660
Earn up to 25,000 bonus points.
BMO Preferred Rate Mastercard
0.99% rate on balance transfers for 9 months
N/A
13.99%
$0 annual fee for the first year ($29 thereafter)
Min. recommended credit score: 660
Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived in the first year.
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