CIBC Corporate Classic Plus Visa Card review
- Welcome Offer
- N/A
- Rewards
- N/A
- Annual Fee
- $20
- Purchase Interest Rate
- 19.99%
- Cash Advance Rate
- 22.99%
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.
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 Type | Interest Rate |
|---|---|
| Purchase interest rate | 19.99% |
| Cash advance rate | 22.99% |
What should I know before I apply
How to apply
- Head to the CIBC website to begin your application.
- Complete the application, which includes providing your name, email address, social insurance number and birth date.
- 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.
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