CIBC Dividend Platinum Visa Card review

The CIBC Dividend Platinum Visa Card offers a competitive return on cash back for an annual fee. Earn 3% cash back on gas and groceries, and up to 2% on everything else.

30-second take

• Think about this card if you want a welcome bonus and a decent cash back return.

• Choose something else if you want low interest rates and no annual fee.

• You’ll need to have a basic household income of $15,000 to apply for this credit card.

The basics

If you’re looking to earn a decent cash back return and want to be rewarded for purchasing daily essentials like gas and groceries, then the CIBC Dividend Platinum Visa Card could be a good fit for you.

• Cash back. Earn 3% cash back on gas and groceries, and up to 2% on everything else.
• Welcome offer. Get a first-year annual fee rebate for you and up to 3 authorized users
• Purchase assurance. Safeguard the items you buy against loss, theft or damage with 90 days
  purchase protection.
• Extended warranty. Add a year onto your manufacturer’s warranty at no extra cost for eligible purchases you make with your card

The perks

• Common carrier insurance. Get coverage up to $500,000 when you travel by plane, ferry, train or bus.
• Optional insurance. Pay more to add travel medical and balance protection insurance to your account.
• Security features. Cards are protected with encrypted microchips and other security features like Visa payWave for online purchases.
• Low-interest financing plans. Qualify for lower interest rates when you finance a large purchase with CIBC’s “Pace It” installment plan.
• Tap and pay. Sign up for contactless payment with Android or Apple to pay in one easy swipe.

What to watch out for

• Annual fee. You’ll have to pay an annual fee of $99 to keep your card active, though this fee is waived in your first year.
• Interest rates. Interest rates sit at the industry standard 20.99% for purchases and 22.99% (21.99% for Quebec residents) for cash advances and balance transfers.
• Low return. You’ll only get 1% cash back on purchases that don’t fall into special categories.
• Hard to redeem cash back. Cash back is accumulated monthly, but it’s only paid out once per year on your December statement.
• Fee for additional cards. You’ll have to pay $30 for every card that you add to your account.
• Few benefits. There’s no option to get additional coverage like mobile device insurance or roadside assistance.

CIBC Dividend Platinum Visa Card interest rates

What should I know before I apply?

• Eligibility requirements

  To apply for a CIBC Dividend Platinum Visa Card, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
  • Earn a minimum household income of $15,000

• Required documents and information

  • Your name, residential status and contact information
  • Your social insurance number and date of birth
  • Your email address and phone number

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

The CIBC Dividend Platinum Visa Card offers a competitive return on cash back for gas and groceries as well as a higher return on transportation, dining and recurring payments. It also comes with a generous welcome bonus, basic insurance and limited travel coverage for a reasonable annual fee, which is waived in the first year.

Compare other credit cards

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RBC Cash Back Mastercard RBC Cash Back Mastercard		N/A	Up to 2% cash back	20.99%	$0	Min. recommended credit score: 650		Go to siteMore Info Compare	loading Fetching your data...
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RBC ION Visa RBC ION Visa		6,000 points	1.5 points per $1 spent	20.99%	$0	Min. recommended credit score: 660	Get 6,000 Avion points when you get approved for the card.	Go to siteMore Info Compare	loading Fetching your data...
Tangerine World Mastercard 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 October 31, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.	Go to siteMore Info Compare	loading Fetching your data...
American Express Cobalt Card American Express Cobalt Card		15,000 points	Up to 5x points per $1 spent	21.99%	$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.	Go to siteMore Info Compare	loading Fetching your data...
BMO CashBack Mastercard 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.	Go to siteMore Info Compare	loading Fetching your data...
Tangerine Money-Back Credit Card 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 October 31, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.	Go to siteMore Info Compare	loading Fetching your data...
RBC ION+ Visa RBC ION+ Visa		12,000 points	3 points per $1 spent	20.99%	$48	Min. recommended credit score: 660	Get 12,000 Avion points when you get approved for the card.	Go to siteMore Info Compare	loading Fetching your data...
BMO eclipse rise Visa Card 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.	Go to siteMore Info Compare	loading Fetching your data...
BMO Preferred Rate Mastercard 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 by your first anniversary.	Go to siteMore Info Compare	loading Fetching your data...

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Frequently asked questions about the CIBC Dividend Platinum Visa Card

• Does the CIBC Dividend Platinum Visa Card come with a welcome offer?

  Yes. Get a first-year annual fee rebate for you and up to 3 authorized users

• Is there a limit to how much I can earn in cash back?

  Not necessarily. There are no limits to how much you can earn annually, but you’ll only get higher cash back rates up to a certain amount.
  For example, the bonus rate of 10% is only valid on purchases up to $2,500 while the higher return on gas and groceries, only applies up to $20,000. After this, you’ll earn a flat rate of 1% on all purchases.

• Do any of CIBC's Dividend cards come without a fee?

  Sure thing. You can look at the CIBC Dividend Visa and the CIBC Dividend Visa for Students if you want similar benefits for no fee. Just be aware that you’ll get a lower return on cash back when you sign up for a fee-free card.

• Can I apply online?

  Yes, you can apply by visiting the CIBC bank website.