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CIBC Dividend Platinum Visa Card review

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CIBC Dividend Platinum Visa Card
Welcome Offer
N/A
Rewards
Up to 3% cash back
Annual Fee
$0 annual fee for the first year ($99 thereafter)
Purchase Interest Rate
20.99%
Cash Advance Rate
22.99%
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Summary

Get a generous welcome bonus and earn a top return on cashback when you shop for daily essentials. 

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

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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

Interest TypeInterest Rate
Purchase interest rate20.99%
Cash advance rate22.99%
Standard balance transfer 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

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

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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