CIBC Dividend Visa Card review
- Welcome Offer
- N/A
- Rewards
- Up to 2% cash back
- Annual Fee
- $0
- Purchase Interest Rate
- 20.99%
- Cash Advance Rate
- 22.99% (21.99% for Quebec residents)
Summary
Get basic insurance and double the cashback on groceries with the no-nonsense, fee-free CIBC Dividend Visa Card.
The CIBC Dividend Visa Card gives a decent return on cash back for no annual fee. Earn 2% cash back on groceries, 1 % on gas, transportation, dining and recurring payments, and up to 0.5% on everything else. This card also comes with basic insurance and optional travel medical for an additional fee.
30-second take
- Think about the CIBC Dividend Visa Card if you spend a lot on groceries and don’t want to pay an annual fee.
- Choose something else if you want low interest rates and flexible rewards.
- You’ll need to have a basic household income of $15,000 to apply for this credit card.
The basics
If you’re looking for a no-frills cash back card that will let you earn more rewards for spending money on groceries, then you might benefit from the CIBC Dividend Visa Card.
- No annual fee. You won’t have to pay any money to keep your card active.
- Rewards. Earn 2% cash back on groceries, 1 % on gas, transportation, dining and recurring payments, and up to 0.5% on everything else
- Extra cash back for groceries. Rack up double the cash back (2%) when you shop for groceries.
- Purchase assurance. Get purchase insurance for up to 90 days to protect against loss, theft or damage.
- Extended warranty. Double the manufacturer's original warranty, up to one year on eligible purchases
The perks
- Common carrier insurance. Get coverage up to $100,000 when you travel by plane, ferry, train or bus.
- Optional insurance. You can pay an additional fee to get travel medical and balance protection insurance (which covers your card payments in case of injury/loss of work).
- Security measures. Cards are protected with encrypted microchips and other security features like Visa payWave for online purchases.
- Free additional cards. Order up to three additional cards at no extra cost.
- Low-interest financing plans. Get low interest on large purchases with CIBC‘s “Pace It” installment plans.
- Tap and pay. Sign up for Apple Pay or Google Pay to make purchases with one easy tap on the reader.
What to watch out for
- High interest. You’ll pay an industry standard 20.99% interest on outstanding balances and 22.99% (21.99% for Quebec residents) interest on cash advances and balance transfers.
- No points. You won’t be able to collect points to cash in for rewards like travel, merchandise or gift cards.
- Hard to redeem cash back. Cash back is accumulated monthly but it will only be paid out once per year on your December statement.
- Limited benefits. This card doesn’t offer benefits like comprehensive travel insurance, mobile device insurance or roadside assistance.
CIBC Dividend Visa Card interest rates
| Interest Type | Interest Rate |
|---|---|
| Purchase interest rate | 20.99% |
| Cash advance rate | 22.99% |
| Standard balance transfer 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
The CIBC Dividend Visa Card might be suitable for you if you want a no-fee cash back card that will reward you for purchasing daily essentials like groceries. This card also comes with basic insurance like purchase protection and extended warranty as well as optional coverage like travel medical for a fee.
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