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CIBC Dividend Visa Card review

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CIBC Dividend Visa Card
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)
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Summary

Get basic insurance and double the cashback on groceries with the no-nonsense, fee-free CIBC Dividend Visa Card.

Earn 2% cash back on groceries, 1 % on gas, transportation, dining and recurring payments, and up to 0.5% on everything else

In this guide

  • Review
  • Frequently asked questions
  • Your reviews

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 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 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.

Compare other credit cards

1 - 10 of 43
Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
RBC Cash Back Mastercard
N/A
Up to 2% cash back
20.99%
$0
Min. recommended credit score: 650
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.
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.
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.
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.
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 October 31, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
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.
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 by your first anniversary.
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