CIBC Dividend Platinum Visa Card

The CIBC Dividend Platinum Visa Card is the mid-tier cash back offering from CIBC, offering a palatable 3% return on gas and groceries.

Bonuses & Fees

Currently there’s no welcome bonus on the CIBC Dividend Platinum Visa Infinite.

The annual fee of $99 is waived in the first year. You can take the card for a spin at no cost before deciding whether to commit long-term, with the option to downgrade to the no-fee basic version if you’d prefer.

Supplementary cardholders come at a cost of $30 apiece, with the first three rebated in the first year of card membership.

Earning Rewards

The CIBC Dividend Platinum Visa Card offers the following earning rates:

• 3% cash back on gas and groceries
• 2% cash back on transportation, dining, and recurring payments
• 1% cash back on all other purchases

Indeed, these bonus categories are spot-on to target the majority of users, as they represent the top categories where Canadians spend their money.

Between this one and the higher-tier CIBC Dividend Visa Infinite Card, the major difference is that the Visa Infinite variant offers a higher 4% back on groceries compared to the Platinum Visa.

Depending on how much you spend on groceries per year, it’s considering the Visa Infinite card instead, which has a marginally higher annual fee of $120.

Still, the overall mix of bonus categories on the CIBC Dividend Platinum Visa Card is quite diverse, making this a competitive card in the mid-tier cash back market.

Redeeming Rewards

With CIBC’s cash back cards, the primary cardholder may redeem cash back at any time during the year, provided they have a minimum cash back balance of $25 at the time the redemption request is made.

That’s a relatively flexible policy compared to many other cash back credit cards on the market, some of which only allow you to claim your cash back earnings once a year.

Perks & Benefits

As is typical for credit cards that earn cash back instead of travel rewards, the CIBC Dividend Platinum Visa Card comes with a limited set of perks.

The only notable benefit is the ability to save up to 10 cents per litre at Chevron, Ultramar, and Pioneer gas stations when you link your card with the Journie Rewards gas loyalty program.

Insurance Coverage

The card also boasts $500,000 of Common Carrier Accident insurance, as well as car rental theft/damage insurance on vehicles up to $65,000 MSRP.

In addition, it offers extended warranty (doubling the manufacturer’s standard warranty, up to one additional year) and purchase protection (against accidental damage or theft within 90 days).