$0 Annual fee The CIBC Dividend Visa Card is an excellent card for students, newcomers to Canada, or individuals with new or recovering credit files who want to build a strong relationship with CIBC while earning consistent cash back.
Bonuses & Fees
As a basic cash back credit card, the CIBC Dividend Visa Card does not offer any kind of welcome bonus.
The card has no annual fee for both the primary cardholder and any supplementary cardholders. It’s a solid choice to keep open as a free primary or backup credit card, all while supporting the longevity of your credit history.
You could also downgrade to this card after collecting the bonus on a higher-tier CIBC Dividend credit card to preserve your account history.
Earning Rewards
The CIBC Dividend Visa Card offers the following earning rates:
- 2% cash back on groceries
- 1% cash back on gas, transportation, dining, and recurring bill payments
- 0.5% cash back on all other purchases
While the return on non-categorized is rather mediocre at 0.5%, 2% cash back on groceries is a fairly strong return for a no-fee credit card.
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 a no-fee card, the CIBC Dividend 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 insurance benefits on the CIBC Dividend Visa Card are also fairly limited.
The card’s sole type of travel insurance is Common Carrier Accident insurance, which reimburses you up to $100,000 in the case of an unforeseen accident onboard scheduled transportation that results in bodily harm.
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).