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CIBC Dividend Platinum Visa Card

CIBC Dividend Platinum^® Visa* Card Review

Name: Hannah Logan
Item: CIBC Dividend Platinum® Visa* Card
Rating: 4.2
Author: Hannah Logan

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4.2

Welcome Offer

Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $200!†

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3% cash back on eligible gas, electric vehicle charging, and groceries.

2% cash back on eligible transportation, dining and recurring payments.

1% cash back on all other eligible purchases.

90 days purchase security from damage and theft on eligible items purchased with your card.

1 year on top of the original manufacturer's warranty

$500,000 common carrier accident insurance

$65,000 MSRP for rental cars for up to 48 consecutive days

20.99% Purchase APR non-Quebec residents†

22.99% Balance Transfer Rate non-Quebec residents†

22.99% Cash Advance APR non-Quebec residents†

$99 Annual Fee First year annual fee rebate†

Very Good Recommended Credit Score

$15,000 Required Annual Personal Income

$15,000 Required Annual Household Income

4.2

CIBC Dividend Platinum^® Visa* Card Review

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By Hannah Logan

Fact Checked: Cory Santos

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Quick overview of the CIBC Dividend Platinum^® Visa* Card

The CIBC Dividend Platinum^® Visa* Card offers cash back rewards ranging from 1%-3% (depending on where you shop), as well as a moderate spread of extra insurance and travel benefits. It’s a particularly appealing cash back card for those that spend a lot on gas, EV charging and groceries, and offers surprisingly rich value for a card with such a low minimum income requirement.

Who can benefit from the CIBC Dividend Platinum^® Visa* Card

The CIBC Dividend Platinum® Visa* Card is ideal for individuals who frequently spend on gas, EV charging, and groceries, as it offers a generous cash back rate of 2-3% in these categories. Additionally, the low minimum income requirement makes it accessible to a wide range of individuals. Whether you're a frequent driver or a grocery enthusiast, this card can help you maximize your cash back rewards.

Pros and cons

Pros

Very impressive welcome offer
Elevated cash back rates (2-3%) in five everyday spending categories†
No limit in total cash back you can collect
The $15,000 minimum annual income requirement† is very low for a cash back card of this calibre

Cons

$99 annual fee may not be worthwhile for all consumers
The $20K annual spending limit for earning cash back at the accelerated 2-3% rates is lower than the limits offered by some competing cash back credit cards

Welcome bonus with the CIBC Dividend Platinum credit card Card

New cardholders receive a first year annual fee rebate for the primary cardholder ($99)^† and up to three additional authorized cardholders ($30 each = up to $90).Additionally, get 10% cash back welcome bonus of up to $200!^†

How to earn cash back with the Dividend Platinum Visa Card from CIBC

The CIBC Dividend Platinum^® Visa* Card earns cash back on every purchase as follows:

After the Welcome Offer ends get 3% cash back on eligible gas, EV charging and grocery purchases^†2% cash back on eligible transportation, dining purchases and recurring payments^†
Earn 1% cash back on all other eligible purchases^†

It’s important to note that after you’ve spent $20,000 in the 3% and 2% spending categories (or $80,000 total on the card across all categories), your rate will drop to 1% on all subsequent purchases for the rest of that calendar year.^† It will reset to the higher earn rate at the start of the new year. That said, there is no limit on the total amount of cash back you can earn with the card overall.

How to redeem cash back

On top of the cash back features listed above, the CIBC Dividend Platinum^® Visa* Card comes with a few additional insurance benefits that further justify the card’s annual fee:

Auto Rental Collision and Loss Damage Insurance^†
$500,000 Common Carrier Accident Insurance^†
Purchase Security and Extended Protection Insurance^†

You can also pay to opt in to CIBC Emergency Travel Medical Insurance and/or CIBC Payment Protector Insurance for credit cards.^†

Key benefits of the Dividend Platinum^® Visa* Card from CIBC

There is a lot to like about the Dividend Platinum Visa credit card from CIBC. Chief amongst the great features of the card is the first-year annual fee rebate for the primary cardholder and up to 3 authorized users on the account. Given the $99 annual fee after that this bonus is valuable as it can assist you in racking up an impressive amount of cash back during the first year while determining if the Dividend Platinum is the right offer for you (and not the no annual fee CIBC Dividend® Visa* Card, for example).

While enjoying that $0 annual fee for the first year cardholders can also make great use of the cards impressive welcome offer and ongoing cash back rewards. That bonus offer of 10% cash back on the first $2,000 spent is valued at up to $200 and pairs nicely with the on-going rewards rate of 3% cash back on eligible gas, EV charging and grocery purchases, 2% back on eligible transportation, dining purchases and recurring payments, and 1% back on everything else.

CIBC Dividend Platinum Visa insurance coverage

On top of the cash back features listed above, the CIBC Dividend Platinum^® Visa* Card comes with a few insurance benefits that further justify the card’s annual fee:

Auto Rental Collision and Loss Damage Insurance^†
$500,000 Common Carrier Accident Insurance^†
Purchase Security and Extended Protection Insurance^†

You can also pay to opt in to CIBC Emergency Travel Medical Insurance and/or CIBC Payment Protector Insurance for credit cards.^†

Extra benefits of the CIBC Dividend Platinum credit card

Car rental savings: Get up to 25% off vehicle rentals at Avis® and Budget® locations worldwide when you pay with your CIBC credit card.
Send money abroad with $0 fees: Send money abroad to over 120 countries with a $0 transfer fee.
CIBC mobile app access: Set up alerts, pay your bill, track your cash back rewards, and more with the CIBC Mobile Banking App and CIBC Online Banking.
Mobile wallet connectivity
Credit report alerts

How does the CIBC Dividend Platinum^® Visa* Card compare to other credit cards?

The CIBC Dividend Platinum^® Visa* Card is a strong cash back card, but it does have its advantages and disadvantages compared to the competition. Let’s take a closer look.

Credit card

CIBC Dividend Platinum® Visa* Card

Tangerine Money-Back Credit Card

SimplyCash® Preferred Card from American Express

Welcome offer

Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $200!^†

If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*

In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Conditions apply.

Regular cash back rate

1%-3%^†

0.5%-2%

2% cash back on all other purchases with accelerated earn rates on eligible gas and grocery purchases.

Annual fee

$99 (first year annual fee rebated)^†

$9.99/month (equals a total fee of $119.88 annually)

Additional perks

Some insurance

Extended Warranty

Insurance and access events and special offers curated for Cardmembers with American Express^® Experiences

Rates

20.99%^† Purchase Annual Interest Rate, 22.99%^† (for non-Quebec residents only); Cash Advance Annual Interest Rate, 22.99%^† (for non-Quebec residents only) Balance Transfer Annual Interest Rate

19.95% interest rate on Purchases, 19.95% on Cash Advances, and 19.95% on Balance Transfers

20.99% interest rate on Purchases and 21.99% on Cash Advances

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^† Terms and conditions apply, *Terms and Conditions apply

At a glance, the Tangerine Money Back credit card looks like a pretty good deal since there’s no annual fee. However, the 0.5% cash back minimum is comparatively low when the other two cards’ minimums are 1% and 2%. And the Tangerine card earns at its enhanced 2% cash back rate in ‘only’ two or three spending categories; the CIBC card earns at 2-3% cash back in five different categories.

The SimplyCash^® Preferred Card from American Express has a very strong welcome bonus and similar earn rates as the CIBC Dividend Platinum® Visa* Card does. And as an Amex card it will be less widely accepted by merchants than a Visa will be.

Is the CIBC Dividend Platinum® Visa* Card worth it?

The CIBC Dividend Platinum^® Visa* Card is a pretty solid choice for a cash-back card. After the welcome offer ends the 3% cash back rate for eligible gas, EV charging, and groceries^† is its big draw, as gas and groceries are two major budgetary expenditures for most Canadians. The $20,000 spend limit for the higher cash back rate is less than ideal; however, we do love that there is no overcall cash back limit and that the card is accessible at almost every income level.

CIBC Dividend Platinum^® Visa* eligibility requirements

To apply for the CIBC Dividend Platinum^® Visa* Card, you need to meet certain eligibility requirements. You must:

Be a Canadian resident
Be the age of majority in the province in which you live
Have a credit score of ≥ 720.
Have a minimum annual income of $15,000^†

Applying for the CIBC Dividend Platinum® Visa* Card takes about five minutes and you’ll get a response in as little as 60 seconds. You can apply for the card through the CIBC website. Once approved, expect to receive the credit card within two to three weeks by mail.

This is a digital-exclusive offer.^†

To be eligible for this offer:

1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and

2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.^†

This offer is reserved for you. Please do not forward it to anyone else. CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another eligible card within the last 12 months.^†

^†Terms and Conditions apply

This offer is not available for the residents of Quebec. For Quebec Residents offer - visit CIBC.com product page here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Terms and Conditions apply.

Hannah Logan Freelance Contributor

Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.