Top 4 Cash Back Credit Cards From CIBC – Reviewed & Compared (2020)

We all use credit cards, don’t we? What Is a Cash Back Credit Card? How does CIBC’s cash back credit cards compare with others in the market? Every day we use credit cards to pay for shopping expenses, grocery purchases, pay bills and so on. While we make purchases using the credit card, we will earn valuable reward points or certain cash back percentage on the transaction, depending on the credit card type we have.

CIBC offers four cash back credit cards – CIBC Dividend Visa Infinite Card, CIBC Dividend Platinum Visa Card, CIBC Dividend Visa card, CIBC Dividend Visa card for students. The annual fee for the first two cards is $99 per year (note – first-year annual fees is waived). The Dividend Visa and Dividend Visa for students cash back cards are priced at a $0 annual fee. With that said, the benefits and features are more inclined towards the first two premium cards. In this article, let us look at the best cash back CIBC Credit Cards and how they stack up with each other in terms of earning good cash back rewards for you on the regular purchases and everything else.

In Canada, you have the option of choosing the credit card which will suit your needs and preference.

For example, you can get the CIBC’S Infinite or Dividend range cash back credit cards. But, every credit card comes with an annual fee associated with it, again the cash back you’ll earn will depend on the card you have and where you are making the purchases (will talk about it a bit).

 Now, Let’s get started.

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CIBC Cash Back Credit Cards – Quick Overview

CIBC is one of the premier banks In Canada, often considered as one of the big 5 banks with a wide presence across the country.

Regarding the cash back credit cards, CIBC has a variety of credit cards in its portfolio.

When it comes to CIBC’s cash back credit card – they do have four cash back credit cards.

1. CIBC Dividend Visa Infinite Card
2. CIBC Dividend Platinum Visa Card
3. CIBC Dividend Visa card
4. CIBC Dividend Visa card for students

Now, let us compare all the four Cash Back Credit Cards offered by CIBC.

1. CIBC Dividend Visa Infinite Credit Card

The CIBC Dividend Visa Infinite Credit Card is the top of the range card offered by CIBC. It is for the premium crowd and let’s look at the benefits and features it offers.

CIBC Dividend Visa Infinite Card – At A Glance

Annual Fee – $99 (First-year annual fee is waived)

Interest Rate – 19.99% for regular purchases
22.99% for cash transactions (This is pretty standard in the industry unless you opt for the low-interest credit card range)

Minimum Annual income Required To Apply for The Credit Card – $60,000 Annual – Canadian Dollars for Individuals or $100,000 as a Household Income

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Benefits & Features Of The CIBC Dividend Visa Infinite Card

1. You’ll get the first-year annual fee rebate and 10% cash back on total purchases of up to $2,000 max (Promo only for new customers).

2. Rewards Program – Cash Back (Type of credit card)

3. Once the promo sign-up of 10% cash back expires, you will get 4% cash back for gas and grocery purchases, 2% on Tim Horton’s and Telus store purchases and 1% on every other purchase.

4. There’s no limit on the cash back you will earn in a calendar year

5. You will also be eligible to get 15 days of out-of-province medical coverage which is pretty useful.

6. Apart from the above-said benefits, you will also be covered for any flight delays and baggage insurance (to get this benefit, you should use the CIBC Dividend Visa infinite credit card at the time of booking the flight ticket)

7. Trip Interruption Insurance is also covered

8. Auto Rental Collision and Loss Damage Insurance

9. Common Carrier Accident Insurance of $500,000

10. Purchase Security and Extended Protection Insurance

2. CIBC Dividend Platinum Visa Credit Card

CIBC Dividend Platinum Visa Credit Card

One thing to note when it comes to CIBC credit cards is, the infinite series is the more premium brand and has better benefits when compared to the platinum cash back credit card.

With that said, its also important to note here that, the Platinum credit card range also offers fantastic value for money.

CIBC Dividend Platinum Visa Card – At A Glance

Annual Fee – $99 (First Year annual fee is waived)

Interest Rate – 19.99% for regular purchases
22.99% for cash transactions

Minimum Annual Income Required To Apply for The Credit Card – $15,000 as Household Income

As you can see, both the CIBC Dividend Visa Infinite Card and the CIBC Dividend Platinum Visa Card cards have the same annual fee of $99, interest rates are the same, but the only difference is with the Minimum Annual Income required to apply for this card – if you are a new immigrant or don’t have the income yet to apply for the infinite series, you can definitely apply for the CIBC Dividend Platinum Visa Card. As I said, it’s loaded with fantastic benefits and features. Now then, looks at what the benefits and features of this card are.

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Benefits & Features Of The CIBC Dividend Platinum Visa Card

1. You’ll get the first-year annual fee rebate and 10% cash back on total purchases of up to $2,000 max.

2. Rewards Program – Cash Back

3. Once the sign-up 10% cash back promo expires, you will get 4% cash back for gas and grocery purchases, 2% on Tim Horton’s and Telus store purchases and 1% on every other purchase.

4. There’s no limit on the cash back you will earn in a calendar year

5. Auto Rental Collision and Loss Damage Insurance

6. Common Carrier Accident Insurance of $500,000

7. Purchase Security and Extended Protection Insurance

8. You’ll also get the Optional CIBC Emergency Travel Medical Insurance

9. Extra protection on new purchases – With this feature, you can double the manufacturer’s original warranty up to one year on most of your purchases

As you can see, there’s not much you lose opting for the CIBC Dividend Platinum Visa card, however, anyone who meets the minimum eligibility criteria should go for the infinite series as it offers better features and more value for money. Mind you, the annual fee is the same for both the cards at $99 per year.

3. CIBC Dividend Visa Credit Card

CIBC Dividend Visa Credit Card

Now let us look at the third cash back credit card from CIBC which is the CIBC Dividend Visa Credit Card.

The best and the most important feature of this cash back credit card is – NO ANNUAL FEE or $0 Annual Fee.

Yeah, that’s right. There’s no annual fee on this credit card. However, there are a couple of compromises as well. Nevertheless, let’s take a look at the card’s benefits and features.

CIBC Dividend Visa card – At A Glance

Annual Fee – $0

Interest Rate – 19.99% for regular purchases
22.99% for cash transactions

Minimum Annual Income Required To Apply for The Credit Card – $15,000 Household Income

As you can see, the annual fee is $0, Interest rates remain the same as the previous two CIBC cash back credit cards as discussed. The minimum household income required is also the same as the CIBC Dividend Platinum Visa Card.

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Benefits & Features Of The CIBC Dividend Visa Card

1. NO ANNUAL FEE or $0

2. Rewards Program – Cash Back

3. Once the sign-up 5% cash back promo expires, you will get 2% cash back for gas and grocery purchases, 0.5% on Tim Horton’s and Telus store purchases up to $6000 purchase limit and 1% on every other purchase above $6000.

4. There’s no limit on the cash back you can earn in a calendar year

5. Common Carrier Accident Insurance of $100,000

6. Purchase Security and Extended Protection Insurance

7. You’ll also get the Optional CIBC Emergency Travel Medical Insurance

8. Extra protection on new purchases – With this feature, you can double the manufacturer’s original warranty up to one year on most of your purchases

4. CIBC Dividend Visa Credit Card For Students

CIBC Dividend Visa Credit Card

Now let’s look at the fourth and the final cash back credit card from CIBC which is the CIBC Dividend Visa Credit Card for students. This credit card is exclusively for students who want to build their credit history before getting employed or just out of college.

The best and the most important feature of this credit card is – NO ANNUAL FEE or $0 Annual Fee.

Yeah, you heard it right. There’s no annual fee on this credit card like the previous one. However, there are a couple of compromises as well. Never mind, let’s take a look at the card’s benefits and features.

CIBC Dividend Visa card – At A Glance

Annual Fee – $0

Interest Rate – 19.99% for regular purchases
22.99% for cash transactions

Minimum Annual Income Required To Apply for The Credit Card – $0

The annual fee for the CIBC Dividend Visa card for Students is $0 or no-fee, Interest rates remain the same as the previous two CIBC credit cards as discussed. The minimum household income required is the same as the CIBC Dividend Platinum Visa Card.

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Benefits & Features Of The CIBC Dividend Visa Card for Students

1. NO ANNUAL FEE

2. Rewards Program Cash Back

3. Once the sign-up 5% cash back promo expires, you will get 2% cash back for gas and grocery purchases, 0.5% on Tim Horton’s and Telus store purchases up to $6000 purchase limit and 1% on every other purchase above $6000

4. There’s no limit on the cash you can earn in a calendar year

5. Common Carrier Accident Insurance of $100,000

6. Purchase Security and Extended Protection Insurance

7. You’ll also get the Optional CIBC Emergency Travel Medical Insurance

8. Extra protection on new purchases – With this feature, you can double the manufacturer’s original warranty up to one year on most of your purchases

CIBC Dividend Visa card and CIBC Dividend Visa Card for Students are both almost similar in terms of benefits and features, except that the latter is more for students with a $0 annual income requirement. Apart from this, everything else is the same when compared to the CIBC Dividend Visa credit card.

CIBC Cash Back Credit Cards – Comparison

There you go, we just had a look at all of the 4 cash back credit cards offered by CIBC.

In a nutshell, CIBC Dividend Visa Infinite Credit Card and the CIBC Dividend Platinum Visa Card are the top #1 and #2 offerings from CIBC for the cash back credit card portfolio.

The only difference between all of the four cash back credit cards is in terms of the minimum annual income requirement. Every other benefit and cash back earning potential is almost 99% the same including the annual fee of $99.

When it comes to tier #3 and tier #4 cash back credit cards from CIBC which are – CIBC Dividend Visa card and CIBC Dividend Visa card for students – They both have $0 ANNUAL FEE and lesser minimum annual income requirement compared to the first two.

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CIBC Cash Back Credit Card Redemption

I have been banking with CIBC for almost 4 years now.

I do have the CIBC Dividend Visa Infinite Credit Card at the moment, on every monthly e-statement I see the cash back dollars I’ve earned for the previous month. It accumulates month after month.

Usually, in December statement, CIBC will automatically apply the cash back that I’ve earned over the past 11 months towards my outstanding balance. I have called the customer care, just to find out if I can redeem my cash back towards the bill payments earlier than December, but unfortunately, they do not allow this yet. So, all you have to do is, wait till December to get the cash back redeemed.

If you have the cash back credit card and make a switch to the points cards for example, then probably your cash back will be applied towards your outstanding bills payments.

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Conclusion

CIBC is one of the premier banks In Canada with more than 3800+ branches coast-to-coast. It’s also one of the big 5 banks in Canada.

The cash back credit cards from CIBC are one of the best in the industry and should be considered for your day-to-day purchases and bill payments.

Usually, in December, you get back all of your cash back In the form of paying off your credit card outstanding balance.

Depending on your income level, both individual and household income, you can opt for the infinite or platinum cash back credit card, as both have the same annual fee of $99.

If you want to consider the $0 cash back credit card from CIBC, you will earn less cash back percentage but you don’t have to pay an annual fee. If this is something you are looking for you have the option of choosing the CIBC Dividend Visa card and for students, it is the CIBC Dividend Visa card.

That’s all for now. Please let me know your thoughts and comments below.

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Sagar Sridhar

Sagar Sridhar Is a Personal Finance Blogger from Toronto, Canada. He is a Computer Science Engineer by profession and works in IT Industry. What started as a hobby, quickly turned into serious blogging and income. In this blog, Sagar passionately writes articles about Personal Finance, DIY Investing, Retirement, Stocks & ETFs, Frugal Living and much more. Do visit about page to know more about him. If you would like to get in touch, you can do so by emailing him at [email protected] and he'll get back to you at the earliest.

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