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CIBC Classic Visa Card Review

CIBC Classic Visa* Card Card

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2.4

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20.99% Purchase APR

22.99% Balance Transfer Rate

22.99% Cash Advance APR

$0 Annual Fee $0 for up to 3 additional cards

2.5% Foreign Transaction Fee

Good Recommended Credit Score

$15,000 Required Annual Household Income

2.4

CIBC Classic Visa* Card Card

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Quick overview of the CIBC Classic Visa* Card card

The CIBC Classic Visa* Card is a simple, $0 annual fee card that gives you insurance coverage and perks like no transaction fees when you send money abroad using CIBC’s Global Money Transfer. With this card, you can enjoy making small purchases faster with Visa’s payWave™ and take advantage of Visa’s wide payment network, meaning that your card will be accepted worldwide.

Who’s the CIBC Classic Visa* Card card for?

The CIBC Classic Visa* credit card is great for anyone who is looking for a card with no annual fee and basic insurance coverage like purchase protection. If you’re a new credit card user in Canada, you’re just building your credit history and don’t need any fancy rewards, this is a great option to consider as the minimum income requirement is only $15,000, which is lower than most cards on the market. 

CIBC Classic Visa* Card card for students

If you’re a student who’s just starting school or currently in school, you can look into the CIBC Classic Visa* Card card for students and enjoy one year of free SPC+ membership. There’s no minimum income requirement and, best of all, you get great insurance coverage like $100,000 in common carrier accident insurance.

Check out the best student credit cards in Canada.

Pros and cons of the CIBC Classic Visa* Card Card

Pros

Pros

  • $0 for up to 3 additional cards

  • Save three cents per litre on gas through Journie Rewards

  • Send money abroad using CIBC Global Money Transfer™ and skip the transaction fee

  • 90 day purchase protection

Cons

Cons

  • No rewards on spending

CIBC Classic Visa* Card card key benefits

Here are the key benefits of the CIBC Classic Visa* Card card:

  • Savings on gas: Link your card with your Journie Rewards and save up to 10 cents per litre on your gas purchase from participating gas stations.
  • Optional add ons: You can add on more insurance benefits by choosing to include CIBC travel medical insurance and CIBC’s Payment Protector insurance. 
  • Global money transfer: When you use CIBC’s Global Money Transfer™, you can easily send money abroad and skip the additional transaction fees.

CIBC Classic Visa* Card card insurance coverage

Here are the insurance benefits you get with the CIBC Classic Visa* Card card:

  • $100,000 common carrier accident insurance: When you charge your travel tickets to your CIBC classic card, you’re covered for up to $100,000for any accident that occurs while traveling. 
  • Purchase security and extended protection insurance: Your new items are automatically protected for 90 days from any loss, theft or damages when the full purchase price is charged to the card.

How the CIBC Classic Visa* Card card compares

Let’s see how the CIBC Classic Visa* Card card compares with other great no annual credit cards in Canada. 

Tangerine Money-Back Credit Card

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3.8

Good

Suggested credit score

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Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

CIBC Classic Visa* Card Card vs. Tangerine Money-Back Credit Card

Both the CIBC Classic Visa* Card and Tangerine Money-Back have no yearly fee but the Tangerine Money-Back Credit Card offers you more bang for your buck with its flexible cash back rewards program, welcome bonus and insurance perks. You can earn 2% back in up to two categories of your choice and add on a third bonus category when you sign up for a Tangerine savings account. You earn 0.5% unlimited cash back on everything else. Best of all, there’s no spending cap. The insurance perks that come with the Tangerine Money-Back include rental car collision loss, mobile device insurance, purchase protection and extended warranty. See our Tangerine Money-Back Credit Card review.

American Express® Green Card

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3.5

earn 10,000 pts

Welcome offer

Good

Suggested credit score

Earn a Welcome Bonus of 10,000 Membership Rewards® points – that’s $100 in value

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Pros

  • No annual fee

  • No income requirements (unlike many other no-fee cards)

  • Welcome bonus up to 10,000 points (a $100 value)

  • American Express® Experiences

Cons

  • The card only offers basic extended warranty and purchase protection insurance. No travel insurance or rental car coverage

  • Some places might not accept American Express®. However, most major retailers do (more small businesses are starting to as well)

  • Fewer perks: No specific benefits for travel or dining and no accelerated earning rates on grocery

  • Lower earn rates: The reward earn rates are lower than some other no-fee credit cards

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • No annual fee

  • No income requirements (unlike many other no-fee cards)

  • Welcome bonus up to 10,000 points (a $100 value)

  • American Express® Experiences

Cons

  • The card only offers basic extended warranty and purchase protection insurance. No travel insurance or rental car coverage

  • Some places might not accept American Express®. However, most major retailers do (more small businesses are starting to as well)

  • Fewer perks: No specific benefits for travel or dining and no accelerated earning rates on grocery

  • Lower earn rates: The reward earn rates are lower than some other no-fee credit cards

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

the points on Card purchases

1x

additional Membership Rewards® point for every $1 you charge to your American Express® Green Card on eligible hotel or car rental bookings made with American Express Travel

1

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

CIBC Classic Visa* Card card vs. American Express® Green Card

The American Express® Green Card is a no annual fee credit card that comes with a rewards program. Unlike most rewards cards on the market, this card has no income requirements. You can earn 1x the points on Card purchases. 1 additional Membership Rewards® point for every $1 you charge to your card on eligible hotel or car rental bookings made with American Express Travel. You can choose to redeem your points for cash back, gift cards and travel credit through Amex’s rewards portal. The American Express® Green Card also comes with a generous welcome offer. As compared to the CIBC Classic Visa* Card, this card comes out as the clear winner. See our full review on the Amex Green credit card.

Contact American Express for the most up-to-date referral bonus figures.

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. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

CIBC Classic Visa* Card card vs. CIBC Dividend® Visa* Card

CIBC offers another no annual fee credit card, the CIBC Dividend® Visa* Card. Let’s see how the CIBC Classic Visa* Card compares to the CIBC Dividend® Visa* Card.

Card name CIBC Classic Visa* Card Card reviewed
CIBC Dividend® Visa* Card
Annual fee $0 $0
Welcome offer N/A Get 9.99% Purchase† and 20.99% Cash† annual interest rate for 10 months†
Insurance $100,000common carrier accident insurance

Purchase security and extended protection insurance 		$100,000common carrier accident insurance

Purchase security and extended protection insurance
Benefits Save up to 10 cents off per litre when you purchase gas through your Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations

Send money abroad using CIBC's Global Money Transfer and skip the transaction fees 		Earn 2% cash back on eligible groceries†, 1% cash back on eligible gas, electric vehicle charging, transportation, dining and recurring payments and 0.5% on all other purchases
Read our review Currently reading CIBC Dividend® Visa* Card review
Apply Now Visit CIBC Apply Now

While both cards have the benefit of a $0 annual fee, the CIBC Dividend card has a great welcome bonus and cash back rewards, which can help you save money as you spend, making it the better option.

Is the CIBC Classic Visa* Card card worth it?

If you’re a student or someone who wants to start building out their credit history in Canada, then the CIBC Classic Visa* Card is a good option. But, if you are looking for additional credit card perks and benefits then you should check out the best no annual fee credit cards in Canada to find a card that does exactly that.

  • What credit score is needed for a CIBC credit card in Canada?

    +

    To be eligible for a CIBC credit card in Canada, you must have a Good credit score of 660 or higher. Some cards may also require you to have a source of income.

  • What is the difference between Visa Classic and Mastercard?

    +

    The Visa Classic card is a specific product offering, whereas both Visa and Mastercard serve as payment networks and card issuers. Each has its own security and fraud protection services, ensuring the security of your transactions. When deciding between the two, it's essential to examine the specific cards and their overall rewards and benefits before making a choice.

Lubna Umar Content Strategist

Lubna Umar has worked in the field of personal finance for over 5 years. She has produced a wide variety of content including personal finance guides and insurance reports for brands like RATESDOTCA and the Financial Post. In her free time, she can be found writing fiction or exploring the café culture in Toronto or any other major city.

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