Quick overview of the CIBC Dividend® Visa Card
Cash back credit cards are one of the most popular types of rewards credit cards in Canada, but if you don’t want to pay an annual fee for the benefits of cash back, you’ll need to choose from a smaller pool of available options. That said, there are several strong no-fee cash back credit cards on the market today, including the CIBC Dividend® Visa* Card.
Who can benefit from the CIBC Dividend® Visa Card?
The CIBC Dividend® Visa is ideal for individuals who want to earn cash back without paying an annual fee. Whether you're a frequent grocery shopper, rely on transportation, or make recurring payments, the CIBC Dividend® Visa Card offers competitive cash back rates on these categories. Additionally, the card provides a complimentary SPC membership, making it a great choice for students looking to save on everyday purchases.
Pros and cons of the CIBC Dividend® Visa* card
Pros
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No annual fee
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High earn rates on popular spending categories
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Up to three additional cards at no extra cost
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Low required household annual income of $15,000â€
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No limit on the cash back you can earnâ€
Cons
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Low earn rates on everyday spending
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Only option to redeem cash back rewards is statement credit
Welcome bonus with the CIBC Dividend Visa credit card
Get up to 10 cents off per litre at participating gas stations with Journie Rewards.
How to earn cash back with the CIBC Dividend Visa Card
The CIBC Dividend® Visa* Card is a cash back credit card. That means when you make purchases with this credit card, a small percentage of your spending accumulates as cash back. After the welcome offer ends, this credit card lets you earn 2% cash back on eligible grocery purchases.†(An eligible grocery store is classified by the credit card network as a grocery store. Costco and Walmart, for example, are not classified as grocery stores, but Loblaws, Sobeys and No Frills are classified as grocery stores.) For all eligible gas, EV charging, transportation, dining purchases and recurring payments, you’ll earn 1%†and then 0.5% cash back on all other eligible purchases†.
Redeeming cash back
Cash back can be redeemed on demand by cardmembers at any time they have a minimum of $25 through CIBC Online and Mobile Banking®.†This is a huge benefit because it is much more convenient to use cash back towards purchases or paying down the balance of your credit card.
Key benefits of the Dividend® Visa* Card from CIBC
The CIBC Dividend® Visa* Card is an affordable way to earn cash back rewards on your everyday spending. This no-fee cash back credit card offers a range of benefits that make it a great choice for savvy shoppers.
After the welcome offer promotional period ends, you'll earn 2% cash back on eligible grocery purchases, 1% cash back on eligible gas, EV charging, transportation, and dining, as well as recurring payments†. Plus, you'll receive 0.5% cash back on all other eligible purchases†. With no annual fee, you can enjoy these rewards for free.
In addition to cash back rewards, this credit card offers some insurance coverage. You'll enjoy double the manufacturer's warranty on new purchases, up to one year, and $100,000 in common carrier insurance†. All told, there is plenty of value on offer despite the lack of an annual fee.
CIBC Dividend Visa insurance coverage
The CIBC Dividend® Visa* Card doesn’t have the robust suite of insurance you’ll find with many fee-based cash back credit cards, but it does offer several additional perks and features beyond cash back rewards:
- Extended Protection Insurance, which doubles the manufacturer’s warranty on items purchased with this credit card up to one year.â€
- Purchase Security, which insures most new items purchased on this credit card from theft, loss, or damage for 90 days after purchase.â€
- Common Carrier Accident Insurance, which covers you if you travel by plane, ferry, train, or bus. You, your spouse, and your children are covered with up to $100,000 in insurance. Just make sure you book your fare with this credit card and are the primary cardholder.â€
Extra benefits of the CIBC Dividend Visa 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
Rates and fees
The CIBC Dividend® Visa* Card has a Purchase Annual Interest Rate of 20.99%†, which is well within the normal range for a cash back credit card. If you were to take a cash advance from this credit card, the money you withdraw would be subject to a 22.99%†(for non-Quebec residents only) cash advance annual interest rate. The balance transfer annual interest rate is 22.99%†(for non-Quebec residents only). Shopping with this credit card is extremely easy because VISA is widely accepted across Canada and globally.
How the CIBC Dividend® Visa* card compares
As we mentioned above, your possibilities for a no-fee cash back credit card in Canada are not endless. That said, there are several good competitors in the market. Here’s how the CIBC Dividend® Visa* Card compares:
| Comparing the best no-fee cash back credit cards | CIBC Dividend® Visa* Card | Tangerine Money-Back Credit Card | SimplyCash® Card from American Express |
|---|---|---|---|
| -- |
|
|
|
| Cash back rewards | 2% cash back on eligible grocery purchases†and up to 1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments,†0.5% on all other eligible purchases†| 2% in two categories, 0.5% on everything else (option to add a 3rd cash back category when you open a Tangerine savings account) | Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada and 1.25% cash back on all other eligible purchases. |
| Welcome offer |
Get up to 10 cents off per litre at participating gas stations with Journie Rewards
|
Special 10% extra cash back rate on the first $1,000 spent with the card on everyday purchases (max. $100 cash back) in the first two months if you're approved. | In your first 10 months as a new SimplyCash® card from American Express cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your card. This could add up to $100 in statement credits in the first 10 months. Conditions apply. |
| Insurance coverage | Extended Protection Insurance, Purchase Security, common carrier insurance†| Extended warranty, purchase assurance | Travel accident, buyer’s assurance, purchase protection, car rental and theft damage |
| Purchase annual interest rate | 20.99%†(22.99%†for non-Quebec residents only) balance transfer annual interest rate and 22.99%†(for non-Quebec residents only) cash advance annual interest rate) | 19.95% | 21.99% |
| Minimum income requirement | $15,000 | $12,000 | N/A |
| Free supplementary cards? | Yes, up to 3 | Yes | Yes |
| Get started | Apply now | Apply now | Apply now |
†Terms and Conditions Apply
The CIBC Dividend® Visa* Card has a relatively standard base cash back earn rate of 0.5% on all purchases†, although it is low. Its main earn rate is highest for eligible groceries. As a result, this card is best suited for someone who spends enough money on groceries to enjoy the 2% cash back†.
If you don’t see yourself spending enough to benefit from the CIBC Dividend® Visa* Card, the SimplyCash® Card from American Express might be more appealing to you. Earn 2% cash back on eligible gas and EV charging purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases. Plus, the card’s welcome bonus is notable: in your first 10 months as a new SimplyCash® Card from American Express Cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your card. This could add up to $100 in statement credits in the first 10 months. Conditions apply.
Though the Tangerine Money-Back may only offer 0.5% cash back on all purchases, it still gives you 2% cash back on two spending categories of your choice and also offers a reduced rate balance transfer, which is helpful in case you need to consolidate your credit balances.
Is the CIBC Dividend ® Visa Card worth it?
If the CIBC Dividend® Visa* Card regular earn rate was higher and new cardholders were offered a welcome bonus to accelerate their cash back, this card would be perfect.
While Extended Protection Insurance and Purchase Security are great tools, additional travel insurance would further enhance this credit card's appeal. The absence of a cash back limit and the option to obtain free supplementary cards make it a potentially excellent choice, depending on your individual spending habits.
CIBC Dividend® Visa eligibility requirements
To apply for the CIBC Dividend® Visa, you must meet certain eligibility requirements, including:
- Be a Canadian resident
- Be the age of majority in the province in which you live
- Have a credit score of ≥ 640.
- Have a minimum annual income of $15,000â€
You can apply for the CIBC Dividend® Visa* Card online, over the phone, or at your local branch. You must be a Canadian resident and the age of majority in your province. If you aren’t a CIBC customer already, you’ll need to provide information like your address and income. The entire process of applying takes about five minutes and you will get a response in as little as 60 seconds. There is no annual fee for the CIBC Dividend® Visa* Card, so applying is free.
This offer is not available for residents of Quebec.
†Terms and Conditions Apply
The information for the CIBC Dividend Visa Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
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. Conditions apply.
Jordann Brown is a freelance personal finance writer whose areas of expertise include debt management, homeownership and budgeting. She is based in Halifax and has written for publications including The Globe and Mail, Toronto Star, and CBC.
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†Terms and Conditions apply.