The CIBC Dividend Visa Infinite card is designed with flexibility in mind. It has a great cash back rate and offers several perks and a flexible cash back redemption policy.
Credit cards can be a useful tool in the right hands, but they can also be harmful if you’re not careful. This is why it’s important to take time and do your research before applying for a new credit card! Here is a review of the CIBC Dividend Visa Infinite Card. So, you can decide if it’s the right card for you.
Key Card Details
- $120 Annual fee (waived the first year)
- Save on gas with CIBC and Journie Rewards
- Get a 10% cash back welcome bonus on all purchase
- Comprehensive travel insurance
- Great rewards on every day spending
- 2.5% foreign transaction fees
- Apply through this secure link now to claim your 10% cash back welcome bonus offer
CIBC Dividend Visa Infinite Card Benefits
1. First year annual fee rebate
The card has a $120 annual fee but is waived the first year. In addition, the yearly charge for up to three extra cardholders on the account will also be waived (usually $30 per card). That means you can enjoy all of the card’s perks without paying any fee in the first year.
2. Save on gas with CIBC and Journie Rewards
CIBC is the first Canadian bank to offer this service, which automatically saves you money when you pay with your Visa Infinite Card at participating Pioneer, Fas Gas, Ultramar and Chevron stations.
Here is how it works:
Link your CIBC Dividend Visa Infinite Card with Journie Rewards to activate this feature. With your linked card, pay for your gas purchases at participating Pioneer, Fas Gas, Ultramar, or Chevron gas stations. You’ll automatically earn Journie rewards that you can use towards future purchases at participating retailers. You will also get a discount of up to 10 cents on every liter of fuel you purchase with your linked card!
3. Comprehensive travel insurance benefits
The Card offers one of the most comprehensive insurance packages available. As a cardholder, you’ll enjoy the following travel insurance benefits:
- Travel insurance for lost or stolen baggage
- Auto rental collision damage waiver (CDW) coverage up to $65,000 per rental.
- Mobile device insurance up to $1000
- Travel accident insurance up to $1 million.
- Purchase security coverage for eligible items purchased with your card that are lost or stolen within 90 days of purchase
- Common carrier accident insurance
- Extended warranty that doubles manufacturer’s warranty up to one additional year
CIBC Dividend Visa Infinite Card Welcome offer
The card has one of the best welcome offer in Canada. As a cardholder, you’ll enjoy a boosted earn rate of 10% on all purchases for the first three months. However, this sign-up bonus cash back is capped at $2500. Also, the annual fee of $120 and $30 for up to three supplemental cards will be waived for new cardholders. This is a total value of up to $460 in the first year.
Earning cash back
If you’re looking to save on your daily spending, the CIBC Dividend Visa Infinite Card is a great option. The card offers 4% cash back on gas and grocery purchases. You’ll also earn 2% cash back on dining and eligible transportation and recurring payments. And 1% cash back on all other purchases. (See also: Top Cashback Visa Cards In Canada).
CIBC Dividend Visa Infinite Card Downsides
The major drawback of this card is that it charges a 2.5% foreign transaction fee when using the card outside of Canada. Also, the minimum income requirement to be eligible for this card is quite high. The personal income requirement is $60,000 or $100,000 for the household income. This may make the card unaffordable for many Canadians.
This card is a solid choice for Canadians who want a low-maintenance cash back card with decent earn rates. The rewards are generous, and the annual fee is reasonable.
This credit card might be worthwhile if you’re a frequent flyer who likes to travel in style. With its comprehensive travel insurance protection, it’ll make any journey much easier. You’ll also get access to a rewards program with up to 4% cash back on everything you buy.