CIBC Dividend® Visa Card Review

CIBC Dividend® Visa Card Review

Last Updated on August 30, 2021 by Borche Stefanov

The CIBC Dividend Visa Card is a great option for families looking to earn attractive cashback on their regular expenses. Further, this card assists you in debt consolidation by offering a low-interest rate on any balances you transfer to the card. The best advantage is that you can get up to three added cards on the same account with the possibility of earning cash backs on all the purchases charged to these cards also. Not only is the interest rate of 19.99% affordable, but you can also set up automatic utility payments each month, including mobile bills and internet subscriptions. Simply by clearing your credit card balance in full every month, you can avoid paying interest.

Families with a low household income of $15,000 are eligible for the CIBC Dividend Visa Card with the opportunity to earn up to 2% cashback on groceries and 1% cashback on other shopping. Each time you buy gas, food at a restaurant, beverages, transportation tickets, and pay utility bills, you’ll earn 1% cashback. Any other charges aside from these will earn you 0.5% cashback. The company has an interactive website, CIBC Online and Mobile Banking, making managing your account extremely easy.

CIBC Dividend® Visa* Card

  • No annual fee or $0 charges
  • Facility of adding up to 3 additional cards at $0 annual fee
  • Interest rate of 19.99% for eligible purchases
  • Interest rate of 22.99% on cash advances
  • Interest rate of 21.99% for Quebec residents starting from April 1st, 2021

Specification: CIBC Dividend® Visa* Card

Interest Rate

19.99%

Annual Fees

$0

Balance Transfer

22.99%

Cash Advance

22.99%

Minimum Income

$15000

Network
Card Type

No Annual Fee, Travel Rewards

0

CIBC Dividend® Visa Card Details

  • The interest rate is 19.99%
  • The interest rate on cash advances is 22.99%
  • The annual Fee is $0
  • Card Best Suited For for families looking for debt consolidation options and credit cards for multiple members under one account
  • Offers the CIBC PaceIt Program allowing users to make large purchases and pay for them in easy monthly installments

CIBC Dividend® Visa Card is Best Suited For

The CIBC Dividend Visa Card is ideal for customers who intend to charge substantial or unexpected expenses to their credit card. By taking advantage of the PaceIt® program, you can choose to split your bill into installments payable over the next 6, 12, or 24 months. For instance, in case you wish to purchase home appliances, conduct home renovations, or deal with emergencies, the CIBC offers low interest rates without the need for additional credit checks and pre-approval. When you’re ready to encash the rewards, you can log into the site, select the amount you wish to redeem, and it is available right away. You’ll have the option of getting back a minimum of $25 and redeeming smaller denominations in place of the total accrued rewards.

9 Total Score
CIBC Dividend® Visa Card Review

PROS
  • CIBC offers the opportunity to earn up to 10 cents discounts per litre of gas purchased at partnering stations through the Journie Rewards program.
  • There are no limits to the total cash back you can earn each year.
  • Customers have the option of redeeming the cashback at as little as $25 at any time. Or, you can choose to have the rewards added to the annual credit card statement provided in January.
  • Charging purchases to the CIBC Dividend Visa Card earns you Purchase Security & Extended Protection Insurance valid for up to 12 months on all eligible purchases. If any replacements or repairs are needed on the item, CIBC will reimburse you for the cost. The company also offers compensation if the items are lost, damaged, or stolen. This cover is valid for 90 days after the purchase.
  • If you charge your travel fare to the CIBC Dividend Visa Card, you, your spouse, and your dependent children get Common Carrier Accident Insurance worth up to $100,000. This insurance is valid on travel by bus, train, ferry, or plane.
  • Renting cars from partnering companies using this card entitles you to car rental discounts valid at any location worldwide.
CONS
  • Cashback rewards are only offered on purchases and not cash advances.
  • Only the primary cardholders are permitted to redeem the cashback rewards.
  • The minimum cashback redemption amount is $25. You’re not permitted to redeem amounts lower than that. Once you put in a cashback request, you can expect to use the credit in around five days.
  • You can redeem any accrued rewards by December 31st. Any remaining rewards will be added to the credit card statement created in January of the following year.
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