CIBC Dividend Visa Infinite Card: Review, Eligibility, Cashback, Pros, Cons
Cashback credit cards in Canada are one of the best credit cards in Canada today. It helps in reducing daily expenses such as while shopping for groceries, etc. by receiving a rebate of 1-10%, which varies according to the card issuer. Moreover, it can contain insurance coverage and an extended warranty from the bank.
Among all Visa-branded cards, the Visa Infinite card belongs to the highest-level tier that gives maximum benefits to the customer in this brand’s network. For which reason, the cashback infinite cards are only limitedly issued by certain banks.
In the current review, we look at one of the Best Cashback credit cards in Canada, the CIBC Dividend Visa Infinite Card.
Card Name & Issuer: CIBC Dividend Visa Infinite
The Canadian Imperial Bank of Commerce also known as CIBC is a multinational banking and financial services company. Its headquarters is situated in Toronto, Ontario, and is the fifth largest chartered bank in Canada.
CIBC Dividend Visa Infinite Card Review
CIBC Dividend Visa Infinite card has been recognized as the #1 cashback credit card for the year 2020 by Rewards Canada. It yields 4% cashback on daily purchases of groceries and gas. It issues 2% cashback on all CIBC online, mobile banking services, transportation, dining, and other recurring payments. 1% cashback is available on other services. In addition, it provides protection coverage on mobile devices and travels medical insurance.
The interest rate for purchases made is 20.99%. In the case of cash advances, the interest rate is 22.99%, but for Quebec residents, it’s 21.99%.
CIBC Dividend Visa Infinite Card Annual Fee
The card requires an annual fee of $120 which is fully rebated for the first year. In the case of additional cards (up to 3), $30 has to be paid for each card as an annual fee, which is rebated for the first year. A CIBC Smart Plus account holder can enjoy a rebate of the annual fee every year.
Eligibility Requirements for CIBC Dividend Visa Infinite Card:
The minimum annual income is a common eligibility requirement by most credit card issuers. $60,000 is the minimum annual income of an individual who can apply, while $100,000 should be the minimum annual income of the household.
How to apply for CIBC Dividend Visa Infinite Card?
Application for the CIBC Dividend Visa Infinite Card can be done online, by phone, or at a local bank branch. The card applicant must be a resident of Canada and have an eligible age as per the province. If the applicant has a CIBC account the application process would be much easier, or else personal information has to be provided as asked. This process doesn’t usually exceed more than 10 minutes.
[su_note] Are you aware that you can pay your monthly payments through credit cards? Read our detailed review on the website which allows you monthly payments through credit card.
CIBC Dividend Visa Infinite Card Cashback
- Consolidating the money transactions on every shopping or purchase, into the cashback card will usher a lot of savings.
- Automatic monthly installment schemes can be linked to this card to earn cashback rewards.
- Additional 3 cards can be requested by the cardholder. Distributing these cards among the family members or to anyone will bring in a lot of additional cash backs.
- Earn 4% cashback on groceries and gas.
- Earn 2% cashback on CIBC online, mobile banking services, transportation, dining, and other recurring payments.
- Earn 1% cashback on other services or purchases.
Insurance Coverage on CIBC Dividend Visa Infinite Card:
- Car Rental Collision/Loss Damage Insurance.
- Emergency travel medical expenses: The card provides insurance for up to $5 million per insured person.
- Mobile Device Insurance: The card will provide you with repair or replacement coverage up to $1,000 for personal mobile devices.
- Purchase Security & Extended Protection Insurance: For the first 90 days on purchase of the personal property you can replace, repair or reimburse the item through the insurance issued by this card.
- Common Carrier Accident Insurance: The cardholder’s family will receive up to $500,000 insurance.
CIBC Dividend Visa Infinite Card Benefits/Pros
- Owners of CIBC Smart Plus account holders can obtain the CIBC Dividend Visa Infinite Card for free without any annual fee.
- Maximum cashback earnings without any limit.
- Recent changes in February 2021 have increased the bonus.
- Cashback earnings can be redeemed anytime according to the cardholder’s choice.
- Insurance coverage and mobile device protection insurance is another advantage.
CIBC Dividend Visa Infinite Card Drawbacks/Cons
- The new changes in February 2021 increased the below-average annual fee of $99 to $120.
- 3 travel insurance coverages such as trip interruption insurance, flight delay insurance, and baggage insurance have been canceled after the new changes were made.
Editor’s Review on CIBC Dividend Visa Infinite Card
All the information given above is written with thorough research on the card. Personally, as an Indian citizen, I have not been able to use the CIBC Dividend Infinite Visa card. If this card is available in India, I would purchase the card as it gives amazing cashback earnings along with automatic insurance coverage. Even though there have been a few changes in this card in February 2021, there has been no downgrading in benefits.
The pros of the cashback card overtake the cons which makes it an apt choice while choosing a cashback card. While researching on the topic, the CIBC Dividend Infinite Visa Card showed up among the Best cashback credit cards in Canada.