Looking for a cash back credit card that rewards you for everyday purchases? Look no further than the CIBC Dividend Visa Infinite Card.
Did you know that this card has won multiple awards for being the Best Cash Back Credit Card in Canada? With up to 4% cash back on groceries, gas, and transportation, it’s no wonder why.
Plus, you’ll enjoy exclusive benefits like access to the Visa Infinite Program and savings on gas and car rentals.
In this comprehensive review, we’ll explore the pros and cons of the CIBC Dividend Visa Infinite Card to help you make an informed decision.
Card Overview
The CIBC Dividend Visa Infinite Card is a cash back credit card that offers up to 4% cash back on everyday purchases, making it a great option for maximizing your rewards.
This card has an annual fee of $120, but it is waived for the first year. The cash back rates on this card are higher than most competitors, allowing you to earn more on your everyday spending.
You can earn up to 4% cash back on categories such as gas, groceries, dining, transportation, and recurring bill payments. It’s important to note that the cash back rates are reset every year and only apply to the first $80,000 spent annually.
With these features, the CIBC Dividend Visa Infinite Card offers a compelling value proposition for those looking to earn cash back on their everyday purchases.
Cash Back Rewards
Earn up to 4% cash back on groceries, gas, dining, transportation, and recurring bill payments with this cash back credit card.
The CIBC Dividend Visa Infinite Card offers a generous cash back rewards program that allows you to earn money back on your everyday purchases.
To maximize your rewards, make sure to redeem your cash back regularly. The cash back redemption process is simple and convenient, allowing you to apply your earned cash back directly to your credit card balance or deposit it into your CIBC bank account.
By maximizing your rewards, you can earn significant savings on your everyday expenses.
Whether you’re filling up your gas tank, buying groceries, or dining out, this card can help you get more bang for your buck.
Exclusive Benefits
Get exclusive access to luxury hotel benefits, complimentary breakfast, culinary experiences, wine tastings, and 24-hour complimentary concierge service with the CIBC Dividend Visa Infinite Card.
As a cardholder, you can enjoy a range of Visa Infinite perks that elevate your travel and dining experiences. With the Visa Infinite Program, you can expect room upgrades, ensuring a more comfortable stay, and complimentary breakfast to start your day off right.
Indulge in culinary experiences and wine tastings, adding a touch of luxury to your dining adventures. Additionally, the 24-hour complimentary concierge service is available to assist you with any requests or reservations.
To further enhance your benefits, you can also qualify for Journie rewards eligibility, saving up to 10 cents per litre on gas purchases at participating gas stations.
With the CIBC Dividend Visa Infinite Card, you can truly enjoy exclusive benefits and rewards.
Insurance Coverage
Make sure to take advantage of the comprehensive insurance coverage offered by the CIBC Dividend Visa Infinite Card. This includes medical, travel, and car rental insurance. When comparing it to other cash back credit cards, the CIBC Dividend Visa Infinite Card stands out for its extensive coverage benefits.
To maximize your insurance coverage benefits, here are some tips to keep in mind.
First, familiarize yourself with the specific coverage limits and conditions of each type of insurance offered. This will help you understand what is covered and under what circumstances.
Second, make sure to activate and use the card for eligible purchases to ensure that you are eligible for the insurance coverage.
Finally, keep all relevant documentation and receipts in case you need to file a claim.
Credit Card Security Features
Ensure that you activate the credit card security features provided by the CIBC Dividend Visa Infinite Card to safeguard your financial information and protect against fraud. Here are some benefits of credit card security and tips for maximizing your credit card security:
Fraud Alerts: Activate fraud alerts to receive notifications of any suspicious activity on your credit card. This will help you detect and report fraudulent transactions promptly.
Online Credit Card Management: Take advantage of the online credit card management tools offered by CIBC. Monitor your transactions, set spending limits, and review your statements regularly to identify any unauthorized charges.
Secure Passwords: Create strong, unique passwords for your online banking and credit card accounts. Use a combination of letters, numbers, and symbols, and avoid using easily guessable information like your name or birthdate.
Pros of the CIBC Dividend Visa Infinite Card
Take advantage of the exclusive benefits offered by the CIBC Dividend Visa Infinite Card. Access the Visa Infinite Program with luxury hotel benefits, dining and wine events, and complimentary concierge services.
One of the key advantages of this credit card is its cash back benefits. Earn up to 4% cash back on everyday purchases, including gas, groceries, dining, transportation, and recurring bill payments. This is a higher cash back rate compared to many other competitors in the market.
To be eligible for the CIBC Dividend Visa Infinite Card, you must meet certain requirements set by CIBC. This includes having a good credit history and meeting the minimum income requirements.
Cons of the CIBC Dividend Visa Infinite Card
Be aware that the CIBC Dividend Visa Infinite Card has an annual fee of $120 after the first year. Here are some cons to consider before applying for this credit card:
Higher interest rates: Compared to some other credit cards, the CIBC Dividend Visa Infinite Card has higher interest rates. It’s important to manage your balance and make payments on time to avoid accruing high interest charges.
Limited gas station options for Journie rewards: While the card offers the opportunity to save up to 10 cents per litre on gas with Journie rewards, it is limited to participating gas stations. This means you may not have as many options when it comes to redeeming your rewards.
Additional fees for optional travel perks with car rentals: If you plan on taking advantage of the 25% discount at Avis and Budget car rentals, keep in mind that there may be additional fees associated with optional travel perks. Make sure to read the terms and conditions carefully to understand all the costs involved.
It’s important to weigh the pros and cons of the CIBC Dividend Visa Infinite Card to determine if it aligns with your financial needs and goals.
Pricing and Comparison
You can save money on foreign currency transactions with the CIBC Dividend Visa Infinite Card compared to other credit cards, as it has a lower foreign currency conversion fee of 2.5%. This makes it a great choice for frequent travelers or those who make international purchases. Let’s compare the pricing and features of the CIBC Dividend Visa Infinite Card with the Scotia Momentum Visa Infinite Card, another popular cash back credit card.
| Card Features | CIBC Dividend Visa Infinite Card | Scotia Momentum Visa Infinite Card |
|---|---|---|
| Foreign Currency Conversion Fee | 2.5% | 2.5% |
| Annual Fee | $120 (waived for the first year) | $120 |
| Cash Back on Everyday Purchases | Up to 4% | Up to 4% |
| Insurance Coverage Benefits | Comprehensive coverage | More extensive coverage |
| Additional Fees | Limited fees | Limited fees |
Both cards offer a foreign currency conversion fee of 2.5%, meaning you won’t be charged excessively for making purchases or traveling abroad. The annual fee for both cards is $120, but the CIBC Dividend Visa Infinite Card waives it for the first year. In terms of cash back, both cards offer up to 4% on everyday purchases. However, the Scotia Momentum Visa Infinite Card offers more extensive insurance coverage benefits, making it a better option if insurance is a priority for you. Overall, both cards have their advantages, so it’s important to consider your specific needs before choosing.