We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.
The CIBC Dividend Platinum® Visa* Card offers cash back rewards ranging from 1%-3% (depending on where you shop), as well as a moderate spread of extra insurance and travel benefits. It’s a particularly appealing cash back card for those that spend a lot on gas, EV charging and groceries, and offers surprisingly rich value for a card with such a low minimum income requirement.
Pros and cons
- Very impressive welcome offer
- Elevated cash back rates (2–3%) in five everyday spending categories†
- No limit in total cash back you can collect
- The $15,000 minimum annual income requirement† is very low for a cash back card of this calibre
- $99 annual fee may not be worthwhile for all consumers
- The $20K annual spending limit for earning cash back at the accelerated 2–3% rates is lower than the limits offered by some competing cash back credit cards
New cardholders receive a first year annual fee rebate for the primary cardholder ($99)† and up to 3 additional authorized cardholders ($30 each = up to $90).†
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $200!†
Cash back features
The CIBC Dividend Platinum® Visa* Card earns cash back on every purchase as follows:
- After the Welcome Offer ends get 3% cash back on eligible gas, EV charging and grocery purchases†
- 2% cash back on eligible transportation, dining purchases and recurring payments†
- 1% cash back on all other purchases†
- Get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®†
It’s important to note that after you’ve spent $20,000 in the 3% and 2% spending categories (or $80,000 total on the card across all categories), your rate will drop to 1% on all subsequent purchases for the rest of that calendar year.† It will reset to the higher earn rate at the start of the new year. That said, there is no limit on the total amount of cash back you can earn with the card overall.
On top of the cash back features listed above, the CIBC Dividend Platinum® Visa* Card comes with a few additional insurance benefits that further justify the card’s annual fee:
- Auto rental collision and loss damage insurance†
- $500,000 common carrier accident insurance†
- Purchase security and extended protection insurance†
You can also pay to opt in to CIBC Emergency Travel Medical Insurance and/or CIBC Payment Protector Insurance for credit cards.†
To apply for the CIBC Dividend Platinum® Visa* Card, you need to meet certain eligibility requirements. You must:
- Be a Canadian resident
- Be the age of majority in the province in which you live
- Have a credit score of ≥ 720.
- Have a minimum annual income of $15,000†
How to apply
Applying for the CIBC Dividend Platinum® Visa* Card takes about five minutes and you’ll get a response in as little as 60 seconds. You can apply for the card through the the CIBC website.
To start, click the red “apply now” button. You will be asked to confirm that you do, in fact, meet the necessary requirements to be eligible to apply.
You will then be taken to a page outlining all the terms, conditions, rates, etc., entailed in this credit card. Read this over and click “agree.”
On the following pages, you will be asked to fill out your personal information, including your Canadian address, phone number, birth date, etc. You will be asked for your Social Insurance Number, so make sure you have that on hand.
Already a CIBC customer? If you use CIBC Online Banking®, there’s an option for you to log in and it will automatically prepopulate much of this information for you to simplify and speed up the process.
Once you have finished the application and have been approved, you can expect to receive the credit card within 2-3 weeks by mail.
Redeeming cash back
The primary cardholder can redeem cash back against the card statement at any time, as long as you’ve accumulated at least $25 worth of cash back. Get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®.† Cash back that has not been redeemed by the end of the year will be applied to the next year’s January card statement.
If you have multiple cards on the same account, note that all their combined cash back earned will be credited to the primary cardholder’s account.
How does the CIBC Dividend Platinum® Visa* Card compare to other credit cards?
The CIBC Dividend Platinum® Visa* Card is a strong cash back card, but it does have its advantages and disadvantages compared to the competition. Let’s take a closer look.
†Conditions apply, *terms and conditions apply
At a glance, the Tangerine Money Back credit card looks like a pretty good deal since there’s no annual fee. However, the 0.5% cash back minimum is comparatively low when the other two cards’ minimums are 1% and 2%. And the Tangerine card earns at its enhanced 2% cash back rate in ‘only’ two or three spending categories; the CIBC card earns at 2–3% cash back in five different categories.
The SimplyCash® Preferred Card from American Express has a very strong welcome bonus and similar earn rates as the CIBC Dividend Platinum® Visa* Card does. And as an Amex card it will be less widely accepted by merchants than a Visa will be.
The CIBC Dividend Platinum® Visa* Card is a pretty solid choice for a cash-back card. After the welcome offer ends the 3% cash back rate for gas, EV charging, and groceries† is its big draw, as gas and groceries are two major budgetary expenditures for most Canadians. The $20,000 spend limit for the higher cash back rate is less than ideal; however, we do love that there is no overcall cash back limit and that the card is accessible at almost every income level.
This is a digital-exclusive offer.†
To be eligible for this offer:
1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and
2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†
This offer is reserved for you. Please do not forward it to anyone else. If you have opened, transferred or cancelled another eligible card within the last 12 months, we may approve your application, but you may not receive this offer.†
Quebec residents – Learn more about this CIBC product here
Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien.
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.