Quick overview

Quick overview of the CIBC Dividend Platinum® Visa* Card

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.

Who can benefit?

Who can benefit from the CIBC Dividend Platinum® Visa* Card

The CIBC Dividend Platinum® Visa* Card is ideal for individuals who frequently spend on gas, EV charging, and groceries, as it offers a generous cash back rate of 2-3% in these categories. Additionally, the low minimum income requirement makes it accessible to a wide range of individuals. Whether you're a frequent driver or a grocery enthusiast, this card can help you maximize your cash back rewards.

Pros and cons

Pros and cons

Pros

Pros

  • 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

Cons

Cons

  • $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

Welcome bonus

Welcome bonus with the CIBC Dividend Platinum credit card Card

New cardholders receive a first year annual fee rebate for the primary cardholder ($99) and up to three additional authorized cardholders ($30 each = up to $90). Additionally, get 10% cash back welcome bonus of up to $250 (first 4 statement)

How to earn cash back

How to earn cash back with the Dividend Platinum Visa Card from CIBC

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 purchases2% cash back on eligible transportation, dining purchases and recurring payments
  • Earn 1% cash back on all other eligible purchases

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.

How to redeem

How to redeem cash back

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:

  • $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.

Key benefits

Key benefits of the Dividend Platinum® Visa* Card from CIBC

There is a lot to like about the Dividend Platinum Visa credit card from CIBC. Chief amongst the great features of the card is the first-year annual fee rebate for the primary cardholder and up to 3 authorized users on the account. Given the $99 annual fee after that this bonus is valuable as it can assist you in racking up an impressive amount of cash back during the first year while determining if the Dividend Platinum is the right offer for you (and not the no annual fee CIBC Dividend® Visa* Card, for example).

While enjoying that $0 annual fee for the first year cardholders can also make great use of the cards impressive welcome offer and ongoing cash back rewards. That bonus offer of 10% cash back on the first $2,500 spent is valued at up to $250 and pairs nicely with the on-going rewards rate of 3% cash back on eligible gas, EV charging and grocery purchases, 2% back on eligible transportation, dining purchases and recurring payments, and 1% back on everything else.

Insurance coverage

CIBC Dividend Platinum Visa insurance coverage

On top of the cash back features listed above, the CIBC Dividend Platinum® Visa* Card comes with a few 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.

Extra benefits

Extra benefits of the CIBC Dividend Platinum credit card

  • Car rental savings: Get up to 25% off vehicle rentals at Avis® and Budget® locations worldwide when you pay with your CIBC credit card.
  •  Gas discounts: Link and use your CIBC Dividend Platinum Visa Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.† 
  • Send money abroad with $0 fees: Send money abroad to over 120 countries with a $0 transfer fee.
  • CIBC mobile app access: Set up alerts, pay your bill, track your cash back rewards, and more with the CIBC Mobile Banking App and CIBC Online Banking.
  • Mobile wallet connectivity
  • Credit report alerts
How does it compare?

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.

Welcome offer
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!
If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Conditions apply.
Regular cash back rate
1%-3%
0.5%-2%
2% cash back on all other purchases with accelerated earn rates on eligible gas and grocery purchases.
Annual fee
$99 (first year annual fee rebated)
$0
$9.99/month (equals a total fee of $119.88 annually)
Additional perks
Some insurance
Extended Warranty
Insurance and access events and special offers curated for Cardmembers with American Express® Experiences
Rates
20.99% interest rate on Purchases, 22.99% interest rate on Cash Advances & Balance Transfers
19.95% interest rate on Purchases, 19.95% on Cash Advances, and 19.95% on Balance Transfers
20.99% interest rate on Purchases and 21.99% on Cash Advances

Terms and 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.

Is it worth it?

Is the CIBC Dividend Platinum® Visa* Card worth it?

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 eligible 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.

Eligibility requirements

CIBC Dividend Platinum® Visa* eligibility requirements

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

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 CIBC website. Once approved, expect to receive the credit card within two to three weeks by mail.

This offer is not available for residents of Quebec.  

†Terms and Conditions Apply

The information for the CIBC Dividend Platinum® Visa* has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

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. Terms and Conditions apply.

Hannah Logan Freelance Contributor

Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.

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