CIBC Dividend Platinum Visa Card Review (Feb 2023)

January 9, 2023
Reviews
CIBC

The CIBC Dividend Platinum Visa Card is a cash back credit card that offers up to 3% cash back on eligible purchases and 1% cash back on money transfers, for only $99 a year. This card is for you if you travel occasionally and have a minimum household income of at least $15,000.

With the CIBC Dividend Platinum Visa Card youcan earn up to 10 cents for pumping gas at Chevron, Pioneer, Ultramar, and Fas Gas locations. Additionally, if you use your CIBC Dividend Platinum Visa Card you'll get a 25% discount at Avis and Budget car rentals.

What Is The CIBC Dividend Platinum Visa Card?

The CIBC Dividend Platinum Visa Card is one of the 5 cash back credit cards that CIBC offers. This card helps you maximize your earnings for every dollar you spend on daily purchases. It has an annual fee of $99 and an extra fee of $30 if you want to add your spouse or employees as authorized users.

With the CIBC Dividend Platinum Visa Card you can earn up to 3% cash back on gas, groceries, recurring payments, transportation, and dining. This credit card differs from its competitors because it offers generous discounts on car rentals and cash back on international money transfers. Additionally, it includes accident insurance coverage for up to $500,000.

CIBC Dividend Platinum Visa Card Features

#1 Annual Fee Rebates

The CIBC Dividend Platinum Visa has an annual fee of $99, fully waived for the first year. It’s not only you – as a primary cardholder – who would benefit from the one-time fee waiver but also your 3 authorized users that you added at the time of your application.

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Suppose you like to have an annual fee rebate every year. You can apply for a CIBC Smart Plus Account and spend an extra $99 on your monthly bills. 

#2 Earn Up To 3% Cash Back On Purchases

There are multiple ways to earn up to 3% cash back using the CIBC Dividend Platinum Visa Card. Eligible categories include:

  • Gas and groceries – 3% cash back
  • Transportation, dining, and recurring payments – 2% cash back
  • All other items – 1% cash back

Note that the cash back rates are not constant. The 3% and 2% promotions only apply to net purchases for the first $80,000 you spend every year. Spending after that will only net you a flat rate of 1%. The cash back rates reset every year.

#3 Save Up To 10 Cents Per Litre On Participating Gas Stations

You can save even more gas when you use your CIBC Dividend Platinum Visa Card at eligible gas stations. Refilling your car at nearby Pioneer, Fas Gas, Ultramar, and Chevron gas stations saves you up to 10 cents per litre. This will help you put aside extra cash to spend on a quick snack at a convenience store.

You can participate in this offer by completing these steps:

  1. Apply for the CIBC Dividend Platinum Visa Card
  2. Register for Journie Rewards by downloading the app on App Store or Google Play Store
  3. Log in to your CIBC Online Banking or CIBC Mobile Banking app
  4. Link your credit card to the Journie Rewards and follow the instructions on the screen
  5. Present your Journie Rewards card at the counter, then pay with your linked CIBC credit card

After that, you can get the following rewards:

  • 3 cents per litre – every time you pump gas
  • 7 cents per litre – every time you earn 300 Journie points
  • 2 Journie points – every $1 you spent at in-store purchases

#4 Send Money Abroad And Get 1% Cash Back

Sending money abroad can be too expensive as you must top up the amount to cover its transaction and conversion fees. Using the CIBC Dividend Platinum Visa Card gives you 1% money back for every $1 you spend on a CIBC Global Money Transfer.

Keep in mind foreign transaction fees may apply (2.5%).

#5 25% Discount At Avis And Budget Car Rentals

Similar to other CIBC Visa cards, this cash back credit card offers up to 25% discount when renting a car at participating Avis and Budget locations. You need to present your CIBC Dividend Platinum Visa Card at the time of payment of the rented vehicle. As a CIBC cardholder, you can:

  • Save up to 25% off base rates at participating locations in Canada and the U.S.
  • Get money-saving coupons
  • Add a complimentary driver (e.g., spouse, co-worker, or friend) that is also a CIBC cardholder that meets the standard age, driver, and credit requirements.
  • Receive an Avis-Preferred or Fastbreak membership so you can skip the lines and drive your vehicle at no extra cost
  • Have the option to pay an additional fee for extended roadside assistance, fuel plans, child-safety seats, Garmin GPS, and more

You can also use your discount even when you cancel your booking, but there will be a cancellation fee if you have already paid your rental online.

#6 Credit Card Security Features

CIBC Dividend Platinum Visa Card has over 6 security features to ensure that your personal information and card balance are always protected. Below are the security features that may come in handy in the future.

  • Fraud Alerts – set up notifications by email or online message about potential unauthorized credit card use
  • Spend Alerts – set up notifications by phone, email, or online message when you have spent more than your credit card limit
  • Credit Report Alerts – updates your recent credit report and helps you schedule alerts or notifications if a payment is due.
  • Online Credit Card Management – activate a new card, lock a missing card, or report a stolen card using your CIBC Online Banking or CIBC Mobile Banking App.
  • Visa’s Zero Liability Policy – unauthorized purchases will not be held against you, especially if someone steals or uses your card details.
  • Digital Disputes Platform – you can submit a dispute or report an issue through online or mobile banking when you don’t recognize a transaction.

#7 Insurance Coverage Benefits With No Extra Costs

CIBC Dividend Platinum Visa Card offers 3 basic types of insurance coverage to keep you, your family, and your credit card safe from unforeseen events. These insurance coverage include:

  • Auto Rental Collision and Loss Damage Insurance – applies when the Manufacturer’s Suggested Retail Price (MSRP) of the rented vehicle is under $65,000
  • Common Carrier Accident Insurance – up to $500,000 coverage
  • Purchase Security and Extended Warranty Insurance – protects your credit card purchases for 90 days and extends the item’s warranty for one additional year.

CIBC Dividend Platinum Visa Card Pros & Cons

Pros

  • A first-year annual fee rebate for the primary cardholder and up to 3 authorized users
  • Earn up to 3% cash back on gas, groceries, transportation, dining, and recurring bill payments
  • Save up to 10 cents per litre when you fill your car at participating gas stations such as Pioneer, Chevron, Ultramar, and Fas Gas.
  • Get 1% cash back for every dollar you spend on global transfers.
  • Receive up to 25% discount on car rentals at participating Avis and Budget locations
  • Settle your large payments into pieces at paying them at a later date using the CIBC Pace It Installment Plans
  • Get protected with 3 types of insurance coverage, including Purchase Security, Common Carrier Accident, and Extended Warranty.

Cons

  • It has an annual fee of $99 and an extra fee of $30 for additional credit cards.
  • You are only given a free annual rebate every year if you have a CIBC Smart Plus Account.
  • It has a purchase rate of 20.99% and a cash advance rate of 22.99% or 21.99% if you are a resident of Quebec.
  • CIBC Dividend Visa Card is more beneficial regarding its features, and rewards
  • This credit card is unsuitable for people who prefer points instead of cash back rewards.

Pricing

As previously mentioned, this credit card costs $99 per year with no annual fee for the first year. With the annual fee and benefits, it is hard to tell whether this card is worth it. Hence, let us compare it with the other cash back credit card – BMO CashBack World Elite Mastercard.

CIBC Dividend Platinum VisaBMO CashBack World Elite Mastercard
Annual Fee$99 – annual fee waived for the first year$120 – annual fee waived for the first year
Additional Credit Card Fee$30$50
Minimum Personal IncomeN/A$80,000
Minimum Household Income$15,000$150,000
Purchase Rate20.99%20.99%
Cash Advance Rate22.99% or 21.99% if you are a resident of Quebec23.99% or 21.99% if you are a resident of Quebec
Foreign Currency Conversion Rate2.5%2.5%
Interest-Free Grace Period21 days21 days
Overlimit Fee$29$29
Cash Advance FeeN/A1% or a minimum of $5.00
Unique FeaturesEarn up to 3% cash back on everyday purchasesSave up to 10 cents on litre of gas at participating gas stationsGet 1% cash back on global money transfersEarn up to 5% cash back on everyday purchasesRedeem your cash back as little as $1 instead of $25Access to over 1 million Boingo Wi-Fi hotspotsComplimentary membership in Mastercard Travel Pass

Both credit cards offer the same insurance coverage regarding Purchase Security and Extended Warranty for your purchases. However, the CIBC Dividend Platinum Visa Card is one step forward than the other since it has Common Carrier Accident Insurance, which covers up to $500,000 for its cardholders.

In Summary

The CIBC Dividend Platinum Visa Card is a cash back credit card that offers up to 3% cash back on eligible purchases and 1% cash back on money transfers, for only $99 a year. This card is for you if you travel occasionally and have a minimum household income of at least $15,000.

With the CIBC Dividend Platinum Visa Card youcan earn up to 10 cents for pumping gas at Chevron, Pioneer, Ultramar, and Fas Gas locations. Additionally, if you use your CIBC Dividend Platinum Visa Card you'll get a 25% discount at Avis and Budget car rentals.

CIBC Dividend Platinum Visa Card FAQs

How much does CIBC Dividend Platinum Visa Card cost?

The CIBC Dividend Platinum Visa Card costs $99 for its annual fee and $30 each for additional credit cards.

Is CIBC Dividend Platinum Visa Card worth it?

No, the CIBC Dividend Platinum Visa is not worth it. It may be worth it for its higher cash back earn rate of up to 3%, but the CIBC Dividend Visa Card is more worth it since it has similar features to the Platinum Visa and does not have any annual fees. It also has the same security features and offers insurance benefits for purchases, travel accidents, and an extended warranty.

Is the CIBC Dividend Platinum Visa Card safe?

Yes, the CIBC Dividend Platinum Visa Card is safe. It has over 6 credit card security features that you can use to protect your card from getting stolen, misplaced, or even used to buy fraudulent purchases. These features include Visa’s Zero Liability Policy, Digital Disputes Platform, Fraud Alerts, Spend Alerts, Credit Reports Alerts, and Online Credit Card Management.

What is the difference between thee CIBC Dividend Visa Card and the CIBC Dividend Platinum Visa Card?

The difference between the CIBC Dividend Visa Card and the CIBC Dividend Platinum Visa Card is annual fees, cash back earn rate and insurance benefits. The the CIBC Dividend Visa Card wins with no yearly fees, yet the CIBC Dividend Platinum Visa Card makes a higher cash back rate of up to 3% and has car rental insurance to keep your trips safe.  

Is it hard to get a CIBC Dividend Platinum Visa Card?

No, getting a CIBC Dividend Platinum Visa Card is not hard. It requires a good credit score rating of at least 670 and a minimum annual household income of $15,000. 

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