CIBC Credit Cards
CIBC is one of the “Big Five” banks in Canada. They offer complete financial services including a wide range of credit cards. Here we look at the options available to help you find the right card for your needs.
CIBC Credit Cards Overview
CIBC offers a full range of credit cards in the following categories:
- Low interest
- No fee
As you can see, they offer something for everyone. However, because of the wide variety, it can be harder to weed your way through all the features and costs.
CIBC Credit Card benefits and perks
Here we look at the benefits and perks for the best overall card in each category.
CIBC Select Visa* Card
This is one of the best low-interest cards available. Its low interest of just 13.99% applies to your purchase and cash advances, and the annual fee is just $29. In the first year, they usually have a rebate promotion where you get your annual fee back. What draws many people to this low-interest card is the fact new clients get 0% interest on balance transfers for the first 10 months. Add to this the attractive reasonable 1% balance transfer fee and it provides a good option if you want to pay the balances of your higher-interest credit cards and then have one lower payment where you’ll pay less interest.
CIBC Dividend Platinum® Visa
If you’re looking for cashback, this is an excellent option. Cardholders earn 3% cashback on popular staples, gas, and groceries. They also have a very low annual income required so it is easier to acquire this option. Other benefits include:
They tend to have an ongoing welcome offer where you get 10% cashback up to $200 and the first year’s annual fee rebated
2% cashback on eligible transportation, dining purchases and recurring payments
1% cashback on all other purchases
Cashback any time as long as you have a minimum of $25 through CIBC Online and Mobile Banking®
As long as you spend a minimum of $275 monthly on gas and groceries you more than earn cashback to cover the $99 annual fee
CIBC Aventura® Gold Visa
This is not only this bank’s best travel rewards card, but also one of the best cards available anywhere in this category. They tend to have very enticing welcome offers, while always offering very impressive earn rates. The benefits include an easy application process that only requires a $15,000 annual income. Other benefits include:
Aventura® Points can be used to cover taxes and fees
Points can be redeemed at a max value of up to $0.02 per point
Usually can get up to $800 in travel value and a first-year annual fee rebate for new cardholders
You get 20,000 Aventura Points when you make your first purchase
You can earn an additional 1,250 Aventura Points each monthly statement period in which you spend at least $1,000 in your first year
Earn 2 points per $1 spent on travel booked through the CIBC Rewards Centre
Earn 1.5 points per $1 spent on gas, groceries, and drugstore purchases for up to $80K in all cards purchases annually
Earn 1 point per $1 spent on everything else
The card offers many travel perks including:
- Priority Pass Membership for lounge access and 4 complimentary visits per year
- Up to $500 in combined flight delay coverage
- Emergency travel medical insurance applies even if your trip was not charged to the card
- NEXUS application fee rebate
CIBC Dividend® Visa Card
This no annual fee option has its benefits, but overall it is not the best choice when compared to what other banks offer. The general features include:
- 2% cashback on eligible grocery purchases
- 1% cashback on gas, transportation, dining purchases, and recurring payments
- 5% cashback on everything else
You can redeem your cashback as long as you have a minimum of $25 through CIBC Online and Mobile Banking®. One perk is that they offer a low-interest installment payment option through CIBC’s Pace ItTMprogram.
CIBC Credit Card Drawbacks
As with most credit cards, there are some drawbacks to consider. For example on the CIBC Dividend Platinum® Visa if you want supplementary cards the annual fee can add up. It is $30 per year per card with a maximum of three cards. If you have all three, you’re looking at $189 annually. For the CIBC Aventura® Gold Visa it clearly is one of the best travel rewards cards out there, but it also has a high annual fee of $139. If it’s a no annual fee card you need, the CIBC Dividend® Visa Card is really not the card to choose as other banks and cards offer way more appealing, not to mention simpler cashback structures than this card. As well, generally their interest rates are in the higher side, at par with other banks at 19.99% for purchases and 22.99% for cash advances.
How do CIBC credit cards compare to other banks?
It really depends on what type of card you want. The CIBC Dividend Platinum® Visa Card offers some of the top cashback rates for gas and groceries, so much so that it is worth switching cards for. As well, the CIBC Aventura® Gold Visa offers plenty of value for travellers and they also make it easier for people to qualify. You only have to earn $15,000 annually compared to the average $60,000 per year most cards with this type of rewards demand. As well, Aventura®
Points can be used to cover taxes and fees at a max value of up to $0.02 per point, which is twice as much as other programs. Though the CIBC Dividend® Visa Card is their most appealing no annual fee card, you’ll do far better at other banks offering Mastercards. They just tend to offer more overall value in hand with easier cashback structures.
How to choose the right CIBC credit card for your need?
It all depends on what you want, how much you earn and what you’ll use your card for. For example for travellers, someone who makes a lower income of $15,000 would go for the CIBC Aventura® Gold Visa while anyone earning over $60,000 will get far more perks from the CIBC Aventura® Visa Infinite Card. If you are interested in cashback, the CIBC Dividend Platinum® Visa Card can’t be beat. For those wanting to pay off high-interest credit card balances, the CIBC Select Visa Card is the right choice.
What is the best CIBC credit card?
As mentioned above, because the needs of cardholders vary so greatly, in hand with their preferences and incomes, there is no one size fits all best CIBC credit card. You have to consider your own finances in hand with what features are most important to you to make the right decision. You can use their onsite credit card recommendation or comparison tools to help narrow down your choices.