CIBC bizline Visa Card for Small Business Review
Pros
- No annual fee
- Competitive interest rates
- Cashback reward of 1.5% for office supplies and cloud services purchases
- Cashback reward of 0.5% on all other purchases
- Access to exclusive Visa Business benefits
- Online account management tools
- Enhanced expense tracking and reporting
- Optional employee cards with customizable limits
Cons
- No welcome bonus or offer
- Better cashback rewards available on other business credit cards
- Limited insurance coverage compared to other cards
- Additional spending can quickly outgrow the cashback reward value
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Performance test results
At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.
You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.
The CIBC bizline Visa Card for Small Business has earned a 5.00 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
0.0
Rewards
5.0
Fees
0.2
Perks
5.0
Interest rates
2.1
Insurance
5.0
Acceptance
2.5
Approval
The highest scoring categories for the CIBC bizline Visa Card for Small Business are fees and interest.
These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.
This weighting allows us to judge cards on their merits and the customers they are designed for.
For the CIBC bizline Visa Card for Small Business the most important factors for scoring this card are its fees and interest.
Rewards
With the CIBC bizline Visa Card for Small Business, here’s the rates at which you earn rewards for different spending categories per dollar you spend:
Calculating your annual rewards
We estimate that spending $2,000 per month with the CIBC bizline Visa Card for Small Business would earn $0 in rewards over the year.
Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.
We found that you’d earn this per category:
Our study investigating the value found that each dollar spent on the CIBC bizline Visa Card for Small Business is worth up to $0.00, depending on how you redeem.
This $0 in rewards value puts the CIBC bizline Visa Card for Small Business in the bottom 20% of credit cards in Canada based on rewards earned.
The average credit card in our database earns $337 in rewards for the same spend that the CIBC bizline Visa Card for Small Business earns $0 in rewards value.
We can compare this card to other options by looking at the earn rate by category.
This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.
For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.
In this example, that’s a 10% earn rate on gas.
For an annual spend of $24,000, we estimated annual rewards value at up to $0.
That’s equivalent to a 0.00% return on spending.
The CIBC bizline Visa Card for Small Business has an annual fee of $0. After deducting this, we predicted net annual rewards of $0.
This puts it in the bottom 20% of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of $254.
Fees
The CIBC bizline Visa Card for Small Business has a $0 annual fee.
The average card charges $85. So, the CIBC bizline Visa Card for Small Business is in the bottom 50% of cards based on the cost of the annual fee.
Perks
We manually review the perks of each credit card to determine how they compare to other cards.
The CIBC bizline Visa Card for Small Business scored a 0.2 out of 5 for perks, putting it in the bottom 10% of cards.
The average card scores 1.6 out of 5 for perks.
Interest Rates
| Purchase | 8.2% |
| Cash Advance | 8.2% |
| Balance Transfer | 8.2% |
The average (median) credit card has a purchase interest rate of 19.99% and so the CIBC bizline Visa Card for Small Business charges 11.79% less than the average.
For cash advances it costs 8.2% compared to the average of 19.96%.
Testing the CIBC bizline Visa Card for Small Business with a $2,000 starting balance, you can see in the graph how the 11.79% less in interest rates impacts the interest over a year, compared to the average card.
Insurance coverage
| Insurance | This Card | Average |
|---|---|---|
| Travel Accident | $100,000 | $500,000 |
We scored it 2.1 out of 5 for insurance.
It offers 1 types of insurance, whereas the average card has 5 types of coverage.
Approval and qualifying
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 760 – 900 |
| Personal Income | $35,000 |
| Household Income | $0 |
| Fees | |
|---|---|
| Annual Fee | $0 |
| Extra Card Fee | $0 |
| Card type | Visa |
We scored it 2.5 out of 5 for approval.
We predict that you will require a credit score of at least 760 to qualify for the CIBC bizline Visa Card for Small Business, while the average card requires 652 to qualify.
This puts it in the top top 10% of cards by approval difficulty.
The personal income requirements are $35,000, while the average card requires $23,896.
This puts it in the top 30% of cards by the income required to qualify.
The CIBC bizline Visa Card for Small Business is a credit card designed specifically for business owners and offers several perks for cardholders. In this review, we will discuss its earning potential, four key benefits, two drawbacks, and additional information to help you decide if it’s the right card for your business needs.
Earning potential with the card
This card does not offer a traditional points or cash back rewards system. Instead, it focuses on providing cardholders with a competitive interest rate on purchases and attractive business-related features. This makes it an ideal card for businesses that wish to keep costs low without pursuing a conventional rewards structure.
Benefits
- Interest Rate: The first major advantage of the CIBC bizline Visa Card for Small Business is its low interest rate on purchases, which can help businesses save money on interest costs, especially if they consistently carry a balance from month to month.
- Interest-Free Days On Purchases:The second major advantage is that this card offers up to 55 interest-free days on purchases.
This means that businesses can make purchases without incurring interest, as long as they pay their balance in full by the due date each month. This can be a helpful cash flow management tool for small businesses. - No Annual Fee:The third major advantage is that there is no annual fee for this card. This can be beneficial for businesses that wish to keep overhead costs low and do not want to pay an annual fee for their credit card.
- Free Supplementary Cards: The fourth major advantage is the availability of free supplementary cards for employees or business partners.
This can simplify expense tracking and management, as all transactions are consolidated onto one account, and individual spending limits can be set for each supplementary cardholder.
Drawbacks
- Lack Of Traditional Rewards Program: A significant drawback of this card is the lack of a traditional rewards program such as points or cash back on purchases. This might be a downside for businesses that are looking to earn rewards for their spending or those that prefer a card with a more comprehensive rewards structure.
- Lack Of Discounts On Business Expenses: Another significant drawback is that the CIBC bizline Visa Card for Small Business does not offer additional benefits or perks often associated with business credit cards, such as travel insurance, extended warranty coverage, or discounts on common business expenses.
Additional Information
The CIBC bizline Visa Card for Small Business is best suited to businesses that prioritize a low interest rate and no annual fee over gaining rewards or additional benefits. It is an excellent choice for businesses that require supplementary cards and wish to leverage their credit card spending to manage cash flow effectively.
However, businesses that desire a comprehensive rewards structure or additional perks may want to explore other credit card options tailored to their specific needs.
Is the CIBC bizline Visa Card for Small Business not convincing you? Consider the Scotiabank Passport Visa Infinite Business Card or the RBC Business Cash Back Mastercard. Still not the right credit card? Make sure not to miss the RBC Avion Visa Infinite Business.
FAQ
Key benefits
- Interest rate: 12.99% on purchases, 13.5% on cash advances
- Minimum credit limit: $1,000
- Maximum credit limit: $50,000
- Bilateral acceptance: Visa merchant network worldwide
- 48-hour lost/stolen card service
- Visa Zero Liability fraud protection
- Payment options: Pay through mobile apps, online banking, or branches
- 21-day grace period on new purchases
- CIBC Customized BusinessPlus product compatibility
- Credit card cash-advance capability through CIBC/PC Financial ATMs
- Complementary 1-year subscription to Experian Business Reports
