CIBC Classic Visa Card Review

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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 Classic Visa Card has earned a 4.25 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the CIBC Classic Visa Card 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 Classic Visa Card the most important factors for scoring this card are its fees and interest.

Rewards

With the CIBC Classic Visa Card, 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 Classic Visa Card 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 Classic Visa Card is worth up to $0.00, depending on how you redeem.

This $0 in rewards value puts the CIBC Classic Visa Card 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 Classic Visa Card 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 Classic Visa Card 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 Classic Visa Card has a $0 annual fee.

The average card charges $85. So, the CIBC Classic Visa Card 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 Classic Visa Card 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

The average (median) credit card has a purchase interest rate of 19.99% and so the CIBC Classic Visa Card charges 1% more than the average.

For cash advances it costs 22.99% compared to the average of 19.96%.

Testing the CIBC Classic Visa Card with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 2.1 out of 5 for insurance.

It offers 3 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

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 Classic Visa Card, 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 $15,000, while the average card requires $23,896.

This puts it in the top 30% of cards by the income required to qualify.

The CIBC Classic Visa Card is a no-frills credit card designed to cater to users who primarily focus on simplicity and basic functionality in their credit card. This card does not offer rewards in the form of points or cash back on purchases.

Instead, its primary focus is on providing cardholders with a handful of benefits that could be valuable depending on individual preferences and needs. In this review, we will discuss the earning potential, four benefits, and two drawbacks of using the CIBC Classic Visa Card.

Earning Potential

As previously stated, the CIBC Classic Visa Card does not offer any rewards program, cashback, or points for specific spending categories such as dining, travel, or groceries. Therefore, the card’s earning potential is limited in comparison to other credit cards that specialize in rewards and cashback programs.

Benefits

1. No Annual Fee: The first major advantage of the CIBC Classic Visa Card is that it comes with no annual fee. This feature makes it an attractive option for those who do not want to pay the extra cost associated with maintaining a premium credit card and prioritize affordability over rewards.
2. Purchase Protection: The second major advantage of this card is its purchase protection benefit. Cardholders receive added coverage for new purchases for 90 days, providing protection against theft, damage, or loss of your newly acquired items.
3. Extended Warranty: The CIBC Classic Visa Card’s third major advantage is its extended warranty feature. The card automatically doubles the manufacturer’s original warranty, up to a maximum of one additional year, for many new purchased items, granting extra protection and peace of mind.
4. Flexible Credit Limit: The fourth major advantage of this card is its flexibility in offering credit limits tailored to individual needs. Applicants can benefit from a personalized credit limit depending on their credit history and financial situation, allowing for better financial management.

Drawbacks

1. Lack of Rewards Program: One significant drawback of the CIBC Classic Visa Card is the absence of a rewards program, points system, or cashback program. Users who are interested in earning rewards or cash back on their spending may find this card limiting in comparison to other available credit card options on the market.
2. Limited Travel Benefits: Another significant drawback of this card is the lack of travel-related benefits compared to other cards.
   
   While it does offer basic travel benefits like purchase protection and extended warranty, it does not provide comprehensive travel insurance coverage, lounge access, or any other travel-oriented perks. Users who prioritize travel benefits may need to consider other options in the market.

Additional Information

In summary, the CIBC Classic Visa Card is a basic, no-fee credit card that appeals primarily to those seeking simplicity and affordability without the need for extensive rewards or travel benefits.

For users who have specific spending categories or preferences in rewards, it may be worth researching and considering other credit card options to find a better fit for their needs.

Interested in other credit cards? If the CIBC Classic Visa Card credit card isn’t perfect for you, you might want to consider the CIBC Classic Visa Card for Students. Plus, many Canadian’s that like the CIBC Classic Visa Card like the CIBC Aeroplan Visa Card, and the CIBC Aventura Gold Visa Card.

FAQ

Key benefits

• $0 annual fee
• 19.99% standard interest rate on purchases
• 22.99% interest rate on cash advances and balance transfers
• Access to CIBC Mobile Banking App
• Optional Overdraft Protection
• Worldwide Visa acceptance
• Purchase security and extended warranty protection
• Optional credit card insurance available
• CIBC CreditSmart® fraud prevention tools
• 24/7 customer service support