CIBC Dividend Platinum Visa Card Review
Pros
- Generous cash-back rewards program
- No annual fee for the first year
- 2% cash-back on grocery purchases
- 1% cash-back on all other purchases
- Access to the CIBC Expense Management Tool
- Comprehensive travel insurance coverage
- Purchase protection and extended warranty
Cons
- $99 annual fee after the first year
- Not suitable for frequent travellers
- No bonus categories beyond groceries
- Lower cash-back rates compared to some competitors
- Requires a good credit score for approval
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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 Dividend Platinum Visa Card has earned a 3.09 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
3.3
Rewards
2.2
Fees
1.1
Perks
2.6
Interest rates
1.5
Insurance
5.0
Acceptance
5.0
Approval
The highest scoring categories for the CIBC Dividend Platinum Visa Card are rewards 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 Dividend Platinum Visa Card the most important factors for scoring this card are its rewards and interest.
Rewards
With the CIBC Dividend Platinum Visa Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:
| Bills | 1% |
| Pharmacy | 1% |
| Gas | 3% |
| Groceries | 3% |
| Restaurants | 2% |
| Specific Stores | 1% |
| Travel | 1% |
| All Other Spend | 1% |
Calculating your annual rewards
We estimate that spending $2,000 per month with the CIBC Dividend Platinum Visa Card would earn $432 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:
| Gas | $72 |
| Groceries | $180 |
| Restaurants | $48 |
| All Other Spend | $132 |
Our study investigating the value found that each dollar spent on the CIBC Dividend Platinum Visa Card is worth up to $0.02, depending on how you redeem.
This $432 in rewards value puts the CIBC Dividend Platinum Visa Card in the top 40% 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 Dividend Platinum Visa Card earns $432 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.
| Spend | This Card | Average |
|---|---|---|
| Bills | 1.00% | 1.25% |
| Pharmacy | 1.00% | 1.17% |
| Gas | 3.00% | 1.48% |
| Groceries | 3.00% | 1.71% |
| Restaurant | 2.00% | 1.53% |
| Store | 1.00% | 1.94% |
| Travel | 1.00% | 1.19% |
| Other | 1.00% | 1.08% |
| Redemption method | Annual rewards |
|---|---|
| Apply to statement credit | $691 |
For an annual spend of $24,000, we estimated annual rewards value at up to $432.
That’s equivalent to a 1.80% return on spending.
The CIBC Dividend Platinum Visa Card has an annual fee of $99. After deducting this, we predicted net annual rewards of $333.
This puts it in the top 40% of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of $254.
Fees
The CIBC Dividend Platinum Visa Card has a $99 annual fee.
The average card charges $85. So, the CIBC Dividend Platinum Visa Card is in the top 40% 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 Dividend Platinum Visa Card scored a 1.1 out of 5 for perks, putting it in the bottom 40% of cards.
The average card scores 1.6 out of 5 for perks.
Interest Rates
| Purchase | 20.99% |
| Cash Advance | 21.99% |
| Balance Transfer | 21.99% |
The average (median) credit card has a purchase interest rate of 19.99% and so the CIBC Dividend Platinum Visa Card charges 1% more than the average.
For cash advances it costs 21.99% compared to the average of 19.96%.
Testing the CIBC Dividend Platinum 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
| Insurance | This Card | Average |
|---|---|---|
| Extended Warranty | 1 year | 1 year |
| Purchase Protection | 90 days | 90 days |
| Travel Accident | $500,000 | $500,000 |
| Rental Car Theft & Damage | Yes | No |
We scored it 1.5 out of 5 for insurance.
It offers 4 types of insurance, whereas the average card has 5 types of coverage.
Approval and qualifying
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 300 – 559 |
| Personal Income | $0 |
| Household Income | $15,000 |
| Fees | |
|---|---|
| Annual Fee | $99 |
| Extra Card Fee | $0 |
| Card type | Visa |
We scored it 5.0 out of 5 for approval.
We predict that you will require a credit score of at least 300 to qualify for the CIBC Dividend Platinum Visa Card, while the average card requires 652 to qualify.
This puts it in the top bottom 20% of cards by approval difficulty.
The personal income requirements are $0, while the average card requires $23,896.
This puts it in the top 50% of cards by the income required to qualify.
The CIBC Dividend Platinum Visa Card is a cash back credit card offering numerous benefits to its users. In this review, we’ll outline the card’s earning potential, four benefits, and two drawbacks. Additionally, we’ll provide some other relevant information for potential users to consider.
Earning cash back with the CIBC dividend platinum card
The card allows users to earn cash back on their everyday spending. The cash back rewards structure is as follows:
- 4% cash back on eligible gas station and grocery store purchases
- 2% cash back on eligible transportation, dining and recurring payments
- 1% cash back on all other purchases made with the card
Benefits
- High Money Back on Spend: The first major advantage of the CIBC Dividend Platinum Visa Card is the generous cash back earning rates, particularly for gas and groceries. With 4% cash back in those categories, this card is well-suited for those who spend a significant amount on fuel and groceries.
- Purchase and Travel Protection With the Cibc Dividend Platinum: The second major advantage is the array of purchase protection and travel insurance benefits that are included with the card.
Cardholders can enjoy purchase security, extended warranty protection, and travel accident insurance, making this card a great option for both everyday spending and travel purposes. - Flexible Cash Back Rewards: The third major advantage is that users have the option to redeem their cash back rewards at any time throughout the year, with a minimum redemption of $25. This flexibility makes it easy for cardholders to use their rewards whenever it’s most convenient for them.
- Enjoy Visa Perks With the Dividend Platinum Card: The fourth major advantage is the additional Visa perks that cardholders can experience. This includes access to the Visa Infinite Concierge service, exclusive dining and wine country experiences, and various other Visa Infinite offers and promotions throughout the year.
Drawbacks
- Annual Fee: One significant drawback of the CIBC Dividend Platinum Visa Card is its annual fee of $99. While the earning potential and benefits can help offset this cost, potential users should consider if their spending habits will make the annual fee worth paying.
- Interest Rates: Another significant drawback is the card’s relatively high interest rate of 20.99% on purchases and 22.99% on cash advances. This can quickly become expensive if users do not pay their balances in full each month.
Who is the CIBC dividend platinum visa good for?
The CIBC Dividend Platinum Visa Card is best suited for individuals with strong credit ratings who spend a considerable amount on gas and groceries, and who are willing to pay an annual fee in exchange for higher cash back rewards and added insurance benefits.
Potential users should carefully consider their spending habits and needs before deciding if this card is the right choice for their financial situation.
Not the right fit? You could consider the CIBC Aventura Visa Card for Students. Or, if you’re looking for other options check out the CIBC Aventura Gold Visa Card, and the CIBC Dividend Visa Card.
FAQ
Key benefits
- Earn 4% cash-back on eligible gas and grocery purchases
- Receive 2% cash-back on dining, entertainment, and transit purchases
- Enjoy 1% cash-back on all other everyday purchases
- Access exclusive offers on merchandise and experiences through CIBC Rewards
- Comprehensive travel insurance package, including emergency travel medical coverage
- Enhanced purchase security and extended warranty benefits
- Manage business expenses effectively with the CIBC Expense Management Tool
- $120 annual fee, typically waived in the first year for eligible customers
- 19.99% standard purchase interest rate
- Exceptional customer service and assistance through CIBC Online and Mobile Banking
