Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.

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 {{card.name}} has earned a {{ranking}} 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 {{card.name}} are {{score_1}} and {{score_2}}.

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 {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, 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 {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} 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 {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} 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 {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} 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 {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The CIBC Dividend Visa Card is a cash back credit card that offers the opportunity to earn rewards based on your everyday spending. This review will outline the earning potential of this card, as well as detail four main benefits and two drawbacks of using this card for your spending.

Earning potential

The CIBC Dividend Visa Card rewards users with cash back on their purchases, without the need to enroll in any special bonus categories. Cardholders can earn:

• 2% cash back on grocery store purchases





• 1% cash back on gas, transportation, dining, and recurring payments





• 0.5% cash back on all other purchases.

Benefits

1. No Annual Fee: One of the main advantages of the CIBC Dividend Visa Card is that it has no annual fee, making it a cost-effective option for individuals wanting to earn cash back on their spending without the upkeep of yearly charges.





2. Purchase Security & Extended Warranty: Cardholders receive purchase security insurance, which offers protection against theft or damage on newly purchased items within the first 90 days. Additionally, the extended warranty benefit doubles the manufacturer’s warranty on eligible items for up to one additional year.





3. CIBC Digital Banking Benefits: This credit card grants access to CIBC’s digital banking services, which allows you to manage your account online or through a mobile app, set up automatic payments, and monitor your spending habits effectively.





4. Wide Range of Safety Features: For your security, the CIBC Dividend Visa Card includes safety features such as chip-enabled technology, fraud alerts, Verified by Visa, and Payment Protector Insurance options to ensure your transactions are safe and secure.

Drawbacks

1. Limited Cash Back Categories While the card does offer some accelerated cashback rates in specific categories, the limited variety of higher earning categories (only groceries) may not be suitable for individuals with diverse spending habits or who prioritize travel or other forms of rewards.





2. Tiered Cash Back System: The CIBC Dividend Visa Card uses a tiered cash back system, limiting the 1% cash back rate to the first $6,000 spent in specified categories and reverting to 0.5% on all additional spending in those categories.
   
   This may be a drawback for individuals with high spending habits, as they may find their earning potential to be capped as compared to other cards with a more generous rewards structure.

Additional information

The CIBC Dividend Visa Card is best suited for users who primarily make grocery purchases and who are seeking a card with no annual fee. For individuals with different spending priorities or the desire for a more flexible cash back system, there are alternative credit card options available that may be better suited to their needs.

Interested in other credit cards? If the CIBC Dividend Visa Card credit card isn’t perfect for you, you might want to consider the CIBC Aventura Gold Visa Card (QC). Plus, many Canadian’s that like the CIBC Dividend Visa Card like the CIBC Aventura Visa Infinite Card, and the CIBC Costco MasterCard.

FAQ

Key benefits

• 2% cash back on groceries





• 1% cash back on recurring bill payments





• 0.5% cash back on all other purchases





• $0 annual fee





• 19.99% standard interest rate for purchases





• 22.99% interest rate for cash advances





• Up to 48-day interest-free grace period





• Minimum income requirement of $15,000





• Purchase security and extended warranty benefits





• Zero liability protection





• Optional balance protection insurance