Did you know that were only 25 million tourist arrivals internationally in 1950? Since then tourist arrivals internationally have increased to 1.4 billion.
Travel helps reduce stress, introduce you to new cultures and open your horizons. It also comes with a hefty price tag. But what if you could get cashback when you use credit cards?
With the CIBC Dividend Visa Infinite Card, you can get the benefits of a travel credit card like travel insurance and out-of-province emergency medical coverage. Unlike other cards, you also get cashback on your everyday purchases. Keep on reading for more features and benefits of the CIBC Dividend Visa Infinite Card.
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CIBC Dividend Visa Infinite Card
- Annual Fee: $120 (first year is rebated)
- Eligibility: Canadian resident, age of majority, no recent bankruptcy claim, good credit score and minimum income requirement
Special Offer
If you’re looking to get the CIBC Dividend Visa Infinite Card, then you won’t want to miss their welcome offer. Apply online today.
You can receive 10% cash back for your first 4 statements on total purchases of total $2,000. You also get a rebate for the annual fee for the first year. That’s savings of $120.
Features and Benefits
The CIBC Dividend card features cash back, lower interest rates, and comprehensive insurance coverage. It’s a good card for travellers and those who want to use the card for gas and groceries. Let’s dive a little deeper into these benefits so you know exactly what you’re getting from your new credit card.
Rates and Fees
This card has an annual fee of $120. You get a rebate for your first-year annual fee if you’re a new user. For each additional user, you have to pay a $30 annual fee. You have a limit of 3 additional credit cards.
You also pay an interest rate of 20.99% on any outstanding balance, which is slightly lower than the average interest rate of 22.99%. You still have to pay a 22.99% interest rate on cash advance transactions.
Remember you also have to pay a 2.5% foreign transaction fee on non-Canadian currency purchases.
Cash Back Option
The best feature of the CIBC Dividend Visa Infinite Card is its cashback option. You can get 2% to 4% cashback on different everyday purchases. You get a higher rate on gas and groceries. Remember you also get a higher 10% cashback on up to $2,000 in purchases as part of your welcome offer.
For most other purchases, you will get a 1% cashback. If you send money to your family internationally, you can continue to earn cashback rewards. There are no transfer fees and no interest if you pay the balance by your due date.
Save Money by Linking Journie Rewards Card
If you have a Journie rewards card, then you can link it to the CIBC Dividend Visa Infinite Card and save money every time you fill up. A Journies rewards card gives you points every time you fill up your car. Every litre earns you a point.
If you link your CIBC Dividend Visa Infinite Card, you save 3 cents per litre on gas every time you fill up. If you reach 300 Journie rewards points, you can save 7 cents per litre.
Extended Warranty and Purchase Protection
You can get an extended warranty for up to a year for any product that you purchase using your CIBC Dividend Visa Infinite Card. You also get purchase protection for up to 90 days.
Mobile Device Protection
There’s another good reason to go buy your mobile device and use your CIBC Dividend Visa Infinite Card. You can get mobile device protection for up to $1,000. If your new mobile device breaks, you can rest assured that you are already covered under your new credit card’s comprehensive insurance coverage.
Travel Insurance
Are you ready to book your travels? Canada has so much beauty and nature to offer, including these 11 beautiful places to visit in the wintertime.
Your CIBC Dividend Visa Infinite Card offers you comprehensive travel insurance which includes trip interruption or delay plus coverage for lost, damaged, or stolen luggage.
Out-of-Province Emergency Medical Coverage
You also get out-of-province emergency medical coverage for up to $5 million. If you are travelling and become sick or injured, you are covered for any medical expense you incur up to $5 million. Remember that it only applies to those people who are 64 or under.
Rental Car Collision and Loss Coverage
If you are looking to go on that road trip, then you don’t need to worry about getting extra car insurance. Your CIBC Dividend Visa Infinite Card covers you for rental car collision and loss coverage for up to $65,000 in damages.
Who Is the Card For?
This card is for travellers who are also looking for cashback. It’s better to use this card for gas and groceries as you get the higher cashback return. It’s great for those people looking to travel within Canada.
This is not the card for people who think they’ll go over the earning caps because their annual expenses are too high.
Eligibility Requirements
The CIBC Dividend Visa Infinite Card has some card eligibility requirements, including minimum income requirements. You need to have a minimum income of $60,000 and a total household income of $100,000 to be eligible for this card.
You also must not have declared bankruptcy in the last 7 years and have a credit score of at least 740.
Earning and Redeeming Points
You can get 4% cash back on gas and groceries, up to a limit of $80,000 in purchases. You also earn 2% cash back on dining, transportation and recurring bill payments, up to a limit of $20,000 in purchases. Remember you also get a higher 10% cashback on up to $2,000 in purchases as part of your welcome offer.
For all other purchases, you can earn 1%. Once you hit your maximum on the other two categories, then you earn 1% cashback until the card resets in December every year.
How to Redeem Cash Back
You can get your cashback on demand, every time you have a minimum of $25. So, you don’t need to wait until the end of the year to use your cashback amounts.
How Does It Compare to Other Top Competitors?
You have many credit card options with different features to choose from. Rather than look at all the credit cards, we’ve done the work for you by comparing two similar credit cards below.
CIBC Dividend Visa Infinite Card
- Welcome Offer: 10% cashback on first 4 statements up to $2,000
- Annual Fee: $120 (1st year free)
- Interest Rate: 20.99%
- Cash Back: 4% gas and groceries, 2% on restaurants, transportation and recurring payments, 1% everything else
Good welcome offer, plus higher rate on gas and groceries.
Scotia Momentum VISA Infinite Card
- Welcome Offer: 10% cashback for first 3 months up to $2,000, plus 2.9% introductory interest rate for the first 6 months
- Annual Fee: $120 (1st year free)
- Interest Rate: 20.99%
- Cash Back: 4% groceries and recurring payment, 2% on gas and daily transit, 1% everything else
The Scotia Momentum offers an added benefit of a lower introductory interest rate but has a lower rate of 2% for gas.
TD Cash Back Visa Infinite* Card
- Welcome Offer: 6% cash back on first 4 statements up to $2,000, up to $3,500 for select purchases
- Annual Fee: $120 (1st year free)
- Interest Rate: 20.99%
- Cash Back: 4% gas, groceries, and recurring payments, 1% everything else
The welcome offer isn’t as good as the others but offers a higher rate for recurring payments.
You can compare other credits cards at Insurdinary and find out which card works best for you.
Pros and Cons
Now you know all the different CIBC Dividend card benefits, including cashback and a multitude of insurance coverages. You can purchase items and rent cars using your credit card and not have to worry about getting additional insurance protection.
One of the disadvantages of the card is its annual fee. While you don’t pay for one year, you will be paying $120 per year after that. Of course, if you use your credit card a lot, then the benefits of the cashback will outweigh the cost of the annual fee.
You also have to pay a 2.5% foreign transaction fee, so it may not be the best card to use while travelling or purchasing goods in a foreign currency.
There are annual earning caps of the 4% and 2% cashback rates. This may not be a problem if you don’t intend on going over the annual earning caps.
The Reviews
The CIBC Dividend Visa Infinite Card is the best card for those with higher gas and grocery bills because you get a higher cashback rate. It’s also good for travellers who are also looking for a cash-back option. It’s great for long-distance commuters and those families that love their road trips.
The annual fee of $120 is the same across other similar cards. If you spend at least $250 per month on gas and groceries, you can get your annual fee back.
Interested in More Articles Like this?
Now you know everything there is to know about the CIBC Dividend Visa Infinite Card. You know its amazing features and benefits including its cash back option and comprehensive travel insurance. You can also take advantage of its welcome offer of a much higher cashback rate of 10% for your next 4 statements.
Check out our blog for more fun and interesting articles like understanding your debt-to-equity ratio. Rather than worrying about having too much debt, you can calculate your debt-to-equity ratio and truly get a handle on your finances.
