CIBC Dividend Visa Card For Students Review 2024

• Get a welcome bonus of $50 cash back when you make your first purchase within the first four months.
• Earn 2% cash back on groceries (up to $80,000 per year)
• Earn 1% cash back on gas, electric vehicle charging, transportation, dining and recurring payments (up to $80,000 per year)
• Earn 0.5% cash back on all other purchases
• No annual fee
• Link your card to Journie Rewards and save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar and Chevron stations
• $0 transfer fee for sending money abroad to over 120 countries
• Free SPC+ membership, which offers students up to a 30% discount on top brands
• Includes purchase security and extended protection insurance
• Covers up to $100,000 for common carrier accidents

The CIBC Dividend Visa Card for Students helps stretch every dollar you spend on essentials, earning 2% cash back on groceries and 1% on gas, transportation, eating out and recurring bills. For everything else, you’ll earn 0.5% cash back. It’s not the highest base rate, but there’s no annual fee, and the card includes discounts at gas stations and over 450 retailers. You won’t get any travel perks or insurance, either. But it’s a solid choice for students who are just starting out and want a simple way to build credit without any extra fees.

• No annual fee
• Earn up to 2% cash back on eligible purchases
• Includes free SPC+ membership for student discounts

Earning Rewards

The CIBC Dividend Visa Card for Students has a simple cash-back structure. You’ll earn 2% back at grocery stores and 1% on gas, EV charging, transportation, restaurants and recurring bills. All other purchase categories earn 0.5%. It’s not the highest earn rate out there, but there’s no annual fee, so it doesn’t cost you anything extra to use this card.

Redeeming Rewards

You won’t have to wait a whole year to get your money like some other cash-back credit cards. Redeem cash back ($25 minimum) anytime through CIBC online and mobile banking. Any cash back not redeemed by the end of the year is automatically applied as a credit on your next statement.

Rewards Potential

The amount of cash back you earn with this card depends on your spending habits. Suppose you spend $200 a month on groceries—you’d get about $48 back per year. Even though higher earn rates have an $80,000 annual spending cap, this is generally more than most student budgets. Based on average Canadian spending, Forbes Advisor Canada estimates  $295.14 in cash back per year, which isn’t bad for a no-fee credit card.

• Free SPC+ membership: Save up to 30% on 450+ deals when you shop online or in-store
• Fuel up for less: Save up to 10 cents per litre at participating gas stations when you link your card with Journie Rewards
• Insurance coverage: Includes purchase security and extended warranty insurance, plus coverage for common carrier accidents

Interest Rates

• Regular APR: 20.99%
• Cash Advance APR: 22.99%
• Balance Transfer APR: 22.99%

Fees

• Cash Advance Fee: $5 in Canada, $7.50 outside Canada
• Foreign Transaction Fee: 2.5%
• Annual Fee: $0
• Overlimit Fee: $29

CIBC Dividend® Visa* Card for Students Vs. BMO CashBack Mastercard for Students

Both of these student credit cards earn cash back with no annual fee. The BMO CashBack Mastercard for Students gives you 3% back at the grocery store, 1% on recurring bills and 0.5% on all other purchases. This looks like a good deal, but these rates max out at $500 per month, which is about $6,000 per year. After that, you’re getting the 0.5% base rate.

The CIBC Dividend Visa Card for Students has a slightly lower rate on groceries (2%), but you get 1% cash back on recurring bills, gas, EV charging, transportation and eating out, and 0.5% on everything else. Accelerated rates only drop if you hit the annual $80,000 spending limit. Based on average Canadian spending, this card earns $295.14 per year. When you add the extra discounts and student deals, the CIBC Dividend Visa Card for Students comes out ahead of the $301.43 you’ll get per year with the BMO CashBack Mastercard for Students.

CIBC Dividend® Visa* Card for Students Vs. Scotia Momentum® Visa* Card (for students)

With the Scotia Momentum Visa Card (for students), you get 2% cash back on common expenses like gas, groceries, drug stores and recurring bills up to $25,000 per year. Everything else you buy earns 1%. With the $39 annual fee factored in, you’ll earn roughly $372.83 annually. This is slightly more than the $295.14 you’re getting with the CIBC Dividend Visa Card for Students, but you don’t have to pay an annual fee. You also get on-demand cash-back redemptions instead of waiting for Scotia Momentum’s annual credit. Plus, the money you save on gas and purchases at SPC+ partners could give you a higher overall reward value. So even though this card earns less on paper, it’s a winner for your wallet.

CIBC Dividend® Visa* Card for Students Vs. TD Cash Back Visa Card

The TD Cash Back Visa Card gives you 1% cash back on groceries, gas and recurring bills and 0.5% on all your other purchases. TD caps the 1% rate at $5,000 per year compared to $80,000 on the same categories with the CIBC Dividend Visa Card for Students, plus you get 2% on groceries. You won’t get any extra deals with TD either, other than a 10% discount on car rentals. The CIBC Dividend Visa Card for Students is the clear winner when it comes to overall value and earn rates. When you do the math, you’re only getting $205.90 per year with the TD Cash Back Visa Card compared to CIBC’s $295.14 on top of gas and SPC+ membership savings.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

The CIBC Dividend Visa Card for Students is an easy way to build credit while earning cash back on everyday expenses. On-demand redemptions make your money more accessible, so you can get cash when needed instead of waiting for an annual statement credit.

If you’re looking for travel perks or want to earn cash in other categories, you may want a different student credit card. Just make sure you compare your options and overall value first.

The information for the CIBC Dividend® Visa* Card for Students has been collected independently by Forbes Advisor. The card details on this page have not been reviewed or provided by the card issuer.