CIBC Dividend Platinum® Visa* Card Review 2024

• Welcome Offer: Get a first-year annual fee rebate and earn a 10% cash back welcome bonus of up to $200 (first 4 statements)!†
• A $50 cash back bonus for setting up one pre-authorized payment within the first 4 monthly statements.†
• After that, get 3% cash back on eligible gas, EV charging, and grocery purchases.†
• 2% cash back on eligible transportation, dining purchases and recurring payments†
• 1% cash back on all other purchases†
• Get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®†
• Save on gas with CIBC and Journie Rewards
  • Link and use your CIBC Dividend Platinum Visa Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
• This offer is not available to residents of Quebec
• Terms apply

Looking to save on everyday purchases? That’s what the CIBC Dividend Platinum® Visa* Card is for. You’ll get 3% cash back when you buy groceries and pump gas, 2% cash back when you dine out and Uber around town, 2% cash back on your platform subscriptions and other bill payments, and 1 % cash back on clothing, entertainment and all other purchases.

The catch: You’ll earn the cash-back percentages until you spend $80,000 on your card per year or $20,000 specifically on groceries, gas, restaurants, and bills (whichever comes first)—then your cash-back perks will lower to 1% for the remainder of the calendar year.

Is this card right for you? It has a $99 annual fee, so you have to determine if the potential cash back you could earn is worth it. Also, emergency medical insurance isn’t included, but there’s an option to add it. It doesn’t come with baggage delay or trip cancellation insurance and has high FX fees, making it not particularly great for jet setters.

But don’t write it off just yet: The CIBC Dividend Platinum® Visa* Card does offer extra perks like rental car insurance and extended warranty, free transfers for money sent abroad, and savings at select car rental companies.

• $99 annual fee rebate for the first year
• 3% cash back on groceries and gas purchases, 2% cash back on dining and transportation and recurring bill payments, and 1 % cash back on all other purchases
• Built-in insurance, including auto rental collision and loss damage insurance and purchase security and extended warranty insurance
• Not ideal for the traveller due to FX fees and no emergency medical or trip cancellation insurance

The CIBC Dividend Platinum® Visa* Card is for those looking to receive cash back on everyday purchases and aren’t planning on using their card for travel-related reasons. You can make the most of this card by using it on all purchases for groceries, gas, restaurant meals and bill payments (at least until your purchases hit $20,000) to get the maximum cash-back earnings.

Earning Rewards

With this card, you’ll get 3% cash back on groceries and gas purchases, 2% cash back on dining, transportation and recurring bill payments, and 1 % cash back on all other purchases—until you reach $80,000 in net annual card purchases per year or $20,000 specifically on grocery, gas, restaurants and bills (whichever comes first). After that, your cash-back percentage is reduced to 1% for the remainder of the calendar year. The $80,000/$20,000 limit will reset to zero after the day your December statement is printed.

You can also save on gas: With a Journie Rewards Card, you can get up to 10 cents off per litre at select gas stations.

Redeeming Rewards

Cash back from all purchases is accumulated each month, and you can access it anytime through CIBC Online and Mobile Banking. Although you can have up to three authorized users with this card, only the primary cardholders can make a cash-back redemption, which they may do at any time once they have a minimum cash-back balance of $25. Ready to cash in? Once you submit the request, it’ll be in your account within five days.

If you forget to redeem cash back by the end of the year, it’s no biggie: After your December statement, it’ll be automatically redeemed on your next statement, and your cash back balance will be reset to zero.

Rewards Potential

Overall, based on average Canadian spending, you’ll get around $449.54 in annual cash back after subtracting the $99 annual fee. However, other cards, like the CIBC Dividend Visa Infinite Card, offer a higher percentage of cash back—instead of 3%, 4% on eligible purchases for groceries, EV Charging and gas.

• 3% cash back on everyday purchases (like groceries and gas)
• $99 annual fee rebate for your first year
• Includes perks like travel accident insurance, rental car insurance, and purchase protection

Interest Rates

• Regular APR (Purchases): 20.99%
• Cash Advance APR: 22.99%
• Balance Transfer APR: 22.99%

Fees

• Cash Advance Fee: 22.99%
• Balance Transfer Fee: $0
• Foreign Transaction Fee: 2.5%
• Annual Fee: $99
• Any Other Fees: $29 over limit fee, 3% installment plan fee, $10 statement copy fee, up to $42.50 in dishonoured payment fees

Here’s how the card compares to other Canadian cash-back credit cards

CIBC Dividend Platinum® Visa* Card Vs. CIBC Dividend® Visa Infinite* Card

These cards are not only similar in their names but also in their offerings. In terms of similarities, they both have an APR of 20.99%, require a very good to excellent credit score, have a high annual fee, and offer cash back on everyday purchases, like groceries, gas and dining out.

The CIBC Dividend® Visa Infinite* Card, however, has a higher minimum personal annual income requirement (of $60,000 compared to $15,000) and a higher annual fee ($120 versus $99)—but that’s because it offers more perks. This card has a welcome bonus of 10% cash back, up to $250 for the first 4 statements† with the card. What’s more, it comes with emergency medical insurance up to $5 million and higher cash-back potential: You’ll earn 4% back on groceries, EV charging and gas (compared to the Platinum card’s 3%), but just like with the Platinum card, you’ll also earn 2% cash back on dining, transportation and recurring bill payments, along with 1% cash back on all other purchases.

Both cards also have the same cash-back caveat: When you make $80,000 worth of purchases on the card or spend $20,000 on groceries, gas, restaurants and bills (whichever comes first), your cash-back percentage on all purchases will drop to 1% for the rest of the year.

If most of your purchases are for stocking up your fridge and filling up your tank, and if you travel from time to time, the CIBC Dividend Visa Infinite Card is a better option.

CIBC Dividend Platinum® Visa* Card Vs. SimplyCash Preferred Card from American Express

The CIBC Dividend Platinum® Visa* Card and the SimplyCash Preferred Card from American Express both come with a high annual fee and offer cash back on everyday purchases—but the SimplyCash American Express Card may offer more perks.

First, only a credit score of good/fair is needed to apply for the card, and it offers a decent bonus of $400 in statement credits in your first 10 months as a cardholder. You’ll also get 4% cash back on gas and groceries (compared to 3% offered by the CIBC card) with a limit of up to $1,200 in cash back annually.

What’s more, you’ll receive 2% cash back on all other purchases with no limit (compared to just 1% cash back on other purchases). With the SimplyCash card, you’ll also be given emergency medical coverage up to $5 million—a real perk for travellers.

Although the SimplyCash Card comes with a welcome fee that’s $20 more than CIBC’s, with its extra benefits, it’ll likely be worth it once you start reaping the cash-back perks from all your purchases.

CIBC Dividend Platinum® Visa* Card Vs. Simplii Financial Cash Back Visa

Where do you most frequently tap your credit card? That determines whether the CIBC Dividend Platinum® Visa* Card or the Simplii Financial Cash Back Visa is best for you.

Their APRs are the same, at 19.99%, and they both require a minimum annual personal income of $15,000—but that’s where their similarities end.

The Simplii Financial Cash Back Visa Card has no annual fee and a welcome bonus of 10% cash back at eligible restaurants and bars up to $500 in the first four months.

Now, here’s where your spending habits will be the deciding factor: While the CIBC card is beneficial for those spending the most on everyday expenses like groceries and gas, the Simplii card is for the one who enjoys going to restaurants, coffee shops and bars—you’ll get 4% cash back at eligible haunts, up to $5,000 in spending per year.

You’ll also get cash back from everyday purchases like gas and groceries as well as drugstore purchases and preauthorized payments, with 1.5% cash back at eligible locations in those specific purchase categories up to $15,000 per year. You’ll get 0.5% cash back on all other purchases.

If you eat out a little more than you whip up a meal in your kitchen, this card could be a better option for you than the CIBC Dividend Platinum Visa Card.

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, the welcome bonus, and other benefits and features. Keep in mind, what may be best for some people might not be best for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

Overall, the CIBC Dividend Platinum Visa Card is for the person with very good/excellent credit who makes under $60,000 per year, doesn’t travel, and uses their credit card most to buy groceries and gas.

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

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