CIBC Dividend Platinum® Visa* Card Review

Overall Ranking

4/5

Overview

Annual Fee

4/5

Rewards

4/5

Cardholder Perks

3.5/5

Welcome Offer

4.5/5

If you’re looking for a cash back credit card, the CIBC Dividend Platinum® Visa* Card is worth considering. There’s a notable Welcome Offer: Get a first-year annual fee rebate and earn 15% cash back welcome bonus of up to $300!† After the Welcome Offer ends, get 3% cash back on eligible gas, EV charging, and grocery purchases†, 2% cash back on eligible transportation, dining purchases and recurring payments†, and 1% cash back on all other purchases.†

Best for:

• Cash back rewards
• Good welcome bonus
• Auto Rental Collision and Loss Damage Insurance†
• Purchase Security and Extended Protection Insurance†

About the CIBC Dividend Platinum® Visa* Card

The CIBC Dividend Platinum® Visa* Card takes a spot on our list as one of the best cash back credit cards in Canada, and it’s easy to see why. After the Welcome Offer ends, get 3% cash back on eligible gas, EV charging, and grocery purchases†, 2% cash back on eligible transportation, dining purchases and recurring payments†, and 1% cash back on all other purchases.† In addition, there is a welcome bonus for new cardholders--Get a first-year annual fee rebate and earn 15% cash back welcome bonus of up to $300!† The $99 annual fee is lower than other high-earning cash back cards, and it’s rebated for the first year as part of the welcome offer†.

The perks on the CIBC Dividend Platinum® Visa* Card are lean, but the $500,000 of common carrier accident coverage, auto rental damage and collision loss insurance, as well as optional travel medical insurance will appeal to travellers.† Additionally, cardholders can get items charged to the card replaced if they’re lost, stolen, or damaged (within 90 days), and can double the manufacturer’s warranty (up to one year) on most items.†

†Conditions apply 

Card Features & Benefits

The CIBC Dividend Platinum® Visa* Card definitely has some attractive selling features. For starters, it offers exceptional cash back rates on card purchases – all for a lower-than-average annual fee.

• After the Welcome Offer ends, get 3% cash back on eligible gas, EV charging, and grocery purchases†, 2% cash back on eligible transportation, dining purchases and recurring payments†, and 1% cash back on all other purchases.†
• Competitive $99 annual fee
• First-year annual fee rebate (value of $99)†
• Purchase Annual Interest Rate: 20.99%†
• Cash Advance Annual Interest Rate: 22.99%† (21.99% QC only)
• Balance Transfer Annual Interest Rate: 22.99%† (21.99% QC only)
• Get a first-year annual fee rebate and earn 15% cash back welcome bonus of up to $300!†

Other Perks

Perks are limited compared to other cards but include $500,000 in common carrier accident protection and Auto Rental Collision and Loss Damage Insurance† – two types of insurance that may appeal to travellers.

Pros and Cons

The biggest strength of the CIBC Dividend Platinum® Visa* Card is its standard earn rates. After the Welcome Offer ends, get 3% cash back on eligible gas, EV charging, and grocery purchases†, 2% cash back on eligible transportation, dining purchases and recurring payments†, and 1% cash back on all other purchases.† This base rate beats out the typical 0.5% seen on other cash back credit cards. That said, there could be better (and more) categories available.

The $99 annual fee (rebated for the first year)† is slightly lower than the $120 seen on most high-earning cash back cards, and the welcome offer is solid. However, if you’re looking for a more lucrative promo, check out our best credit card offers page before pulling the trigger.

The Verdict

Overall, this is a great card for most Canadians looking to earn some cash back. The CIBC Dividend Platinum® Visa* Card delivers in its welcome offer. Get a first-year annual fee rebate and earn 15% cash back welcome bonus of up to $300!† After the Welcome Offer ends, get 3% cash back on eligible gas, EV charging, and grocery purchases†, 2% cash back on eligible transportation, dining purchases and recurring payments†, and 1% cash back on all other purchases.† The cash back rate on eligible groceries and gas† will likely please many Canadians and reap you some rewards if you spend a lot in those categories. Plus, the card’s base rate† is acceptable and outshines some of the other leading cash back cards in Canada.

However, this is not a free card. It’s true that the $99 annual fee is more affordable than other rewards credit cards, but we would expect to see better perks and benefits at that rate. If an annual fee is unappetizing, consider one of the Best No Annual Fee Credit Cards we shortlisted. Or if travel rewards are your thing, take a look at our list of the Best Travel Rewards Credit Cards in Canada – some of which offer premium perks and big-time benefits.

Depending on your needs and budget, there may be a better card suited to your situation – so check out the Best Credit Cards in Canada before making a decision.

This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the “Apply Now” link available on this webpage.†

†Conditions apply 

Quebec Residents – Learn More about this CIBC product here.

Résidents du Québec – Pour en savoir plus sur ce produit CIBC, suivez ce lien.