Our bottom line
What’s great about this card
High earn rate
With 4% cash back on groceries and gas, the CIBC Dividend Visa Infinite Card has one of the highest earn rates for those two categories. As if that weren’t good enough, you’ll also get 2% back for transportation, recurring payments, and dining out, as well as 1% back for everything else.
Annual fee rebated for the first year
For new cardholders, the $120 annual fee is rebated for the first year for the primary cardholder. In addition, up to three additional cardholders on the account can get their annual fee rebated (normally $30 per card). That means that all of the rewards you earn during the first year can go into your pocket, rather than covering fees. Though the $120 does normally kick in again after the first year, holders of a CIBC Smart Plus Account get that $120 fee rebated every year.
The CIBC Dividend Visa Infinite Card has one of the best insurance packages around. Here’s what comes with the card:
- Extended warranty (up to one additional year)
- Purchase protection (up to 90 days)
- Mobile device protection (up to $1,000)
- Travel insurance (trip interruption/delay plus coverage for lost, damaged, or stolen luggage)
- Out-of-province emergency medical coverage (up to $5 million for those 64 or under)
- Rental car collision and loss coverage (up to $65,000 in damages)
- Common carrier accidents ($500,000 of coverage for accidents that cause loss of life or limbs)
- Fraud protection
Visa Infinite benefits
As a cardholder, you have exclusive access to a number of events, including dining and winery experiences, special movie screenings, film festivals, and tickets to sporting events. You may also enjoy special perks for select hotel bookings, such as in-room WiFi, 3 pm checkouts, and complimentary breakfasts.
What’s not so great
Perhaps the biggest drawback to the CIBC Dividend Visa Infinite credit card is the annual fee. Primary cardholders have to pay an annual fee of $120 to use this card, while authorized users will have to pay $30 each. While that’s not totally outlandish for a cash back card with this much earning power, you’ll want to be sure you outweigh the annual fee with earnings.
Foreign transaction fees
Although this card has stellar travel insurance, it does come with a 2.5% foreign transaction fee. While it may be great for purchasing plane tickets, booking hotels, buying luggage, and renting cards, you’ll have to be careful about using it to cover purchases in a non-Canadian currency.
In order to get a CIBC Dividend Visa Infinite credit card, you must have a personal income of $60,000 or a household income of $100,000. For some Canadians, that may put this card out of reach.
Earning cap on 4% and 2% rates
One final limitation is the earning cap placed on the 4% and 2% spending categories. Though the card itself has no limit to how much you can earn, both of these higher rates will end when you hit one of these spending milestones:
- You charge $80,000 to the card (all purchases for both primary cardholders and authorizer users).
- You charge $20,000 in groceries, gas, transportation, dining out, and recurring payments.
Once you hit the milestone, both of your higher earn rates will fall back to a 1% rate.
How does the CIBC Dividend Visa Infinite Credit Card stack up?
It’s hard not to get excited about the CIBC Dividend Visa Infinite Card. Compared with other cash back cards and rewards cards, it offers a fairly well-rounded package. With 4% on gas and groceries, along with 2% on transportation, dining, and recurring payments, you’re bound to earn some serious rewards. Even a base rate of 1% isn’t bad, especially since some cash back cards will offer a base rate of only 0.5%.
In addition to a higher earn rate, the CIBC Dividend Visa Infinite Card has comprehensive insurance and a waived annual fee for the first year. Though the card has caps on how much you can earn with the 2% and 4% rates, those caps are high enough to allow you to earn a fairly large amount.
Insurance package is perfect for travelers
For a cash back card that doesn’t advertise itself as a travel card, the travel insurance is surprisingly vast.
For one, you’ll benefit immediately from out-of-province emergency medical coverage. So, if you have an emergency outside your home province, and your normal medical insurance doesn’t cover it, your CIBC Dividend Visa Infinite Card may cover some of the expenses. Common emergency costs that your card will cover include accommodation in a hospital, ground and air ambulance charges, airfare back to your residential providence, and even care for your children if you’re hospitalized.
That’s pretty comprehensive. But it gets better. In addition to this, you’ll also get trip delay and interruption coverage. That means if something unexpected, like a natural disaster or family emergency, causes you to cancel or end your vacation, your credit card may reimburse your for lost bookings. You’ll also get reimbursed for lost, stolen, or damaged luggage, which can come in handy, especially if you’re stuck in a place with only the clothes on your back.
How do you apply?
In order to get a CIBC Dividend Visa Infinite Card, you must meet a few requirements. Your credit score should be in the “good” range, or at least a 670. On top of that, you must have a personal income of $60,000 or a household income of $100,000.
If you meet those requirements, you can apply directly on CIBC’s website. The application is fairly short, and you’ll get a response shortly after submitting it.
Who should get the CIBC Dividend Visa Infinite Credit Card?
The CIBC Dividend Visa Infinite Card is ideal for Canadian families, commuters, and those who travel frequently across the country. With a 4% earn rate on groceries and gas, it’s an especially powerful tool for those who spend the most money on those two categories.
Though the card has an annual fee of $120 (waived for the first year), you only need to spend $3,000 on groceries or gas to earn $120 in rewards. Most Canadian households could spend that in a fairly short period of time.
Given that the card comes with a hefty welcome bonus and no annual fee for the first year, it doesn’t hurt to give it a try.
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