If you’re looking to maximize savings while enjoying top-tier perks, the CIBC Dividend Visa Infinite Card might just be what you need. It combines the allure of cash back on everyday purchases with access to exclusive benefits like insurance coverage and travel perks.
Whether you’re fueling up your car, grabbing groceries, or dining out, this card is designed to put money back into your wallet and make your life a little easier. Ready to explore what this card has to offer? Let’s dive in!
Main features of the CIBC Dividend Visa Infinite Card
Issued by the Canadian Imperial Bank of Commerce (CIBC), the Dividend Visa Infinite Card is built for individuals with higher income who appreciate a little extra financial cushioning. While its rewards system is highly appealing, this card isn’t for everyone—it’s targeted at people who earn at least $60,000 annually (or a household income of $100,000).
What makes this card stand out is its generous cash-back system. You get 4% back on gas, groceries, and even electric vehicle charging. But the perks don’t stop there—you also earn 2% on dining, transportation, and recurring bills, and 1% on all other purchases. This card is designed for those who want to make their spending work for them, offering flexibility and high returns in day-to-day expenses.
Understanding the annual fee
When it comes to the annual fee, the CIBC Dividend Visa Infinite Card strikes a balance between premium benefits and affordability. The annual fee stands at $120 for the primary cardholder, but here’s the catch—it’s rebated in the first year! If you’re new to CIBC, this can be a great incentive to try out the card.
Deciphering credit limits
Determining your credit limit on the CIBC Dividend Visa Infinite Card is a dynamic process. CIBC evaluates multiple factors before setting your credit line. They take into account your credit score, current income, and credit history to ensure that the limit is both suitable for your spending habits and sustainable for your financial situation.
One of the best parts about this card is that as you prove your ability to manage your credit responsibly, your limit can increase over time. Initially, it’s common for new cardholders to receive a moderate limit, but CIBC continuously reviews your credit usage, so if you’re a good spender, you could see that limit rise.
Advantages of the CIBC Dividend Visa Infinite Card
- 4% Cash Back on Gas, Groceries, and EV Charging: Maximize savings on your everyday essentials.
- 2% Cash Back on Dining, Transit, and Recurring Payments: Perfect for those with regular subscriptions or who enjoy dining out.
- 1% Cash Back on All Other Purchases: You’ll still earn even when buying outside of the categories listed.
- No Cash Back Limit: There’s no cap to how much you can earn in a year!
- Travel and Purchase Insurance: Includes Mobile Device Insurance, Travel Medical, and Auto Rental Collision/Loss Damage coverage.
Standout advantage
One of the most attractive aspects of the CIBC Dividend Visa Infinite Card is its cash-back program, which stands head and shoulders above the competition. The 4% return on groceries and gas makes it incredibly appealing for families and commuters alike. Moreover, the additional 2% cash back on dining, transit, and recurring payments fills a gap that many other cards overlook.
Addressing potential drawbacks
- Annual Fee (after the first year): If you don’t have a Smart Plus account, you’ll pay $120 annually.
- Income Requirements: The card is only available to those who meet the relatively high income thresholds.
- Cash Back Categories are Limited: The highest cash-back rewards only apply to specific categories like gas and groceries.
- Foreign Transaction Fees: As with many cards, purchases made outside of Canada will incur extra fees.
Standout disadvantage
The income requirement stands out as a notable disadvantage. With a minimum income of $60,000 for individuals or $100,000 for households, the card excludes a significant portion of the population. This limits accessibility, making the card a premium product geared toward those in higher income brackets.
Eligibility criteria
To qualify for the CIBC Dividend Visa Infinite Card, you must meet a few specific requirements. First, there’s the income threshold: you’ll need to have a personal income of at least $60,000 or a household income of $100,000 to be eligible. Additionally, applicants must be Canadian residents who have reached the age of majority in their province or territory.
A good credit history is also a must; if you’ve struggled with credit issues in the past, this card may be out of reach. These factors ensure that the card remains exclusive to individuals who can make the most out of its premium benefits.
How to apply for the CIBC Dividend Visa Infinite Card
Applying for the CIBC Dividend Visa Infinite Card is straightforward but comes with multiple options tailored to suit your needs. Whether you’re a tech-savvy individual who prefers digital applications or someone who values in-person interaction, CIBC provides various channels to make the process as convenient as possible. Here’s a quick rundown of how you can get started!
Via website
The quickest and most convenient way to apply for this card is through the CIBC website. Simply navigate to the card’s page, click “Apply Now,” and follow the on-screen instructions. The process is intuitive, guiding you step by step. Plus, the online platform ensures you receive an application decision within minutes.
Make sure you have all the necessary information handy, including your income details and Social Insurance Number (SIN), to streamline the process. You can even sign up for additional services like mobile banking or paperless statements as part of the application.
Through the mobile application
If you’re always on the go, the CIBC Mobile Banking App is another efficient way to apply for the Dividend Visa Infinite Card. Download the app, log into your CIBC account, and navigate to the credit card section. From there, follow the prompts to apply.
One of the advantages of applying via the app is the added security features and the ability to manage your entire banking experience in one place, including activating your new card and setting up personalized alerts once approved.
Through the store/branch
For those who prefer a more personalized experience, CIBC allows you to apply for the Dividend Visa Infinite Card at any local branch. While this option is less common nowadays, it remains ideal for individuals who want to ask questions or seek advice from a financial advisor before committing. A visit to a branch also allows you to explore other CIBC products that might complement your new card.
