CIBC Dividend Visa Review

Our CIBC Dividend Visa review digs into the features of this no-fee cash-back card to see what’s good and what’s just OK (there’s nothing truly bad here). We compare the card with its paid counterparts so you can see what you get for the money. We also review how it compares to another similar card, the Scotia Momentum No-Fee Visa card.

With credit cards, as with most things, you get what you pay for. You won’t find a staggering earn rate, loads of perks, or a generous (or any) welcome bonus. But if you go into our review keeping that in mind, you’ll find that this card is still a solid no-fee offering with potential, depending on your personal needs.

CIBC Dividend Visa Review: The Numbers

Annual Fee: $0 ($0 per additional card).

Minimum Income: $15,000 household.

Interest Rate: 19.99% on purchases until October 2021 (20.99% thereafter), 22.99% on cash advances (21.99% for Quebec residents).

Earn Rate:

• 2% cash back on groceries
• 1% cash back on gas, transportation, dining, and recurring payments
• 0.5% cash back on everything else with no limits on spending

Insurance Coverage:  

$100,000 Common Carrier Accident Insurance

Perks:

• Extended Warranty
• Purchase security

CIBC Dividend Visa Welcome Bonus

None. A welcome bonus is not guaranteed when it comes to no-fee credit cards, but we do like to see some kind of incentive for new cardholders. At the moment, the CIBC Dividend Visa doesn’t offer any.

CIBC Dividend Visa vs CIBC Dividend Platinum Visa vs CIBC Dividend Visa Infinite

Many cards are offered as a family, with different tiers that have varied annual fees and accompanying perks. For the purposes of our CIBC Dividend Visa review, as with many of our other card reviews, we’ll give you the basic information on the entire family of cards. That way, you can see the differences between the no-fee CIBC Dividend Visa and its higher-tier counterparts.

As expected, earn rates and benefits increase with the annual fee. You’ll notice that the Common Carrier Accident insurance goes up by a factor of 5 between the no-fee Dividend Visa and the Dividend Platinum Visa, and that the Platinum also provides cardholders with car rental insurance. The CIBC Dividend Visa Infinite offers even more, with up to $5 million in emergency medical travel insurance (for cardholders under 65) plus mobile device insurance.

None of CIBC’s Dividend Visas have particularly noteworthy welcome bonuses – the cards with annual fees offer to waive the first year, but that’s it. That can put the CIBC Dividend Visa at a disadvantage when compared to other cards, although it’s always good to look at the full picture and not just what you get when you sign up.

CIBC Dividend Visa Card vs. Scotia Momentum No-fee Visa Card

The CIBC Dividend Visa is by no means the only no-fee cash back card on the market. For our CIBC Dividend Visa review, we chose to put it head-to-head with the Scotia Momentum No-Fee Visa. While these cards both have no annual fee, there are many differences in their offerings. Let’s take a closer look:

Some points worth noting:

• The CIBC Dividend Visa’s earn rate on groceries is double that of the Scotia Momentum No-Fee Visa
• The Scotia Momentum No-Fee Visa has a welcome bonus that includes increased cashback for 3 months plus a promotional balance transfer rate
• The CIBC Dividend Visa offers more perks, plus travel accident insurance

Even though we do love a welcome bonus, our editorial team agrees that the other features of the CIBC Dividend Visa make it a better overall card than the Scotia Momentum No-Fee Visa.

CIBC Dividend Visa Review: Further Research

As usual, the card that’s right for you will depend on your own tastes, spending habits, and financial situation.

• Is your income under $15,000/year? Consider a no-fee card with a lower/no minimum income like the MBNA Platinum Plus Rewards Mastercard.
• Do you spend significantly on categories besides groceries? Check out a no-fee card like the Tangerine Money-back Credit Card or the Tangerine World Mastercard, both of which offer cash-back on up to 3 categories of your choice.
• Is travel insurance important to you? Is it more important than no annual fee? Insurance benefits tend to increase with annual fees, so consider a paid card like the CIBC Dividend Visa Infinite if you meet the minimum annual income requirement.

It helps to have an idea of where you stand and what you’re looking for before you start your search. Once you’ve got your parameters settled, it’s easier to decide on the best card for you. If a no-fee cashback card is 100% your preference, be sure to check out our list of the best no-fee cashback cards to see some more excellent options.

CIBC Dividend Visa Review: Frequently Asked Questions

How to Apply For The CIBC Dividend Visa

Personal Requirements: You can apply for this card if you are a Canadian resident who has reached the age of majority in your province/territory of residence.

Required Minimum Income: $15,000 household income

Predicted Credit Score Requirement: 760-900 (Good to Excellent)

CIBC Dividend Visa Review: Our Verdict

The verdict for our CIBC Dividend Visa review is unanimous: this is a decent no-frills, no-fee cashback credit card that offers 2% cash back on groceries. It’s not the best credit card in Canada, but it’s also not the worst, and if its earn rate and (limited) perks appeal, it’ll do what you need it to do.

The CIBC Dividend Visa is a good candidate for use in tandem with another no-fee card to maximize your earn rate. You could use this card for 2% cashback on groceries and then use the Tangerine Money-back Credit Card to receive 2% cash back on another 2-3 categories.

No-fee credit cards tend to be streamlined and somewhat limited in their earn rates and perks, but if you’re strategic about your credit card use (and if you pay off your balance every month) they can be worth it.