CIBC Dividend Platinum® Visa* Card Review

Max Earnings Rate
Base Rewards Earning Rate
Annual Fee
First year annual fee rebate†
Purchase APR
Cash Advance Interest Rate
Regular Balance Transfer Rate
Welcome Offer: Get a first-year annual fee rebate for you and up to three Authorized Users and earn 15% cash back welcome bonus for the first 4 statements of up to $300!

The CIBC Dividend Platinum® Visa* Card offers cash back rewards ranging from 1%–3% (depending on where you shop), as well as a moderate spread of extra insurance and travel benefits. It’s a particularly appealing cash back card for those that spend a lot on groceries and gas, and offers surprisingly rich value for a card with such a low minimum income requirement.


  • Very impressive welcome offer
  • Elevated cash back rates (2–3%) in five everyday spending categories
  • No limit in total cash back you can collect
  • The $15,000 minimum annual income requirement is very low for a cash back card of this calibre


  • $99 annual fee may not be worthwhile for all consumers
  • The $20K annual spending limit for earning cash back at the accelerated 2–3% rates is lower than the limits offered by some competing cash back credit cards

Welcome Offer

New cardholders receive a first year annual fee rebate for the primary cardholder ($99) and up to 3 additional authorized cardholders ($30 each = up to $90).

The welcome offer also includes a special 15% cash back welcome bonus of up to $300!

Apply Now

Cash Back Features

The CIBC Dividend Platinum® Visa* Card earns cash back on every purchase as follows:

• After the Welcome Offer ends get 3% cash back on eligible gas 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®

It’s important to note that after you’ve spent $20,000 in the 3% and 2% spending categories (or $80,000 total on the card across all categories), your rate will drop to 1% on all subsequent purchases for the rest of that calendar year. It will reset to the higher earn rate at the start of the new year. That said, there is no limit on the total amount of cash back you can earn with the card overall.

Additional Perks

On top of the cash back features listed above, the CIBC Dividend Platinum® Visa* Card comes with a few additional insurance benefits that further justify the card’s annual fee:

  • Auto Rental Collision and Loss Damage Insurance
  • $500,000 Common Carrier Accident Insurance
  • Purchase Security and Extended Protection Insurance

You can also pay to opt in to CIBC Emergency Travel Medical Insurance and/or CIBC Payment Protector Insurance for credit cards.

Eligibility Requirements

To apply for the CIBC Dividend Platinum® Visa* Card, you need to meet certain eligibility requirements. You must:

  • Be a Canadian resident
  • Be the age of majority in the province in which you live
  • Have a credit score between 740-850
  • Have a minimum annual income of $15,000

How to Apply

Applying for the CIBC Dividend Platinum® Visa* Card takes about five minutes and you’ll get a response in as little as 60 seconds. You can apply for the card through the the CIBC website.

  1. To start, click the red “apply now” button. You will be asked to confirm that you do, in fact, meet the necessary requirements to be eligible to apply.
  2. You will then be taken to a page outlining all the terms, conditions, rates, etc., entailed in this credit card. Read this over and click “agree.”
  3. On the following pages, you will be asked to fill out your personal information, including your Canadian address, phone number, birth date, etc. You will be asked for your Social Insurance Number, so make sure you have that on hand.

Already a CIBC customer? If you use CIBC Online Banking®, there’s an option for you to log in and it will automatically prepopulate much of this information for you to simplify and speed up the process.

Once you have finished the application and have been approved, you can expect to receive the credit card within 2-3 weeks by mail.

Redeeming Cash Back

The primary cardholder can redeem cash back against the card statement at any time, as long as you’ve accumulated at least $25 worth of cash back. 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®. Cash back that has not been redeemed by the end of the year will be applied to the next year’s January card statement.

If you have multiple cards on the same account, note that all their combined cash back earned will be credited to the primary cardholder’s account.

How Does the  Compare to Other Credit Cards?

The CIBC Dividend Platinum® Visa* Card is a strong cash back card, but it does have its advantages and disadvantages compared to the competition. Let’s take a closer look.

Credit CardCIBC Dividend Platinum® Visa* Card Tangerine Money-Back Credit Card SimplyCash® Preferred Card from American Express
Welcome OfferGet a first-year annual fee rebate and earn 15% cash back welcome bonus of up to $300!Apply by May 2nd, 2023 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Conditions apply.
Regular Cash Back Rate1%-3%0.5%-2%2% cash back on all other purchases with accelerated earn rates on eligible gas and grocery purchases.
Annual Fee
$99 (first year annual fee rebated)$0$9.99/month (Equals a total fee of $119.88 annually)
Additional PerksSome insuranceExtended WarrantyInsurance and access events and special offers curated for Cardmembers with American Express® Experiences
Rates20.99% Purchase Annual Interest Rate,
22.99% (for non-Quebec residents only) Cash Advance Annual Interest Rate, 22.99% (for non-Quebec residents only) Balance Transfer Annual Interest Rate
19.95% interest rate on Purchases,
19.95% on Cash Advances, and 19.95% on Balance Transfers
20.99% interest rate on Purchases and
21.99% on Cash Advances
Apply NowApply NowApply NowApply Now

Conditions Apply, *Terms and Conditions apply

At a glance, the Tangerine Money Back credit card looks like a pretty good deal since there’s no annual fee. However, the 0.5% cash back minimum is comparatively low when the other two cards’ minimums are 1% and 2%. And the Tangerine card earns at its enhanced 2% cash back rate in ‘only’ two or three spending categories; the CIBC card earns at 2–3% cash back in five different categories.

The SimplyCash® Preferred Card from American Express has a very strong welcome bonus and similar earn rates as the CIBC Dividend Platinum® Visa* Card does. And as an Amex card it will be less widely accepted by merchants than a Visa will be.

Final Word

The CIBC Dividend Platinum® Visa* Card is a pretty solid choice for a cashback card. After the Welcome Offer ends the 3% cash back rate for gas and groceries is its big draw, as those are two major budgetary expenditures for most Canadians. The $20,000 spend limit for the higher cash back rate is less than ideal; however, we do love that there is no overcall cash back limit and that the card is accessible at almost every income level.

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.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Author Bio

Hannah Logan
Hannah Logan is a freelance finance and travel writer/blogger based in Ottawa. Her stories have appeared on Fodor’s Travel, Livestrong, World Nomads, Intrepid Travel, and more. You can keep up with her at or follow her on Twitter and Instagram: hannahlogan21.

Article comments

D.M. says:

Applied online for the CIBC Dividend Platinum card and got instant approval – that’s the only good part. But the credit limit granted was just $500. No advance warning. I have an excellent credit rating, plus other cards with much higher limits, including one of over $20,000 – and all balances are paid off monthly – but CIBC wouldn’t take that into account. So I’ve nixed the card.

Aaron Broverman says:

Hi D.M.,
Wow. Do you think it’s because they were somehow concerned about your overall credit utilization month-to-month? Still, that’s very stingy. It’s so stingy, I would call them for an explanation.

Z says:

Very detailed and clear explanation,Thank you very much.

Aaron Broverman says:

No problem, our writers work very hard to keep our readers satisfied.