CIBC Dividend Platinum Visa Review 2021: 4% Cashback Credit Card

The CIBC Dividend Platinum Visa Card is a decent option for those who like to spend big and earn attractive returns through them.

It has a high earning flat-rate cashback reward of up to a remarkable 4% on your purchases with the card.

Of course, it comes with a few conditions, and the cashback is not always 4%. But there seem to be more positives about this card than the negatives that I could find. 

There is no cap on how much cashback you can earn through this card. The annual fee is $99 per year, but the first year is rebated. You can get three additional cards that will increase the fees by $30 per year for every card.

Let’s get into the CIBC Dividend Platinum Visa Review, so you have a better idea of whether this card is right for you or not.

Get 4% cashback on grocery and gasoline purchases

Get 2% cashback on purchases at Tim Hortons and TELUS

Get 1% cashback on all other purchases


CIBC Dividend Platinum Visa Review
  • Get 4% cashback on grocery and gasoline purchases
  • Get 2% cashback on purchases at Tim Hortons and TELUS
  • Get 1% cashback on all other purchases
  • 10% cashback bonus on all purchases for four statements
  • Double manufacturer’s original warranty on most of your purchases by up to a year
  • The annual fee is $99 with the first year rebated
  • Interest rate is 19.99% for purchases and 22.99% for cash
  • Minimum annual income is $15,000


  • Common carrier insurance with coverage up to $500,000
  • Optional insurance where you can add travel, medical, and balance protection insurance
  • Low-interest financing plans
  • Tap and pay system for contactless payment
  • Encrypted microchips and other security features for online purchases 


  • No option to get additional coverage like mobile device insurance or roadside assistance
  • Cashback accumulates monthly but its paid out once per year in December
  • Interest rates are considerably high between 19% and 22% on outstanding balances, cash advances, and balance transfers.

CIBC Dividend Visa Platinum Review – Quick Stats: 

Card type: Cashback card
Annual charges: $0 for the first year, and $99 per year after that. $30 per year for additional cards (up to 3 other cards)
Sign-up bonus: Get 10% cashback on all purchases for four statements up to a total spend of $2,000


  • 1% cashback on all purchases
  • 2% cashback on Tim Hortons
  • 2% cashback on TELUS purchases
  • 4% cashback on groceries
  • 4% cashback on gasoline

Note that the 4% and 2% cashback offers are only available on the first $80,000 in net annual card purchases, or it can be $20,000 on gas, grocery, Tim Hortons, or TELUS purchases made through your account.

APR: 19.99% for purchases and 22.99% for cash advance

Foreign transaction fee: Transactions made in a foreign currency will be converted and posted with a fee of 2.5%

Balance transfer fee: 3% maximum


  • The card comes with four types of insurance that include purchase protection and travel accident protection
  • You can add up to three extra cardholders
  • Extend the manufacturer’s warranty for eligible purchases you make with this card with no additional cost

Why You Should Get the CIBC Dividend Visa Platinum Credit Card

Low-interest financing plans

CIBC Pace It allows you to manage your finances better with affordable installment plans on your credit card at low-interest rates. 

You have the option of making several installment plans within your credit limit and continue to earn the rewards on purchases you’ve converted.

Insurance with the card

The credit card comes with automatic insurance for auto rental collision, purchase security and extended protection insurance, and a $500,000 common carrier accident insurance. 

You also get the option of getting optional insurance through the CIBC emergency travel medical insurance and the CIBC Payment Protector Insurance for credit cards.


The security you get with the CIBC Dividend Visa Platinum Credit Card is also commendable. The cards are protected through the encrypted microchips on each of them and feature like the Visa pay Wave when you make online purchases using the card.

Why You Might Want to Get a Different Card

Competitors could offer something better

When choosing a cashback credit card, find one that is best suited for your spending habits and travel insurance needs.

I used to have the Scotiabank Momentum Visa Infinite card, which was better suited for me personally. However, the card had a minimum salary requirement of $60,000 per year, and the fee is slightly higher at $120 per year.

Do your research on all your cards carefully!

High-interest rates

The interest rates that you get with this card are quite high. There is no other way around it. I think that the 19.99% on purchases and 22.99% on cash might be too much for the liking of most people.

Foreign transaction fees

Another problematic thing about this card is the fact that it comes with a foreign transaction fee. However, almost all cashback credit cards in Canada have this transaction fee so it’s not a negative for this card. 

High annual fee

I am not a big fan of the $99 annual fee that you have to pay to keep the card active. If you get any additional cards, the annual fee goes up by $30 for every card. It means you can end up paying up to a total of $99 +$30 +$30 + $30 = $189 just to keep the cards active.

While this card does have its limitations and drawbacks, it does serve as a decent credit card to consider while you’re traveling. The $500,000 carrier insurance when you’re traveling by plane, ferry, train, or bus can come in quite handy.

Is the CIBC Dividend Platinum Visa Credit Card Right for You?

The CIBC Dividend Platinum Visa Credit Card might be one of the most lucrative cash back cards you can get your hands on. It does offer a competitive return on cashback for purchases of gas and groceries, as well as a decent return on TELUS and Tim Hortons’ purchases. 

The card offers a generous welcome bonus and some basic insurance coverage. I think its coverage for traveling and its waived fee in the first year are also decent factors.

CIBC Dividend Platinum Visa Review 2021: 4% Cashback Credit Card

Looking for a cashback credit card? Read this CIBC Dividend Platinum Visa Review to see if it's right for you.

Product In-Stock: InStock

Editor's Rating:
Photo of author
Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Read about how he quit his 6-figure salary career to travel the world here.

Check Out These Posts:

Leave a Comment