Are you on the hunt for a credit card that offers more than just purchasing power? Look no further than the CIBC Dividend®️ Visa Infinite card. This card is packed with benefits that go beyond the usual, making it a favourite for many Canadians.
From cash back on everyday purchases to premium travel perks, this card is designed to make your spending work for you. Let's dive into what makes this card stand out and why it might be the perfect fit for you.
What Are the Requirements to Apply?
Before you get excited about the rewards and perks, it’s essential to know if you’re eligible to apply for the CIBC Dividend®️ Visa Infinite. Here are the key requirements:
- Age: Applicants must be at least 18 years old. In some provinces and territories, the age requirement might be higher, so it’s best to check the specific regulations in your area.
- Residency: You must be a resident of Canada to apply for this card. This ensures that you can enjoy all the benefits and rewards that come with the card.
- Employment: While there is no strict requirement to be employed, you should have a stable source of income. This could be from employment, self-employment, or other reliable sources.
- Minimum Income: The CIBC Dividend®️ Visa Infinite requires a minimum annual income of $60,000 for individuals or $100,000 for households. This ensures that cardholders can manage the financial responsibilities associated with the card.
- Credit Score: A good to excellent credit score is typically required. This generally means a score of 650 or higher. Your credit history will be reviewed during the application process to assess your creditworthiness.
What Documents Are Needed?
When applying for the CIBC Dividend®️ Visa Infinite, you’ll need to provide several documents to verify your identity and financial status. Here’s what you should have on hand:
- Proof of Identity: This can be a government-issued ID such as a driver’s licence, passport, or permanent resident card.
- Proof of Residency: Documents like utility bills, a lease agreement, or a property tax statement can serve as proof of your Canadian residency.
- Proof of Income: Recent pay stubs, a letter of employment, or your most recent Notice of Assessment from the Canada Revenue Agency (CRA) are typically required. If you’re self-employed, you might need to provide additional documentation such as bank statements or financial statements.
- Credit Report: While not always required from you directly, it’s good to have a recent copy of your credit report on hand. CIBC will access your credit report during the application process, but having your own copy allows you to understand your credit standing beforehand.
What Are the Main Uses of This Credit Card?
The CIBC Dividend®️ Visa Infinite card is versatile, making it suitable for various spending needs. Here are some of the main uses:
Everyday Purchases
This card is perfect for your daily spending needs. Whether you're buying groceries, dining out, or filling up your gas tank, you can earn cash back on every purchase. With up to 4% cash back on eligible grocery purchases and 2% on dining, transportation, and recurring payments, it’s a smart choice for managing everyday expenses.
Travel and Leisure
If you love to travel, this card has you covered. Enjoy premium travel perks like travel insurance, rental car insurance, and access to exclusive travel discounts. Plus, the Visa Infinite Concierge service can help you plan your next getaway, making your travel experience seamless and enjoyable.
Big-Ticket Items
Planning to make a significant purchase? The CIBC Dividend®️ Visa Infinite card offers purchase protection and an extended warranty on many big-ticket items. This means you can shop with confidence, knowing that your expensive purchases are covered.
Financial Flexibility
The card also provides financial flexibility with options like balance transfers and cash advances. If you need to consolidate debt or access cash quickly, this card offers competitive rates and terms to help you manage your finances effectively.
Our Advice for Applicants
Applying for a credit card can be a significant financial decision. Here are some tips to ensure your application for the CIBC Dividend®️ Visa Infinite is successful and that you maximize the card’s benefits:
- Check Your Credit Score: Before applying, make sure your credit score is in good shape. A score of 650 or higher is typically needed. If your score is lower, consider improving it by paying off debts and ensuring timely payments on existing credit.
- Understand the Fees: Be aware of the annual fee associated with the card, which is currently $120. Consider if the benefits and rewards outweigh this cost for your spending habits.
- Maximize Cash Back: To get the most out of your cash back rewards, use your card for categories that offer the highest returns, such as groceries and recurring bills. Plan your spending to take full advantage of these categories.
- Pay Off Balances Monthly: To avoid interest charges, pay off your balance in full each month. The interest rate on purchases is 20.99%, which can add up quickly if you carry a balance.
- Use Travel Benefits: If you travel frequently, make sure to utilize the card’s travel perks. The travel insurance and Visa Infinite Concierge services can save you money and enhance your travel experiences.
- Monitor Your Spending: Keep track of your spending to stay within your budget and avoid overextending your finances. Use the CIBC mobile app or online banking to monitor your transactions and manage your account.
Weigh the Pros and Cons. Is It Worth It?
When considering whether the CIBC Dividend®️ Visa Infinite is worth it, it’s essential to weigh the pros and cons based on your financial habits and goals.
Pros
- Generous Cash Back: With up to 4% cash back on groceries and 2% on dining and recurring bills, this card offers substantial rewards for everyday spending.
- Travel Perks: The card includes comprehensive travel insurance, rental car insurance, and access to Visa Infinite Concierge services, making it ideal for frequent travellers.
- Purchase Protection: Big-ticket items are safeguarded with purchase protection and extended warranties, adding peace of mind to your shopping.
- Financial Flexibility: Options for balance transfers and cash advances provide financial flexibility when needed.
Cons
- Annual Fee: The $120 annual fee might be a drawback for some. However, if your spending aligns with the cash back categories, the rewards can quickly offset this cost.
- Income Requirements: The minimum income requirement of $60,000 for individuals or $100,000 for households may exclude some applicants.
- Interest Rates: The interest rate on purchases is relatively high at 20.99%, so it’s crucial to pay off balances monthly to avoid interest charges.
Is It Worth It?
For those who meet the income requirements and can take advantage of the high cash back rates and travel perks, the CIBC Dividend®️ Visa Infinite is an excellent choice. It’s particularly beneficial for individuals and families who spend significantly on groceries, dining, and travel. However, if you’re unable to meet the income requirements or prefer a no-fee card, you might want to consider other options. Overall, if the benefits align with your spending habits, this card is undoubtedly worth it.
Apply Once and for All for CIBC Dividend®️ Visa Infinite on the Official Website!
Ready to take advantage of all the benefits the CIBC Dividend®️ Visa Infinite has to offer? Don’t wait any longer. Applying is straightforward, and you can start earning rewards right away. Click the button below to apply on the official CIBC website and make the most of your spending today!