Why do we recommend the CIBC Dividend®️ Visa Infinite?
The CIBC Dividend®️ Visa Infinite is an excellent choice for those seeking a robust cash-back credit card with versatile rewards and benefits. This card offers a generous 10% cash back on all purchases for the first four statements (up to $2,000). After this introductory period, cardholders earn 4% cash back on eligible gas, electric vehicle charging, and grocery purchases, 2% on transportation, dining, and recurring payments, and 1% on everything else.
One of the standout features of the CIBC Dividend®️ Visa Infinite is its broad range of insurance coverage. Cardholders benefit from Mobile Device Insurance, Out-of-Province Emergency Travel Medical Insurance, and Auto Rental Collision and Loss Damage Insurance. These insurance benefits provide peace of mind and significant savings, especially for those who travel frequently or rent cars often.
Moreover, the card includes exclusive offers through the Visa Infinite program, such as hotel benefits, dining events, and 24-hour concierge services. This makes it a well-rounded option for individuals who appreciate added luxuries and convenient services.
The CIBC Dividend®️ Visa Infinite also appeals to those looking to save on everyday expenses. With the Journie Rewards program, cardholders can save up to 10 cents per litre at participating gas stations. Additionally, there are no limits on the total cash back that can be earned, making it a suitable choice for high spenders.
When can the CIBC Dividend®️ Visa Infinite be useful?
The CIBC Dividend®️ Visa Infinite can be particularly useful in various scenarios, making it a versatile addition to your wallet. If you frequently spend on groceries and gas, the 4% cash back on these categories can lead to substantial savings over time. This card is also beneficial for individuals who have recurring payments, such as subscriptions or utility bills, thanks to the 2% cash back on recurring payments.
For travelers, this card offers several advantages. The Out-of-Province Emergency Travel Medical Insurance and Auto Rental Collision and Loss Damage Insurance provide essential coverage when you're on the go. Additionally, the Visa Infinite program offers exclusive hotel benefits and dining experiences, enhancing your travel experience.
Moreover, this card is valuable for those who prioritize financial security and digital convenience. The CIBC Dividend®️ Visa Infinite includes robust security features, such as Visa’s Zero Liability Policy, fraud alerts, and the ability to manage your card online. These features ensure that you can use your card confidently, knowing you are protected against unauthorized transactions.
If you prefer to maximize your rewards, the flexibility of redeeming cash back anytime through CIBC Online Banking or the mobile app adds to the card’s appeal. This ease of access to rewards means you can use your cash back when it suits you best, without having to wait for specific redemption periods.
Benefits of the CIBC Dividend®️ Visa Infinite
The CIBC Dividend®️ Visa Infinite offers numerous benefits that make it a compelling choice for many Canadians. Firstly, the high cash back rates are a significant draw. With 4% cash back on gas, electric vehicle charging, and groceries, and 2% on transportation, dining, and recurring payments, you can save on essential and everyday expenses. Additionally, the 1% cash back on all other purchases ensures you earn rewards on every transaction.
The card’s comprehensive insurance coverage is another major benefit. It includes Mobile Device Insurance, Out-of-Province Emergency Travel Medical Insurance, and Auto Rental Collision and Loss Damage Insurance. These features provide valuable protection and can save you money on insurance premiums.
Furthermore, the card offers exclusive access to the Visa Infinite program, which includes unique dining events, hotel benefits, and 24-hour concierge services. These perks add significant value, especially for those who enjoy travel and luxury experiences.
Disadvantages of the CIBC Dividend®️ Visa Infinite
Despite its many advantages, the CIBC Dividend®️ Visa Infinite has a few drawbacks. The primary one is the annual fee of $120, which can be a deterrent for some users. Additionally, the card requires a minimum annual income of $60,000 for individuals or $100,000 for households, which may exclude some potential applicants. Lastly, the high cash back rates are capped for the introductory period, and the rewards structure might not be as beneficial for those with lower spending in the card’s bonus categories.
How is the credit analysis done for the CIBC Dividend®️ Visa Infinite?
Applying for the CIBC Dividend®️ Visa Infinite involves a thorough credit analysis to determine your eligibility. The process starts with a review of your credit score, which plays a crucial role in the approval decision. Generally, a good to excellent credit score (usually 700 and above) is required to qualify for this card.
In addition to your credit score, CIBC will evaluate your credit history. This includes assessing your payment history, the length of your credit history, the types of credit accounts you have, and any recent credit inquiries. A strong credit history with consistent, on-time payments and a mix of credit accounts can positively influence your application.
CIBC also considers your income and debt levels. You need to meet the minimum income requirement of $60,000 for individuals or $100,000 for households. Additionally, they will review your debt-to-income ratio to ensure you can manage new credit responsibly. A lower debt-to-income ratio indicates better financial health and increases your chances of approval.
Finally, CIBC may look at your employment status and stability. Steady employment and a stable income stream can further support your application. Overall, the credit analysis process is comprehensive, ensuring that only applicants who meet the bank's standards for creditworthiness are approved.
Is there a maximum and minimum amount for this credit card?
The CIBC Dividend®️ Visa Infinite does not specify a maximum credit limit publicly, as this can vary based on the applicant’s creditworthiness and financial situation. The minimum credit limit for this card is typically around $5,000. However, the actual limit assigned can be higher depending on factors like your income, credit score, and overall financial profile. It’s important to manage your credit use responsibly to maintain a healthy credit score and stay within your assigned limit.
Do you want to apply? Learn how to get the CIBC Dividend®️ Visa Infinite here
If you’re ready to enjoy the benefits of the CIBC Dividend®️ Visa Infinite, applying is easy. Click the button below to start your application process. The application takes about 5 minutes to complete, and you can get a response in as little as 60 seconds. Don’t miss out on the rewards and perks this card has to offer!