Should I Get the CIBC Dividend Visa Infinite Card?
Families and long-distance commuters will find this card valuable because of the cashback rates on gas and groceries. If you spend about $250 per month on gas and groceries, the cashback you earn can offset the annual fee.
What Are the Qualification Criteria for This Card?
To be eligible for the CIBC Dividend Visa Infinite card, you must:
- Be a Canadian resident
- Be the age of majority in your province
- Have no bankruptcy declaration made within the past 7 years
- Have a credit score between 760 and 900
- Meet the minimum annual income requirement
What’s the Income Requirement for This Card?
To qualify for the CIBC Dividend Visa Infinite card, you must have an annual income of $60,000 as an individual. Or a minimum annual income of $100,000 as a household.
What’s the Maximum Earning Potential for the Accelerated Cashback Categories?
The 4% and 2% cashback reward is only available on the first $80,000 in card purchases by all cardholders. Or until you spend $20,000 on groceries, gas, transportation, and dining. Whichever occurs first. Afterwards, the cashback rate will drop to 1%.
How Much Will I Pay Every Year in Fees?
The annual fee on the CIBC Dividend Visa Infinite card is $120. If you go beyond the credit limit, you will be charged $29. Any foreign transactions will be charged a conversion fee of 2.5%.
How Do I Redeem My Accumulated Cashback?
As the primary cardholder, you can redeem your cashback at any time during the year. You must have a minimum cashback balance of $25. To redeem your cashback, you can use CIBC Online Banking® or CIBC Mobile Banking®.
When Will I Receive My Redeemed Cashback?
You will receive a credit to your account within five days of submitting the redemption request.
Where Should I Use My Card to Earn the Most Cashback?
Each credit card issuer has specific merchant category codes for allocating rewards. Therefore, there isn’t a definitive way to know which stores will earn you the most points. You can always inquire with your card issuer and ask about a specific store.
Bear in mind that Costco and Walmart do not fall under the grocery store category for this card. They are considered ‘supercentres’. Therefore, purchases made at these stores are not eligible for cashback rewards.
