Monday, February 8, 2021

New Welcome Offer for the enhanced CIBC Dividend® Visa Infinite* Card - 10% cash back on all purchases up to $2,000 and a first year annual fee rebate

 


At the start of this month CIBC brought back their excellent limited time welcome bonus offer for their premium cash back card the CIBC Dividend® Visa Infinite* Card. That offer is 10% cash back on all purchases up to $2,000 made during the first four monthly statement periods. The offer doesn’t end there however as new cardholders will also get their first year annual fee rebated which means you can try this card out at no cost to you other than your actual credit card spending. The other good news coming on February 1st was the launch of the card changes we announced back in October. The biggest drawback the card had, if you would consider it a drawback was only being able to cash out your rewards once per year. Well that's gone and now you can cash out anytime when your rewards balance hits $25 or more. On top of that there are some earning and annual fee changes to the card as well that are detailed below.


The 10% cash back on all purchases of up to $2,000 will translate to up to $200 cash back which is a decent welcome bonus for a cash back card and matches many that are in market right now. Once you have hit that $2,000 in spending or have had the card for four statement periods your cash back earning will revert to the standard rates as follows:

· 4% 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

The accelerated earn rates of 4% and 2% are awarded on the first $20,000 spent in those categories or when you reach $80,000 in total purchases in your account, whichever comes first. Once that limit is reached you’ll earn 1% cash back on all purchases. The change in earning comes in the 2% category. Prior to February 1st it was only 2% at Tim Hortons and Telus and now it offers a much broader earn range which is a welcome change! The other change and that was already mentioned is no longer do you have to wait until your December statement to get your cash back reward. Now you can cash out at anytime so long as you cash back rewards balance is $25 or more.  Also with positive changes you have to expect some not so positive to balance it out and that happens to come with the annual fee being bumped to $120 per year from $99 (you still get that first year free though with the current offer) and the removal of trip interruption, flight delay and baggage insurance. The out of province medical insurance has also been lowered to 10 days from 15. CIBC has however added Mobile Device Insurance to the card.

It’s nice to see CIBC bring back this 10% welcome offer for their Dividend® Visa Infinite* Card and Dividend Platinum® Visa* Card to compete with other cards in the market offering similar incentives. With much of the Canadian marketplace eyeing cash back or cash equivalent rewards instead of travel right now there is no better time to offer a sweet welcome bonus like this one and provide that nice incentive to switch to cash back.

Learn more about this offer and apply for the CIBC Dividend® Visa Infinite* Card here.

If your income is below the required amount for the CIBC Dividend® Visa Infinite* Card this exact same welcome bonus is also available on the CIBC Dividend Platinum® Visa* Card

The most current offer for this card is shown below: 


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