The highest welcome bonus for non-American Express Cash Back cards in our market has typically been 10% cash back on up to $2,000 of spending ($200 cash back). That changed when CIBC bumped up the spend limit for their offer to $2,500 over the first four statement periods. This means that 10% welcome bonus can earn you up to $250 cash back! A few other issuers have bumped up their offers to compete with this offer but CIBC’s still stands out thanks to overall better earn rates than those couple of other cards.
The offer doesn’t end there however as new CIBC Dividend® Visa Infinite* cardholders will also get their first year annual fee rebated which means you can try this card without the annual fee cost. Once you have hit that $2,500 in spending or after the first 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 annually or when you reach $80,000 in annual total purchases on your account, whichever comes first. Once that limit is reached you’ll continue to earn cash back but at 1% on all purchases. Remember as well that with the CIBC Dividend cards you can now redeem your cash back at anytime throughout the year so long as your cash back rewards balance is $25 or more.
It’s great to see CIBC continue to offer this boosted 10% welcome offer. With much of the Canadian marketplace shifting towards cash back or cash equivalent rewards it is a great time to offer a sweet welcome bonus like this one and provide that nice incentive to switch to a cash back rewards card.
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