| CIBC Dividend Visa Infinite | CIBC Dividend Platinum Visa | CIBC Dividend Visa for College students | CIBC Dividend Visa | |
| Bonus rewards classes | Earn 4% money again on eligible purchases of gasoline and groceries, and as much as 2% on all different purchases | Earn 3% money again on eligible purchases of gasoline and groceries, and as much as 2% on all different purchases | Earn 2% money again on eligible purchases of groceries and as much as 1% money again on all different purchases | Earn 2% money again on eligible purchases of groceries and as much as 1% money again on all different purchases |
| Annual charge | $120 | $99 | $0 | $0 |
| Rate of interest
|
19.99% for purchases and 22.99% for money (or 21.99% for Quebec residents) | 19.99% for purchases and 22.99% for money (or 21.99% for Quebec residents) | 19.99% for purchases and 22.99% for money (or 21.99% for Quebec residents) | 19.99% for purchases and 22.99% for money (or 21.99% for Quebec residents) |
| Minimal revenue requirement | $60,000 particular person, or $100,000 family | $15,000 family | None listed | $15,000 family |
| Welcome supply
|
Get a first-year annual charge rebate for you and as much as three approved customers | Get a first-year annual charge rebate for you and as much as three approved customers | $30 money again on first buy inside the first Four months | None listed |
1. Bonus classes
All money again bank cards have a base earn fee that’s a share of your buy that you simply’ll get again it doesn’t matter what. That is usually between 0.5% and 1%—$0.50 to a $1 for each $100 you spend. Bonus classes check with forms of purchases the place you’ll be rewarded at greater charges.
How are bonus classes decided? Glad you requested. Bank card processors like Visa categorize retailers into differing types, so every of your purchases falls into a particular spending class. For instance, in the event you purchase groceries with a Visa card at a big grocery chain, the acquisition might probably fall below the “groceries” class with a bonus fee. Nevertheless, in the event you purchase groceries at a giant field retailer that sells groceries, the acquisition could also be a part of the “all the things else” class, rewarding you with the bottom fee. There’s nothing you are able to do about how the spending classes work, however you’ll maximize your rewards in the event you educate your self and store with the fitting card accordingly.
Bonus classes are the important thing to juicy money again rewards. And also you’ll wish to select a card that matches your spending habits. For instance, say you’re a day by day commuter with a household of 4. Groceries and gasoline will probably be massive ticket month-to-month spends so nabbing a card that handsomely rewards each is smart. The CIBC Dividend Visa Infinite card earns you 4% again in each classes, which, at a month-to-month spend of $1,000 in eligible groceries and $400 in eligible gasoline month-to-month might get a return of $56 per thirty days, or $672 yearly. The CIBC Dividend Platinum Visa has a barely decrease earn fee of three% ($42 again month-to-month and $504 yearly), however it additionally has a decrease annual charge. (Extra on annual charges beneath.) If these are massive spending classes in your family, the Dividend Visa Infinite could possibly be the higher card for you.
2. Annual charges
If incomes cash is the purpose of a money again card, it is smart to do the maths in relation to an annual charge.
As we noticed above, the CIBC Dividend Visa Infinite bank card might earn a day by day commuter with a household of 4 round $672 yearly on simply eligible groceries and gasoline. The cardboard has an annual charge of $120, which leaves a internet constructive earn of $552. If this identical shopper used the no-annual-fee CIBC Dividend Visa, they’d earn $336 yearly (at 2% on eligible gasoline and groceries). On this case, the cardboard with the charge makes extra sense, however that’s not at all times the case. College students, particularly, might wish to keep away from paying an annual charge, which is totally attainable with the CIBC Dividend Visa for College students. Not in class? You may earn money again with no annual charge with the CIBC Dividend Visa.
3. Rates of interest
It’s at all times good apply to pay your bank card invoice in full each month. That mentioned, do you have to fall behind and have to hold a steadiness you’ll be charged curiosity. Most money again bank cards have the identical or comparable rates of interest of round 20%. For instance, all 4 of the CIBC Dividend Visa playing cards carry the identical fee: 19.99% for purchases and 22.99% for money (or 21.99% for Quebec residents).