CIBC
Enjoy up to 4% cash back on essentials like groceries, gas, and EV charging. No earning limits and flexible redemption. No annual fee on select cards.
The CIBC Cash Back Credit Cards lineup stands out for Canadian spenders seeking practical rewards. Several cards, including the CIBC Dividend Visa Infinite, offer up to 4% cash back on everyday purchases like groceries, gas, and EV charging. Annual fees vary: from $120 (Visa Infinite), $99 (Platinum), to $0 for student and standard cards. The interest rate is 21.99% for purchases and up to 22.99% for cash advances. No earnings cap means your rewards grow as you spend. Flexible redemption is available once you accumulate $10 or more in cash back.
How to Apply: Step-by-Step
- Choose your preferred CIBC cash back card based on your needs and spending habits.
- Gather required documents, such as government-issued ID and proof of address.
- Visit the CIBC website and select the apply option for your chosen card.
- Fill out the online application with your personal and financial information.
- Review terms and submit your application. Look out for an approval message or email.
Pros: Generous Rewards & Flexible Use
One primary advantage is the high cash back rates in key spending categories. With no limit on the amount of cash back you can earn, every transaction works for you.
Another significant benefit is the option for no annual fee with select cards, as well as the ability to redeem cash back at your convenience starting at $10, maximizing how and when you use your rewards.
Cons: Fees and Interest Rates
The main drawback for some options in the lineup is the relatively high purchase and cash advance interest rates. For cardholders who occasionally carry a balance, these rates can reduce the net benefit from cash back earnings.
Additionally, higher rewards are limited to specific categories. Everyday purchases outside of core categories earn lower cash back rates, so mindful use is needed for optimal value.
Verdict: Strong Pick for Reward Maximizers
CIBC Cash Back Credit Cards are a strong choice if you regularly spend on groceries, gas, and transportation, and if you pay balances off monthly to avoid interest fees. The range of cards ensures there’s a fit for students, families, and businesses wanting tangible cash back with easy redemption. For Canadians seeking better reward rates and flexibility without excessive fees, this lineup is worth considering.
