CIBC Dividend Visa For Students

The CIBC Dividend Visa Card for Students is a cash-back credit card tailored specifically for students, offering rewards on everyday purchases such as groceries and transportation. With no annual fee and a minimum credit limit of $1,000, this card is both accessible and practical for students looking to manage their finances effectively.

Welcome Offer

Earn $30 cash back when you make your first purchase within the first four months.

Summary

This credit card offers a $0 annual fee, meaning you won’t have to pay anything just for having the card. When you make purchases, the interest rate is 19.99%. If you need to take out cash using this card, the interest rate is 22.99% for most of Canada. However, if you live in Quebec, you’ll benefit from a slightly lower cash interest rate of 21.99%.

Rewards

This credit card offers great rewards on your spending. You earn 2% cash back on groceries, making it a perfect choice for those who shop for food regularly. For gas, electric vehicle charging, transportation, dining, and recurring payments, you’ll get 1% cash back. All other purchases earn 0.5% cash back. This way, you can enjoy rewards no matter what you’re buying.

Benefits

You can conveniently redeem your cash back anytime through CIBC Online Banking or Mobile Banking, making it easy to access your rewards when you need them. Additionally, you can save up to 10 cents per litre at participating gas stations with Journie Rewards, helping you cut down on fuel costs. Plus, there’s no transfer fee for sending money abroad to over 120 countries, making this card a great option for those who need to send funds internationally.

Insurance

• Purchase Security Insurance
• Extended Warranty Insurance (up to one additional year on most purchases)
• $100,000 Common Carrier Accident Insurance

Editor’s Review

CIBC Dividend Visa Credit Card for Students Review

General Overview

The CIBC Dividend Visa Card for Students offers an accessible entry into credit for students, combining cash back rewards with no annual fee.

Key Features

• Interest Rates
  • Purchase APR: 20.99%
  • Cash Advance APR: 22.99% (non-Quebec residents), 21.99% (Quebec residents)
• Rewards Program
  • 2% cash back on groceries
  • 1% on gas, electric vehicle charging, transportation, dining, and recurring payments
  • 0.5% on all other purchases
  • No limit on cash back earnings
• Fees
  • Annual Fee: $0
  • Additional Cards: $0 (up to 3 additional cards)
• Benefits
  • Earn $30 cash back after first purchase within 4 months
  • Free SPC+ membership for discounts on over 450 brands
• Insurance Coverage
  • Purchase Security Insurance
  • Extended Warranty Insurance
  • $100,000 Common Carrier Accident Insurance
• Security Features
  • Visa Zero Liability policy
  • Fraud alerts
  • Digital disputes platform

Pros and Cons

Pros

• No annual fee
• Competitive cash back rates on everyday spending
• Access to valuable insurance coverage
• No minimum income requirement

Cons

• Lower cash back rate on non-category purchases (0.5%)
• High cash advance interest rate

Who is this card for?

This card is ideal for students looking to build credit while earning cash back on essential purchases like groceries and transportation. It is especially suited for those who prefer a no-fee card with straightforward rewards and useful student benefits.

Comparison with Similar Cards

Final Verdict

The CIBC Dividend Visa Card for Students scores an 8.5/10. It offers excellent value for students seeking a no-fee card with practical cash back rewards and beneficial insurance coverage. Its generous grocery and transportation rewards make it a strong choice for managing student expenses effectively.

Disclaimer: Refer to the official credit card web page for the latest rates, terms, and conditions. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute professional and/or financial advice.