CIBC Dividend Infinite Visa Credit Card

aka: CIBC Dividend Infinite Visa vs Capital One Cash Back Plus Platinum

It looks like CIBC card is the successor card to the CIBC Dividend Platinum Visa card that I've written about before.

The tiers are the same, and there's still an annual fee, but as a nice plus, the card now includes:

High Annual Fee Credit Cards

The annual fee for the CIBC card is still $79, which can wipe out the benefits for many.

As I calculated in the original article, based on the tiered cash-back system: "if you spend $50 000 on this card in a year, you'll get about 1.47%
cash back, or 1.312% if you include the $79 annual cost." You really have to spend a lot of money in the higher tiers to make up for the lower earnings in the lower tiers + the annual fee. Contrast this with the MBNA Smart Cash, with no annual fee, which offers a flat 1% cash back, but 3% on gas and groceries. 

The major competitor credit card to this one is the Capital One Cash Back Plus Platinum (Compuglobalhypermeganet), another high-annual fee card with big cash back rewards for (only) big spenders. 

The Capital One Cash Back Plus Platinum offers:

  • 1% cash back annually on total purchases up to $10,000
  • 1.5% cash back annually on total purchases between $10,000.01 and $20,000
  • 2% cash back annually on total purchases above $20,000

This works out to a 1.7% cash back on $50 000 in purchases, or 1.5% after taking into account the $99 annual fee for the Capital One Credit Card. The annual fee is higher, but associate cards are free, vs $39 for the CIBC card. Of course, the "Visa Infinite" awards like travel insurance and Infinite Concierge are unavailable.

Overall, you yourself must determine, based on your own spending habits (and any associate card users!), which card would be the best for you.  The best advice is, do your research! Compare as many offerings as you can!


Credit report

I have a question regarding Equifax. My credit is horrible, but have now paid off all credit cards and loans.
I paid off an HBC credit card in 2009, and now as of Jan. 2011, I have been getting calls from a "wiggins adjustments" stating that I owe $739 on my HBC card, even though I paid it off in full years ago, and the account was closed because my credit was so bad.
They are stating that HBC is charging me interest, and I must pay the amount. I thought it sounded "fishy" so I obtained a copy of my Equifax credit report, and its on there!

I called the company many times and asked for a paper copy of what I owe and why, and its been 3 months, and still no paper work. They are no help and very rude!
They only take payment by credit card, but I dont have one because of my poor credit.
They are telling me to put cash into an RBC account with their name and account number, then to call them and they will then send me paperwork stating that the debt is paid off.

How do I know if this company is legit?
How and why is HBC contacting the collections company now, even though I have paid off the debt in full?
This was not on my credit report last year, but showed up as of Jan 2011.
I dont know what t do? I want my credit to get better, and will pay it if it is legit.
So confused!!


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