CIBC offers two Dividend Visas:
These are their two Visa credit cards that offer cash back rewards. Not points, but cash. I'll address their Aerogold and Aventura Visa cards in a later article. But for now...
Smaller spenders would be better off with either the Citi Enrich Cash-Back Mastercard, or the MBNA Smart Cash Mastercard.CIBC Dividend Visa Credit Card Details
This card is no-annual fee, which is nice, and they offer "up to" 1% rebate. This "up to" is the big catch. The first $1500 you spend on it per year gets you 0.25% cash back, then the next $1500 gets you 0.5% cash back, and then only do you start earning 1% on your purchases. So, a straight 1% Cash Back from the first dollar card is a far better deal. CIBC Dividend Visa's side benefits aren't really special eithers. So, this card would make an okay backup card, especially if you bank with CIBC, but the rebate rewards are NOT worth it. Even TD offers 0.5% on the first amount, and then 1% thereafter on their No-Fee Cash Back Credit Card.
So, in conclusion, the CitiMastercard Products are a better deal, like their Enrich card, or their Drivers Edge card.
CIBC Dividend Platinum Visa Details
The Divident Platinum Visa is going to be replaced by the CIBC Dividend Infinite Visa, check it out.
This card is more interesting. It's annual fee is $79/year. Although their minimum yearly income to get the card is $35 000, you would need to make a lot more money for this card to be worthwhile.
Like their non-platinum Visa rewards card, the rewards are tiered, but here's where it gets interesting. Your first $3k in annual purchases gets you 0.5% cash back, your next $12000 gets you 1% cash back, and then your next $20 000 (between $15 000 and $35 000) gets you 1.5% cash back, and then finally, your spending between $35 000 and $50 000 gets you 2% cash back. So 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.
I'm not sure of any currently available credit card in Canada that offers that high of a cash back return (eventually). But you'll have to spend a lot to get to that 1.5%/2% tier to make up for that time that you were just getting 0.5% to make this card better than the CitiMastercard products, like the 1% Enrich. This Platinum card isn't the one for me, based on the cash rewards anyway. Perhaps a business could take advantage (if they're eligible).
This CIBC Visa card also does have extra rewards however, which may be worth that annual fee (in conjunction with the cash rewards). The Platinum Visa Dividend Card offers "Out-of-Province Travel Medical Insurance for you and your family for trips of 15 days or less" if you're 64 or less. But don't buy insurance based on what I just said, read the whole packet for yourself. Also included is car rental insurance and extended protection insurance (whatever that is).
So, it might be the right card for you, but definitely not for me!
Visa Infinite
I have had a CIBC Visa for years, having had the Platinum Dividend and recently changed to the Infinite. I have never had a claim but lost an item that was newly purchased. I called to make the claim and was told that I should have known where I lost the item. Well if I had known, would that make it lost (we were traveling)? The service rep on the phone could not explain to me what entails a loss. She failed to give me a claim number, told me it's not their policy to mail out forms to get a claim initiated and finally hung up on me when I wanted an explanation. No, I was not swearing or cursing or calling her names (no way). I had a valid loss (until someone tells me what "lost" means). It's shameful. Why pay a yearly fee for a card to get benefits when you try to utilize those benefits and doesn't work. I'm none too happy with the service I've been given. I'm none too happy with the "rewards" you get on this card after paying $79 per year.
Lost item insurance (Credit Cards)
A good thing to let us all know about. I've always been curious about how well some of these insurance options work that seem like anyone could file a claim on anything and get a response.
Attacking NFC phones.
For your reading pleasure:
Attacking NFC phones.
http://events.ccc.de/congress/2008/Fahrplan/events/2639.en.html
http://events.ccc.de/congress/2008/Fahrplan/attachments/1109_collin_mulliner_eusecwest08_attacking_nfc_phones_slim.pdf
And this is only the start of the problems with NFC in mobile phones.
CIBC dividend platium VISA
This is a meaningless card. The require minimum 35K income and you have to spend between 35-50K to get 2% for this layer - just 15K/ If you spend 50K, you would get just 1.47% back on the total. It means that you would get $735. Minus $79 of annual fees and minus? I guess, $30 for the second card that you would probably need to spend 50K. So, you are getting 735-79-30= $626 back, and this means that you would get 1.25% on 50K/ You could do much better!
Rebate Rewards Credit Cards (CIBC Visa)
Aren't these the exact numbers I quoted in the article? Which other cards would you recommend for cash-back? Or would you recommend some other rewards card?
The worst Bank ever is CIBC
Believe me this bank was made to steal people's money and treat people like pigs. I was a customer for 4 years. After a very good history payment, I had a difficulty to pay for 2 months. They closed my account and charged me 1000. They called me and the stupid women was shouting and we started to fight. Man it is just stupid to have an account with them. I complained to her supervisor and he did nothing. They don't have any respect to their customers. So, keep yourself away from this bank
RE: The worst Bank ever is CIBC
First of all, you're an idiot! In order to make your claim credible, you must have had experience with every bank ever, which is impossible, so right away we know you like to exagerate things. Secondly, you are full of shit! Why would CIBC charge you 1000 dollars and close your account after not paying for 2 months?? Answer: because you OWED 1000 and you're account was not worth saving. There is no cancellation fee, therefore you are lying, therefore whatever you say cannot be trusted. Gaining new business is difficult and expensive, CIBC is not just going to let a customer slip thru their fingers unless you're account was worthless to them. The fact that the supervisor did nothing is evidence of this. This would only happen if you had a large debt carried forward each month in which you could not pay off AND your account was severely in arrears. Therefore, you clearly misrepresented the facts. Your definition of "good history" is probably a lot different than CIBC's. You are probably the type that goes on vacation for several months without notifying the bank and expecting them to just hang tight until you get back to decide to pay. I know that they make several attempts to contact cardholders when their accounts are past-due to make some sort of payment arrangement. These calls are ussually friendly. In my experience, people ussually match the tone and body language of their interlocator. So if the rep was shouting, it was probably because you weren't listening and being rude, and talking loudly first. What you're doing is illegal by the way, it's called defamation. You are publicly making a false statement which could affect their business relationships. They should sue you but they know that you don't have any money!!! And by the way, when you make a claim about stealing your money, back it up. Don't you realise that every action from a bank is strictly governed by the Bank Act, you are probably too stupid to know what that is, and I know you wont read it because you clearly didn't read your cardholder agreement! If you had, you would see that your dumb a** signed and therefore agreed to be charged whatever fees they have, therefore it is not stealing, and therefore you are a pig for being to fat and stupid to pick up a legal disclosure and read it before you sign it!
Actually...
YOUR comments are the ones that seem really suspect. Collection calls are *rarely* friendly. How do I know? Because I was called INCESSANTLY and REPEATEDLY for some account under the name of some woman who NEVER lived at the address they were calling. And they were incredibly stupid and rude.
OH and I find it really entertaining in a sad way that you take such literal interpretation of the 'worst ever' thing, then go on to say someone is 'full of shit'. What are you, stunned? Someone being full of shit is impossible!! Blah blah blah... wanker who likes to hear themselves type probably because they'd be afraid to actually talk...
Also had to laugh at your assertion that the bank wouldn't let a customer slip through their fingers because gaining new business is costly and difficult. While it's true about getting new customers, businesses are ALWAYS making that mistake and CHASING new customers while screwing over the regular/legacy clients. C'mon, you can't see evidence of that like, EVERYWHERE?? Oh wait, you see evidence in nothing at all, I forgot. LMAO... someone doing nothing is evidence of nothing... idiot. If you're that blind, it'd take way too long to educate you.
Speaking of which, it's not 'defamation'. It's not illegal at all. People have a right to talk about their experience. For that to happen, CIBC would have to prove some sort of significant financial loss because of this post. By one person. On the internet. If you can't see where this is going, again, I have no time to educate you.
BUT... I can at least help you out on one point.
That whole cardholder agreement thing? Actually, every business... or to be more accurate, every party to a contract, ANY contract, has an OBLIGATION to point out ANY clauses in said contract that COULD significantly affect the other party's rights. Tilden vs. Clendenning. Look it up, loser. It's a good lesson for us consumers. Buyer Beware is a Bunch of Bullshit. Best protection against that kinda shit is to ask specific questions that you're concerned about and if they wave you along saying no problem or don't point out EVERYTHING that is a big deal or COULD be, later on you'll have 'em by the balls.
Lastly, in case you think I'm biased, I'm a CIBC customer and have been for years and years and the reason is because I actually *did* try every bank out there and found they were the best one. But that doesn't mean it'll be true for everyone. And I know that, because I have a BRAIN and an IQ above 90... schmuck.
lol
I'm not the person that you
I'm not the person that you directed your nasty comments to but I simply cannot stand to let you treat someone this way.
If you are so incredibly smart you would know how to correctly spell "usually"...
It is absolutely understandable that someone that had a bad experience with a company would go and warn other people about the company. Some exaggeration of the story to create a certain desired effect is understandable when one is emotionally charged.
I have also found the CIBC service personnels to be slightly lacking. They seemed to be incredibly confused with even simple tasks such as withdrawing my GIC. I was pushed by the telephone rep to the bank branch and then told by the branch rep to go home and call the telephone rep for a "certain missing information", when I called, the telephone rep was confused and told me that no info was missing. When I went back to the branch, they told me to speak with another service rep. With the new rep, everything was fine and no info was needed at all...
ALLL that trouble just for withdrawing my GIC !
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