Searching for a means to have better value for money spent each and every day? Thus one can consider that the CIBC Dividend Visa Infinite Card might be the way to skyrocket the savings and gain much more. This ranked number one American cash rebate card was created to allow you save money on your purchases from the pump to groceries to your restaurant of choice.
The cash back program that comes with the CIBC Dividend Visa Infinite Card is one of the most attractive features that any credit card consumer can capture instantly. Starting from 4 % cash back on necessities that include gasoline stations and supermarkets to 2% cash back on dining and transportation, each purchase takes you a step closer to the reward.
Main features of the CIBC Dividend Visa Infinite Card
The CIBC Dividend Visa Infinite Card is by the Canadian Imperial Bank of Commerce (CIBC), a reliable company with many products and services. This is a good card for a person or a household with higher income since it will enable one get higher cash back especially if one is making huge purchases.
Although it accepts all users, it explicitly describes itself as a high-end app, requiring at least $60,000 yearly income for a single person and $100,000 for a household to get enlisted into it, it aims wealthy people in society who will hugely benefit from these privileges.
Another advantage of this card is the well-developed cash back system that’s considered to be one of the main perks of using this card. These cardholders are allowed to get 4% cash back on all the gas-related and grocery store purchases which is very helpful for families and individuals.
Understanding the annual fee
As for the possibility 2, it is also easy to grasp the annual fee schedule of the CIBC Dividend Visa Infinite Card and should also be known to a user. This card attracts an annual fee of 120 dollars, although the first fee of the primary cardholder is waived.
This implies that you stand to gain from all the aspects of the card without having to worry about the fee during the first year. Moreover, the first year of up to three authorized users’ annual fees is also eliminated; this can contribute to even greater cost reductions.
Deciphering credit limits
Credit card limit on the CIBC Dividend Visa Infinite Card depends on specific factors, whereby it is set to match the applicant’s financial situation. On applying such loans, the bank checks into your income, credit history and your capacity to repay the loan amount.
They assist CIBC select the right credit limit required for every client according to his or her spending power but at the same time, being moderate enough to avoid the borrower getting into a cycle of spending that they cannot meet.
Advantages of the CIBC Dividend Visa Infinite Card
- 4% cash back on purchases made on the following categories i.e., Gas and Groceries
- 2% Cash Back on dining, transportation and for payments on subscriptions and memberships.
- 1% on all other purchases.
- This Credit Card does not have an annual fee for the first year and for up to three authorised users
- Visa Infinite Privileges constituting of hotel privileges, dining privileges and round the clock concierge services.
Standout advantage
Undoubtedly, one features which makes the CIBC Dividend Visa Infinite Card to stand out is the high redemption rate on common purchases. Being able to get 4% cash back on gas and groceries means a lot of money saved to the card holders especially those who make constant trips to gas stations and they or members of their families make frequent trips to the supermarket to buy their groceries.
Addressing potential drawbacks
- Annual Fee: This is a chief expense to some users since they have to part with over $120 a year from their second year.
- Income Requirement: Minimum income prerequisite could be a problem and may lock out some interested parties
- Foreign Transaction Fees: Foreign purchases attract charges, meaning that the value to be charged can become quite large in the process.
Standout disadvantage
The only major drawback to carrying the CIBC Dividend Visa Infinite Card is the card’s high minimum income requirement. For instance, the minimum annual income one must have project income of $60000 for a single person or $100000 for a family to qualify for a mortgage thus many of the prospective clients may not qualify for the mortgage.
Eligibility criteria
This card was issued by the CIBC Bank and to apply for this card there are certain requirements that should be met. After going through the criteria, you must individual gross $60,000 per annum or a household gross of $100,000.
Also, the applicants must be above the age of majority in the province or territory of their residence to enter into a credit agreement legally. Responsibly managed credit is also important, which is why good credit score and credit history are also important factors.
How to apply for the CIBC Dividend Visa Infinite Card
Applying for this particular credit card known as CIBC Dividend Visa Infinite Card is very easy and fast. Applying for a CIBC credit card is convenient as you can begin the process online, through the CIBC mobile application, or by going to the branch.
Via website
Using the website to fill in the form a applying for the CIBC Dividend Visa Infinite Card is easy. Just go to the CIBC card and follow the promotion section there which especially is regarding CIBC Dividend Visa Infinite Card.
It is followed by an “Apply Now” button that takes you to the online application to fill the application. Complete personal details, work details, and your income, etc. As soon as the work is uploaded, the client receives the decision almost at once.
Through the mobile application
It is proud to inform its clients that they can apply it through CIBC mobile banking app for those who like using their mobile device to handle their money. Install the app from your desired app market, and either log in or sign up for a new account and then go to the credit card tab. Choose the CIBC Dividend Visa Infinite Card, then simply flow through the presented steps to apply the card.
Through the store/branch
But if you fancy a much-involved procedure with a touch of face to face conversation, go for the CIBC Dividend Visa Infinite Card by applying in any branch. For a personal loan, you can fill an application at the CIBC branch that is nearest to you and you will be assisted by any available representative. This method is useful if one has so many questions or experience some difficulties while filling any part of the application.