The cash back competition continues to hear up as CIBC is now offering its first year fee waived to its Dividend Visa Infinite Card. If you have been contemplating signing up for this credit card, now is a great time to do so. Below are the highlights of the credit card:
- $99 annual fee (first year fee waived if you apply before March 31, 2016)
- Earn 4% cash back on all purchases (for the first 6 months if you apply before March 31, 2016)
- Earn 4% cash back on gas and grocery purchases
- Earn 2% cash back on Tim Hortons and TELUS purchases
- Earn 1% cash back on all other purchases
Keep in mind that the 4% cash back in the first 6 months on all purchases has a $5,000 spending limit, so you can only get a $200 ($5,000 x 4%) cash back limit.
There is also a limit on the 4% and 2% cash back on those specific categories. You only earn these bonus cash back on the first $80,000 in net annual card purchases (meaning all card purchases by all cardholders, at any type of merchant) or $20,000 on gas, grocery, TELUS or Tim Hortons purchases on your account, whichever comes first. Thereafter, you will only earn 1% cash back. This means that you can earn a maximum bonus cash back of:
- $20,000 x 4% = $800
- $20,000 x 2% = $400
Note that you only receive your cash back once a year on your December statement.