The CIBC Dividend Visa Infinite is often touted as the best gas credit card in Canada. But is it really worth the hype? In this review, we’ll delve into the specifics of this card to see how it stacks up against its closest competitors and whether it offers enough value to merit a place in your wallet.

Closest Competitor

The closest competitor to the CIBC Dividend Visa Infinite is the Scotiabank Momentum Visa Infinite card. Both are cashback credit cards from major banks, both have an annual fee of $120 (with the first year’s fee waived), and both offer up to 4% cashback on groceries. However, the CIBC card focuses more on gas rewards.

Signup Bonus

One of the initial attractions of the CIBC Dividend Visa Infinite is its signup bonus. The card offers up to $300 in the first year, compared to the $200 offered by the Scotiabank Momentum Visa Infinite. This extra $100 can make a significant difference for new cardholders.

Rewards & Cashback

The CIBC Dividend Visa Infinite offers a solid 4% cashback on gas, electric vehicle (EV) charging, and groceries. While the 4% cashback on gas is noteworthy, it’s worth mentioning that any card offering 4% cashback on groceries can technically provide the same for gas if you buy gas gift cards at grocery stores. However, this workaround can be cumbersome.

The 4% cashback on EV charging is likely the highest in Canada, but its utility is debatable since most EV owners charge their vehicles at home. The card also offers 2% cashback on eligible dining, transportation, and recurring bills. However, the 2% cashback for dining is relatively low compared to other cards like the Simply Visa Cashback, which offers 4% on dining for free.

Moreover, the 2% cashback on transportation and recurring bills is decent but not exceptional. For instance, the Scotiabank Momentum Visa Infinite offers 4% cashback on recurring bills, making it a more attractive option for those expenses.

It’s worth noting that the 4% cashback categories have a spending limit of $20,000 per year, which translates to about $1,666 per month. While this should cover most people’s grocery and gas bills, it might be a squeeze for larger families or heavy commuters.

Insurance

When it comes to insurance, the CIBC Dividend Visa Infinite falls short. The card offers six types of coverage: basic purchase protection, extended warranty, auto rental and loss damage, and out-of-province emergency medical coverage. While these are essential, they are fewer than the eleven coverages offered by the Scotiabank Momentum Visa Infinite.

Many credit cards in the same annual fee range offer additional travel coverages like trip cancellation, baggage, and flight delays. The lack of these coverages makes the CIBC card less appealing for frequent travelers.

Perks

One of the standout features of the CIBC Dividend Visa Infinite is its gas-related perks. The card offers an additional three cents per liter discount at participating gas stations like Chevron. This is a benefit that few banks offer. For instance, BMO has partnerships with Shell offering two cents per liter for regular gas and seven cents per liter for premium gas, while RBC credit cards give three cents per liter at Petro-Canada.

However, none of these banks offer credit cards that provide 4% cashback on gas. Therefore, the combination of 4% cashback and an additional three cents per liter discount makes the CIBC Dividend Visa Infinite the best gas credit card in Canada. This feature can be particularly beneficial for those who drive a lot for work, like Uber drivers or salespeople.

Card Score

Let’s break down the card’s score:

• Rewards: The card offers 4% cashback for groceries, gas, and EV charging, but the $20,000 spending limit might be restrictive for some. Score: 7/10.
• Insurance: The card provides essential coverages but lacks the extensive insurance options offered by competitors. Score: 5/10.
• Perks: The additional three cents per liter at participating gas stations, combined with 4% cashback for gas, makes this card highly competitive. Score: 9/10.

Overall, the CIBC Dividend Visa Infinite scores a 7/10, making it a solid B-tier card.

Who Should Get This Card?

The CIBC Dividend Visa Infinite is an excellent choice for individuals who drive a lot for work, such as salespeople or Uber drivers. The additional three cents per liter discount at gas stations and the 4% cashback on gas are significant benefits. However, the $20,000 spending limit on the 4% cashback categories and the limited insurance coverages may be a drawback for some.

Final Thoughts

In summary, the CIBC Dividend Visa Infinite is a strong contender for the best gas credit card in Canada, thanks to its unique perks and solid cashback rewards. However, its limitations in insurance coverages and spending caps may make other cards more suitable depending on your specific needs. If gas expenses are a significant part of your budget, this card is worth considering.

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