The CIBC Dividend Visa Cardholder Agreement: Everything You Need to Know
As a CIBC Dividend Visa cardholder, understanding the cardholder agreement is crucial. This agreement outlines the terms and conditions of your credit card, including the interest rates, fees, and rewards program. In this article, we will go through everything you need to know about the CIBC Dividend Visa cardholder agreement.
Interest Rates
The CIBC Dividend Visa card comes with a standard annual interest rate of 19.99% on purchases and 22.99% on cash advances. These rates are subject to change based on the Bank of Canada prime rate.
If you make late payments or exceed your credit limit, an increased interest rate of 24.99% on purchases and 27.99% on cash advances will apply. It is important to note that if you consistently make late payments or exceed your credit limit, it can negatively impact your credit score.
Fees
The CIBC Dividend Visa card has annual fees of $0. However, other fees may apply, such as cash advance fees, balance transfer fees, and foreign transaction fees.
For cash advances, you will be charged a fee of $3.50 or 1% of the amount advanced, whichever is greater. Balance transfer fees are 1% of the amount transferred or $7.50, whichever is greater. Foreign transaction fees are 2.5% of the Canadian dollar amount of the foreign transaction.
Rewards Program
The CIBC Dividend Visa card rewards program allows you to earn cash back on your purchases. You can earn up to 4% cash back on eligible gas and grocery purchases, 2% on eligible Tim Hortons and TELUS purchases, and 1% on all other eligible purchases.
Your cash back rewards will be automatically credited to your account as a statement credit or deposited into your CIBC savings account. There is no limit to the amount of cash back you can earn.
Conclusion
Understanding the CIBC Dividend Visa cardholder agreement is essential as it outlines the terms and conditions of your credit card. It is important to review this agreement thoroughly to ensure you are aware of the fees, interest rates, and rewards program associated with this credit card.
If you have any questions or concerns about the CIBC Dividend Visa cardholder agreement, be sure to contact CIBC directly for more information.