The best CIBC credit cards in Canada for 2023

The CIBC Aventura Visa Infinite card offers great rewards multipliers for everyday purchases such as gas and groceries. Cardholders can earn 2 points for every $1 spent through the CIBC Rewards Centre, 1.5 points for every $1 spent on gas, groceries, EV charging, and drugstores, and 1 point per $1 spent on all other purchases. The CIBC Aventura Visa Infinite card provides extensive insurance coverage proving to be a great travel companion.  

Pros: 

• Lounge access - 4 complimentary visits at over 1200 lounges globally through Visa Airport Companion Program
• Extensive insurance coverage from mobile device insurance to emergency travel medical insurance
• Receive a NEXUS application fee rebate (a $50 value)
• Great welcome bonus - earn over $1,250 in value including a first year annual fee rebate. Offer not available to QC residents. Terms and conditions apply. 

Cons:

• Other rewards cards offer higher points per spending category 
• High income requirements may be prohibitive to some
• Annual Fee $139

Ratehub.ca take

The biggest selling point of the CIBC Dividend® Visa Infinite* is its impressive rewards on everyday essentials making it the best credit card in Canada for gas and groceries. On top of the 1% earn rate for all purchases, this card earns an industry-leading 4% cash back on both groceries and gas purchases – two of the most common spending categories for Canadian households. Thanks to CIBC’s new Cash Back on demand feature, cardholders can choose to redeem rewards at any time as a statement credit starting in increments of $25. 

Pros:

• Significantly higher earn rates on groceries and gas than most other cards (4% cash back)
• Flexible cash back redemption option allowing users to redeem their cash back at any time in increments of $25
• Access to CIBC’s Pace It program, allowing you to pay off large purchases in monthly increments
• Features an excellent digital-only welcome bonus, where new users who apply online can earn 10% cash back welcome bonus of up to $200 (first 4 statements). Offer not available to QC residents. Terms and conditions apply.
• Access to the Visa Infinite Program, entitling you to attend special dining events and hotel perks at participating hotels and restaurants

Cons:

• Annual fee ($120) and personal income requirements ($60,0000) may be prohibitive
• Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of Best credit cards for travel insurance)

Balance transfer offer: 0% promotional annual interest rate for 10 months with a 1% balance transfer fee. Conditions apply. 

Ratehub.ca's take

The CIBC Select Visa shoots right to the top of our list for balance transfer credit cards. The below-average APR of 13.99% across the board on purchases, balance transfers, and even cash advances can help you save money on interest charges and make it easier to manage your credit card debt. It also offers newly-approved cardholders a great welcome bonus - Transfer your credit card balance. Get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate. Terms and conditions apply. 

With interest completely out of the equation for a limited time, you can move the balance owed on your current credit card over to the CIBC Select Visa and chip away at your debt faster and more efficiently.

The CIBC Select Visa also comes with a number of additional benefits. These include extended warranty and purchase protection, as well as access to CIBC's 24/7 customer service team.

Pros

• Below-average APR of 13.99% across the board on purchases, balance transfers, and cash advances
• Low $29 annual fee (which is rebated for the first year) and has a minimum household income requirement of just $15000, making it easily within reach of most Canadians
• Welcome offer - Transfer your credit card balance. Get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate.
• Up to three free secondary cards
• One of the few low interest cards to offer additional travel coverage in the form of up to $100,000 in common carrier accident insurance
• Additional benefits include extended warranty, purchase protection, access to CIBC's 24/7 customer service team

Cons

• As a low interest credit card, the CIBC Select Visa doesn’t offer much in the form of perks
• Balance transfer offer is exclusively available to new cardholders applying online
• You can only transfer 50% of our assigned credit limit (e.g. if you’re approved for the CIBC Select Visa with a $2,000 credit limit, you can only transfer up to $1,000 from another credit card)

Ratehub.ca's take

The CIBC Aventura Visa is a no fee credit card that can prove to be a great travel companion. Just because there is no annual fee, it doesn't mean the card offers little to no rewards. With this card, you can earn 1 point for every $1 spent on gas, groceries, and travel through the CIBC Rewards Centres and 1 point for every $2 spent on all other purchases. 

Pros

• Generous welcome bonus for a no fee credit card - Earn up to $100 in value for no annual fee. Offer not available to QC residents. Terms and conditions apply.
• Ability to save 3 cents per litre on fuel at Journie Rewards gas stations
• No annual fee

Cons

• Limited insurance offerings included

CIBC credit cards types