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Interview with CIBC – Dividend Card Changes

Today we continue our interview series feature Andrew Wakefield, Director of Cash Back Cards at CIBC. He will be sharing with us the upcoming changes to its Dividend cards that come into effect on February 1, 2021. Thank you Andrew for your time in providing us with a preview of what’s to come, so that cardholders and future cardholders are more prepared! 

1) Please tell us about yourself and your role at CIBC?

Andrew Wakefield – Director, Cash Back Cards

Our team manages and oversees all of the proprietary consumer cards at CIBC from a product management perspective. We are constantly evaluating new opportunities to create innovative new products, as well as enhance our existing cards. We also work across the broader cards team to deliver great value every day for our clients.

2) Please share with us the new enhancements regarding the CIBC Dividend cards?

We are pleased to announce new product enhancements across all of our Dividend Visa Cash Back Cards, starting February 1st, 2021. We have spent a lot of time listening to our clients, understanding their needs and wants in a cash back program, and we’ve incorporated enhancements to reflect our clients’ feedback. The changes will provide clients with a more flexible redemption option, as well as an updated and more broad slate of earn categories.

On Demand Redemption: Clients will have the ability to redeem their cash back through CIBC Online Banking or Mobile Banking with just a few clicks, as long as they have at least $25 in cash back available to redeem.

Multiplier Changes: We are introducing a more broad set of earn categories that matter most to our clients, with increasing value along the way.

CIBC Dividend Visa Card ($0 annual fee)

  • 2% Grocery
  • 1% Gas, Dining, Transportation, Recurring Payments
  • 0.5% Everything Else

CIBC Dividend Platinum Visa Card ($99 annual fee)

  • 3% Grocery & Gas
  • 2% Dining, Transportation, Recurring Payments
  • 1% Everything Else

CIBC Dividend Visa Infinite Card ($120 annual fee)

  • 4% Grocery & Gas
  • 2% Dining, Transportation, Recurring Payments
  • 1% Everything Else

Mobile Device Insurance: Now included with the CIBC Dividend Visa Infinite Card, Mobile Device Insurance provides up to $1,000 of coverage in the event of loss, theft or accidental damage.

3) Are there a few things that you would like people to pay closer attention to regarding the changes to the Dividend cards?

We’ve increasingly heard from our clients that they want to be able to control when to get their cash back rewards. With the introduction of On Demand Redemption, clients can take control of their cash back redemption and choose when to redeem, as well as how much they want to withdraw. Anything not redeemed by the end of the year will continue to get paid out automatically as well.

Our earn categories will continue to provide great value on groceries and gas, while adding three new popular categories in dining, transportation and recurring payments. These new categories allow us to expand our product offering and have something for everyone – whether you like to order in instead of cooking or take transit/ride sharing instead of driving, there’s a category for you. Finally, adding those monthly recurring payments and subscriptions to your Dividend card will get you even more cash back – just set them up and watch your cash back grow.

One feature that our team is excited to remind clients about is that all of our clients have the ability to earn additional cash back through the gas multiplier, as well as a discount at the pump through JOURNIE Rewards at over 1000 participating Pioneer, Ultramar or Chevron gas stations in Canada. Clients who link their Dividend card to JOURNIE Rewards at cibc.com/journie will save 3¢ per litre when they fill up their tanks at any participating station and pay with their Dividend cards. That is great everyday savings at the pump plus cash back in your wallet.

4) Considering what’s been happening around the world and as we close out 2020, what can we look forward to with CIBC in 2021 specifically within the rewards industry?

We have certainly seen a lot of interesting developments in the credit card space through 2020 as a result of the pandemic and its impact on consumers. To that end, we are excited about the changes to our Dividend cards and believe they will align very well with the way that our clients are looking to focus their spending, while earning cash back along the way. As always, we will continue to evaluate client feedback about the products we have and look to continue enhancing our products to meet our clients’ needs.

5) Any closing thoughts?

Cash back cards have become increasingly important to consumers, and our team is always looking for ways to enhance our products, introduce new card benefits and features, and make sure that our clients get the most value for their hard earned dollars. We are very excited about the changes we are making across the product lineup – there truly is a Dividend card option for everyone.

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Pointshogger aims to provide analysis and updates on earning loyalty reward points and maximizing the value of your points. We hope to inspire our readers to experience the joy of travel and make the most out of what they've already got!

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