As a student, managing your finances while balancing the cost of tuition, books, and living expenses can be challenging. That’s why choosing the right credit card can make a big difference.
Enter the CIBC Dividend® Visa Card for Students, a cash back card designed specifically to meet the needs of students. In this post, I’ll walk you through the key benefits, rewards, fees, and frequently asked questions to help you decide if this card is the right fit. I’ll also provide a detailed step-by-step guide on how to apply for this student-friendly credit card.
Why Choose the CIBC Dividend® Visa Card for Students?
The CIBC Dividend® Visa Card for Students is a standout in the student credit card space for several reasons. Not only does it offer cash back on everyday purchases, but it also comes with no annual fee, making it an affordable option for students just starting their financial journey. Here’s a breakdown of its top features:
Key Benefits
- No Annual Fee
One of the most attractive features of this card is that it doesn’t come with an annual fee. As a student, keeping your costs low is essential, and with this card, you won’t have to worry about an additional yearly expense. - Cash Back on Everyday Purchases
You’ll earn cash back on all your eligible purchases, which can be a great way to save money while spending on essentials like groceries and gas. The card offers 2% cash back on groceries and 1% cash back on all other purchases. This cash back is automatically credited to your account, making it hassle-free. - Earn While You Spend
Unlike some other cards that have complicated points systems, the CIBC Dividend® Visa Card for Students gives you straightforward cash back, which you can redeem at any time for statement credits or other rewards. - Built for Students
This card is designed specifically for students. You don’t need a full-time income to qualify, and there are no harsh credit score requirements. It’s a fantastic tool for building your credit history while enjoying the perks of cash back. - CIBC’s Mobile and Online Banking
With CIBC’s mobile app and online banking tools, managing your account is easy. You can monitor your transactions, view your balance, and pay your bill—all from the convenience of your phone or computer. - Auto Insurance and Purchase Protection
As an added bonus, this card comes with built-in auto insurance for rental cars and purchase protection. These benefits can provide peace of mind when making larger purchases or renting a vehicle.
Rewards Program: How to Earn Cash Back
The rewards system on the CIBC Dividend® Visa Card for Students is straightforward and allows you to earn cash back on the purchases you already make as a student.
- 2% Cash Back on Groceries
Whether you’re grabbing snacks, meal prepping, or doing your weekly grocery run, you’ll earn 2% cash back on all your eligible grocery purchases. This can add up quickly and put some of that money back in your pocket. - 1% Cash Back on All Other Purchases
From textbooks and school supplies to entertainment and dining out, you’ll earn 1% cash back on every other eligible purchase. There are no limits to how much cash back you can earn in a year, making this an excellent tool for ongoing savings.
Redemption Options
Cash back rewards are automatically credited to your account, so you don’t need to worry about tracking points or remembering to redeem them. Your rewards can be used to reduce your credit card balance or as statement credits.
Fees and Interest Rates
While the CIBC Dividend® Visa Card for Students doesn’t charge an annual fee, it’s essential to be aware of other fees and interest rates that apply.
- Annual Fee: $0
- Purchase Interest Rate: 20.99%
If you carry a balance on your card, you’ll be charged 20.99% interest on any purchases. To avoid paying interest, it’s best to pay off your balance in full each month. - Cash Advance Rate: 22.99%
Cash advances carry a higher interest rate of 22.99%. These should be avoided unless absolutely necessary, as interest begins to accumulate immediately. - Foreign Transaction Fee: 2.5%
For purchases made in a foreign currency, you’ll be charged a fee of 2.5% in addition to the exchange rate. - Late Payment Fee: $10
It’s crucial to pay your bill on time to avoid this fee and to maintain a good credit score.
Frequently Asked Questions (FAQs)
1. Can I apply for this card if I don’t have a job or income?
Yes! The CIBC Dividend® Visa Card for Students is designed for students, so full-time employment is not a requirement. However, you may need to provide information about your financial situation, such as savings or part-time income.
2. Is there a limit to how much cash back I can earn?
There’s no limit on how much 1% cash back you can earn. However, the 2% cash back on groceries is capped at $6,000 in purchases annually. After that, you’ll earn 1% on grocery purchases.
3. Can I use this card internationally?
Yes, you can use this card internationally. However, keep in mind that a 2.5% foreign transaction fee will apply to purchases made in a foreign currency.
4. How do I redeem my cash back rewards?
Cash back is automatically credited to your account. You don’t need to do anything to redeem it, making it incredibly simple to take advantage of your rewards.
5. Does this card help me build credit?
Yes, using the CIBC Dividend® Visa Card for Students responsibly—by paying your bills on time and keeping your balance low—will help you build your credit history, which is essential for future financial endeavors.
If you’re a student looking for a no-fee credit card that offers straightforward rewards on everyday purchases, the CIBC Dividend® Visa Card for Students is an excellent choice. With 2% cash back on groceries, 1% cash back on other purchases, and no annual fee, this card is designed to help you save while you spend. Additionally, its student-friendly application process makes it accessible even if you don’t have a full-time income.
How to Apply for the CIBC Dividend® Visa Card for Students
Applying for a credit card can feel like a daunting task, especially if you’re juggling the demands of student life. However, choosing the right card, such as the CIBC Dividend® Visa Card for Students, can make a huge difference in how you manage your finances.
Whether you’re looking to build your credit history, earn rewards on your everyday purchases, or simply need a financial tool to help with day-to-day expenses, this card offers plenty of benefits. In this guide, we’ll walk you through the step-by-step process of applying for the CIBC Dividend® Visa Card for Students, so you can take the first step toward greater financial independence.
Application & Eligibility
Applying for the CIBC Dividend® Visa Card for Students is quick and easy. Here’s a step-by-step guide to help you through the application process.
Step 1: Visit the CIBC Website
Head to the official CIBC Dividend® Visa Card for Students page. Here, you’ll find detailed information about the card and the option to begin your application.
Step 2: Review Eligibility Criteria
Make sure you meet the following basic eligibility requirements:
- You are a student enrolled in a recognized Canadian educational institution.
- You are a resident of Canada.
- You have reached the age of majority in your province or territory.
Step 3: Fill Out the Online Application
The online application form will ask for your personal information, including:
- Full name
- Date of birth
- Address
- Employment and financial information (such as part-time income or savings)
- Student information (such as the name of your school)
Step 4: Review Terms and Conditions
Before submitting your application, review the terms and conditions carefully. Ensure you understand the interest rates, fees, and how the rewards system works.
Step 5: Submit Your Application
Once you’ve completed the form and reviewed the details, click submit. CIBC will process your application, and in most cases, you’ll receive a decision within minutes.
Step 6: Receive Your Card
If approved, you’ll receive your CIBC Dividend® Visa Card for Students in the mail within a few business days. Once it arrives, activate your card and start enjoying the benefits of cash back rewards!
Applying for the CIBC Dividend® Visa Card for Students is a simple process that opens the door to valuable cash back rewards and an excellent opportunity to build your credit history while you’re still in school. With no annual fee, flexible eligibility requirements, and cash back on essential purchases, this card is designed to meet the unique financial needs of students.
By following the steps outlined in this guide, you’ll be well on your way to enjoying the benefits of this student-friendly credit card.
