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CIBC VISA Infinite
April 2, 2021
7:23 pm
COIN
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I signed up for the CIBC VISA Infinite Credit Card. The promotion said that I would get 10% cashback on all purchases up to $2,000.

Now CIBC is saying I only get the 10% cashback if I actually spend the full $2,000 in purchases. Is CIBC correct?

April 2, 2021
9:07 pm
Peter
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The fine print at https://www.cibc.com/en/personal-banking/credit-cards/all-credit-cards/dividend-visa-infinite-card.html says:

If you apply and are approved for a new eligible card, you will receive 10% cash back on the net purchases posted to your account within the first 4 monthly statement periods or $2,000 in total net purchases (equal to $200 cash back), whichever comes first.

That seems to indicate that you do not need to spend the full $2,000.

April 3, 2021
5:47 am
savemoresaveoften
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COIN said
I signed up for the CIBC VISA Infinite Credit Card. The promotion said that I would get 10% cashback on all purchases up to $2,000.

Now CIBC is saying I only get the 10% cashback if I actually spend the full $2,000 in purchases. Is CIBC correct?  

I will be really surprised if its all or nothing. Usually they just put a cap so they are not giving out thousands in bonus cashback. Have not seen a card that stipulate have to meet that mentioned amount or earn 0% bonus.

April 3, 2021
6:38 am
COIN
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Thanks guys. So, all 3 of us agree.

When I got my second statement I noticed there was no reversal of the $120 annual fee and my purchases were not earning the 10%.

I called CIBC and the agent didn't seem familiar at all with the promotion so she said she would check with someone else.

She came back on the phone and said that the $120 fee will be reversed (not done yet) and I will receive the 10% cashback credit only and if I hit $2,000 in purchases during the promotion period.

What to do now? Call again? Speak to customer care?

April 3, 2021
7:49 am
dougjp
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Its pretty sad when the bank gives no consistent message/wrong information.

I just arrived at the end of my first statement period, and the cash back balance available to redeem is exactly 10% of what I spent on the card. This was less than the $ 2,000-.

Now unless they decide to cancel that... How could they, if I decided to actually redeem now? And why would they, as it would contradict the official terms Peter quoted above? This is a direct contradiction of what COIN was told. And its basic stuff! Clueless call center.

If you have a Financial Advisor, I'd let them know all of this, let them sort it out and get a specific answer in writing. If no FI, then I'd call back and insist on talking to a Supervisor.

April 3, 2021
8:30 am
topgun
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I have used CIBC cashback cards in the past. You had to wait until the December statement before cashing anything. CIBC changed this year to redeem when you want. Great.

Have a Great Day

April 3, 2021
11:40 am
Bill
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COIN, I'm assuming you mean the CIBC Dividend VISA Infinite card.

The link Peter provided also indicates "Get a first-year annual fee rebate and 10% cash back for the first 4 statements on total purchases of up to $2,000". The wording is clear, no need to spend $2000.

COIN, what was the cashback rate(s) you received on your second statement instead of 10%? What about the 1st statement?

If you read the full t&c at the bottom of the page Peter cited you may find your answers. For example, re the annual fee rebate it says "If you qualify, the rebate will be awarded to you and will appear as a credit against the applicable annual fee(s) within two statements." Also you have to have applied after January, plus various other conditions apply to qualify for the 10%, all are in the t&c.

April 3, 2021
3:43 pm
COIN
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1) I received my first statement only 10 days after I got the physical card. There was only one purchase so I didn't pay it much attention. However, I noticed there was an annual fee charge of $120 so I called CIBC 5 days after the statement date (February 24th). The agent said she will reverse the fee (still waiting).

2) When I got the second statement, I asked CIBC (March 24th) what happened to the reversal of the $120 annual and was told it will be reversed (still waiting). I also asked them about my 10% cashback reward rate and that was when the agent said I only get the 10% when and if I hit $2,000 in purchases. (When I log in online I do see a cashback balance but it is nowhere close to 10% (maybe 4%).)

3) At no time was I ever told in both phone calls that I don't qualify for the promotional 10% cashback rate or waiver of the $120 annual fee.

April 3, 2021
5:37 pm
Loonie
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My advice would be to stop wasting your time with CSRs and contact CIBC Ombudsman. They should be able to clear it up fairly quickly.

April 4, 2021
5:45 am
savemoresaveoften
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COIN said
1) I received my first statement only 10 days after I got the physical card. There was only one purchase so I didn't pay it much attention. However, I noticed there was an annual fee charge of $120 so I called CIBC 5 days after the statement date (February 24th). The agent said she will reverse the fee (still waiting).

2) When I got the second statement, I asked CIBC (March 24th) what happened to the reversal of the $120 annual and was told it will be reversed (still waiting). I also asked them about my 10% cashback reward rate and that was when the agent said I only get the 10% when and if I hit $2,000 in purchases. (When I log in online I do see a cashback balance but it is nowhere close to 10% (maybe 4%).)

3) At no time was I ever told in both phone calls that I don't qualify for the promotional 10% cashback rate or waiver of the $120 annual fee.  

annual fee rebate/reversal is usually done at 2nd statement. As for the 10%, you should earn 10% (total) on each statement spend as it happens. Obviously you wont earn 10% on the annual fee.

When you mention you calculated about 4%, that sounds to me u did rec 10%, as in maybe you count 10% on the $120 as well when you shouldnt ?

April 5, 2021
7:23 am
COIN
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When I turned on CP24 this morning (April 5th), I noticed CIBC is still advertising the 10% promotion.

April 5, 2021
11:25 am
savemoresaveoften
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COIN said
When I turned on CP24 this morning (April 5th), I noticed CIBC is still advertising the 10% promotion.  

yes its still on their website too. If you only receive 4% which are for grocery and gas purchase, you may want to call them to chase down the other 6%

April 5, 2021
4:02 pm
COIN
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savemoresaveoften said

yes its still on their website too. If you only receive 4% which are for grocery and gas purchase, you may want to call them to chase down the other 6%  

Thanks. I saw the ad back in early February and applied on online on February 4th. Picked up the physical card at my local CIBC branch on February 9th.

Where and how did this go so far off the rail? Was there a promo code? I would think that anyone who applied during the offer period automatically qualifies.

(No, I did not calculate 10% on the annual fee which was supposed to be waived. I'm still waiting for the reversal.)

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