CIBC Classic Visa* Card Card

Jan 2, 2025

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Overall rating

First year value

$0

Get this card if you:

  • want a simple, no-frills credit card
  • value purchase protection and extended warranty coverage
  • want to build out your credit history

Scores by category

No Annual Fee 0.8

Highlights

Interest Rates

20.99%

Purchase APR

22.99%

Balance transfer APR

22.99%

Cash advance APR

Eligibility

Good

Recommended credit score

$15,000

Required annual household income

Quick overview of the CIBC Classic Visa* Card card

The CIBC Classic Visa* Card is a simple, $0 annual fee card that gives you insurance coverage and perks like no transaction fees when you send money abroad using CIBC’s Global Money Transfer. With this card, you can enjoy making small purchases faster with Visa’s payWave™ and take advantage of Visa’s wide payment network, meaning that your card will be accepted worldwide.

Who’s the CIBC Classic Visa* Card card for?

The CIBC Classic Visa* credit card is great for anyone who is looking for a card with no annual fee and basic insurance coverage like purchase protection. If you’re a new credit card user in Canada, you’re just building your credit history and don’t need any fancy rewards, this is a great option to consider as the minimum income requirement is only $15,000, which is lower than most cards on the market. 

CIBC Classic Visa* Card card for students

If you’re a student who’s just starting school or currently in school, you can look into the CIBC Classic Visa* Card card for students and enjoy one year of free SPC+ membership. There’s no minimum income requirement and, best of all, you get great insurance coverage like $100,000 in common carrier accident insurance.

Check out the best student credit cards in Canada.

Pros and cons of the CIBC Classic Visa* Card Card

Pros

Pros

  • $0 for up to 3 additional cards

  • Save three cents per litre on gas through Journie Rewards

  • Send money abroad using CIBC Global Money Transfer™ and skip the transaction fee

  • 90 day purchase protection

Cons

Cons

  • No rewards on spending

CIBC Classic Visa* Card card key benefits

Here are the key benefits of the CIBC Classic Visa* Card card:

  • Savings on gas: Link your card with your Journie Rewards and save up to 10 cents per litre on your gas purchase from participating gas stations.
  • Optional add ons: You can add on more insurance benefits by choosing to include CIBC travel medical insurance and CIBC’s Payment Protector insurance. 
  • Global money transfer: When you use CIBC’s Global Money Transfer™, you can easily send money abroad and skip the additional transaction fees.

CIBC Classic Visa* Card card insurance coverage

Here are the insurance benefits you get with the CIBC Classic Visa* Card card:

  • $100,000 common carrier accident insurance: When you charge your travel tickets to your CIBC classic card, you’re covered for up to $100,000for any accident that occurs while traveling. 
  • Purchase security and extended protection insurance: Your new items are automatically protected for 90 days from any loss, theft or damages when the full purchase price is charged to the card.

How the CIBC Classic Visa* Card card compares

Let’s see how the CIBC Classic Visa* Card card compares with other great no annual credit cards in Canada. 

$484

First Year Value

$384

Annual Value

Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.

CIBC Classic Visa* Card Card vs. Tangerine Money-Back Credit Card

Both the CIBC Classic Visa* Card and Tangerine Money-Back have no yearly fee but the Tangerine Money-Back Credit Card offers you more bang for your buck with its flexible cash back rewards program, welcome bonus and insurance perks. You can earn 2% back in up to two categories of your choice and add on a third bonus category when you sign up for a Tangerine savings account. You earn 0.5% unlimited cash back on everything else. Best of all, there’s no spending cap. The insurance perks that come with the Tangerine Money-Back include rental car collision loss, mobile device insurance, purchase protection and extended warranty. See our Tangerine Money-Back Credit Card review.

earn 10,000 pts

Welcome Bonus

$460

First Year Value

$360

Annual Value

Welcome Bonus: 10,000 Membership Rewards® points* when you spend $1,000 on your Card within the first 3 months as a new Cardmember.*

Learn More Apply Now On American Express' Secure Site

CIBC Classic Visa* Card card vs. American Express® Green Card

The American Express® Green Card is a no annual fee credit card that comes with a rewards program. Unlike most rewards cards on the market, this card has no income requirements. You can earn 1x the points on Card purchases. 1 additional Membership Rewards® point for every $1 you charge to your card on eligible hotel or car rental bookings made with American Express Travel. You can choose to redeem your points for cash back, gift cards and travel credit through Amex’s rewards portal. The American Express® Green Card also comes with a generous welcome offer. As compared to the CIBC Classic Visa* Card, this card comes out as the clear winner. See our full review on the Amex Green credit card.

Contact American Express for the most up-to-date referral bonus figures.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

CIBC Classic Visa* Card card vs. CIBC Dividend® Visa* Card

CIBC offers another no annual fee credit card, the CIBC Dividend® Visa* Card. Let’s see how the CIBC Classic Visa* Card compares to the CIBC Dividend® Visa* Card.

Card name CIBC Classic Visa* Card Card reviewed
CIBC Dividend® Visa* Card
Annual fee $0 $0
Welcome offer N/A Get up to 10 cents off per litre at participating gas stations with Journie Rewards.
Insurance $100,000common carrier accident insurance

Purchase security and extended protection insurance
$100,000common carrier accident insurance

Purchase security and extended protection insurance
Benefits Save up to 10 cents off per litre when you purchase gas through your Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations

Send money abroad using CIBC's Global Money Transfer and skip the transaction fees
Earn 2% cash back on eligible groceries†, 1% cash back on eligible gas, electric vehicle charging, transportation, dining and recurring payments and 0.5% on all other purchases
Read our review Currently reading CIBC Dividend® Visa* Card review
Apply Now Visit CIBC Apply Now

While both cards have the benefit of a $0 annual fee, the CIBC Dividend card has a great welcome bonus and cash back rewards, which can help you save money as you spend, making it the better option.

Is the CIBC Classic Visa* Card card worth it?

If you’re a student or someone who wants to start building out their credit history in Canada, then the CIBC Classic Visa* Card is a good option. But, if you are looking for additional credit card perks and benefits then you should check out the best no annual fee credit cards in Canada to find a card that does exactly that.

†Terms and Conditions Apply. This offer is not available for residents of Quebec.

The information for the CIBC Classic Visa* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

  • What credit score is needed for a CIBC credit card in Canada?

    +

    To be eligible for a CIBC credit card in Canada, you must have a Good credit score of 660 or higher. Some cards may also require you to have a source of income.

  • What is the difference between Visa Classic and Mastercard?

    +

    The Visa Classic card is a specific product offering, whereas both Visa and Mastercard serve as payment networks and card issuers. Each has its own security and fraud protection services, ensuring the security of your transactions. When deciding between the two, it's essential to examine the specific cards and their overall rewards and benefits before making a choice.

Lubna Umar Content Strategist

Lubna Umar is an experienced writer in the field of personal finance, with over six years of expertise under her belt. Her portfolio features comprehensive guides on personal finance, mortgages, car insurance, and in-depth credit card reviews. Lubna has had the opportunity to work for several prominent brands in the finance sector, including RATESDOTCA, LowestRates, InsuranceHotline, and the Financial Post.

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†Terms and Conditions apply.