I’m definitely aware of some of the better options out there (ie MNBA Smart Cash). The problem is that when I cancelled the Aeroplan card, I just didn’t have time to look for a new card. When I called to cancel the Aeroplan cc, the rep mentioned the dividend card and I decided to get it and then later on look for something better.

Four years later, here I am.

Thanks for all your info – it will be quite helpful.

However, I’m not sure I agree with your choice of a replacement. Have you checked out my Best Credit Cards In Canada article. I do a detailed analysis of nearly all the best cards available to Canadians. There are a couple of good newcomers I haven’t added to it yet, but there are still lots of great cards there that are better than the CIBC Dividend.

You must have heard of the MBNA Smart Cash MasterCard right? That gives you 1% cash back on everything with no tiers, no annual fee, and platinum insurance benefits to boot. Then you get the added bonus of 3% cash back on gas and grocers (there is a monthly cap on this). You even get 5% on gas/groceries during the first 6 months.

The Capital One Aspire World is also a good choice if you are interested in travel or you just want cash back. It has a $120 annual fee (free secondary cards) but you also get an ANNUAL 10,000 point bonus which is equivalent to about $100 in free travel so you really only end up paying $20/yr.

If you redeem for travel you get up to a 2% return. If you just want cash, then you get a guaranteed 1.5% return. The insurance benefits it has are the best in Canada too. It offers 17 different types of insurance I believe.

MBNA also just launched an interesting new card that has an $89 fee that gives you 2% cash back on all purchases. It’s called the MBNA Worldpoints World MasterCard. It has World level benefits and you’ll knock down that annual fee quickly if you put all your spending on it.

There are other great choices out there too, so I’d give your choice of a new card a second thought.

Once my company got big enough we were issued corporate cards and I switched to an AeroClassic ($20/year).

But I always found that the CIBC cards wore out quickly and the readers had trouble with them. Some cashiers know how to enter the number manually, most just swipe a few times and then look at you like it’s your fault.

I also had a few issues around the holidays one year when we took a vacation and every transaction I tried to do was refused and then CIBC would call on my mobile to make sure it was really me making the transaction (which is initially comforting but really annoying after fifth time).

Around that time I ended up with a Visa card from RBC that was free so I started using that to escape the calls from CIBC at every purchase. Later I found that the card also collected RBC points and had better insurance than the AeroClassic. I just kept using it and eventually cancelled the AeroClassic.

Also, the RBC card had e-statements which the AeroClassic did not.

Mike

If you put a lot on your credit card (and of course pay off your balance each month), it’s great. We’re looking at a $400 dividend cheque coming up as we pay almost all our bills & expenses via the Visa.