New Credit Card

As some of you folks know, I recently cut up my credit card so as not to be tempted to use it while I was clearing up that pile of debt. Due to the general day to day need to have a credit card, and the want to keep my credit history that is associated with that card active - I've decided which card to use going forward.

Thanks to everyone who left some tips/advise on which cards you use.

I've decided to go with the CIBC Dividend Card (visa). There's a couple reasons I went with that guy.
  1. I needed to stay with a card that CIBC offers to be able to switch my current card and the new one while maintaining my credit history.
  2. It's rewards were the most attractive to my lifestyle
So what's the deal?

- No annual fee
- Interest rate is 19.5%
- Earn up to 1% cash back
"on net purchases you make with your card. Your rebates will be accumulated and the money saved will be credited to your card account, when the December statement is issued."
- You earn 0.25% on the first $1,500 spent, then you earn 0.50% on the next $1,500 you spend, then you earn 1.00% after that.

Apparently I also receive these benefits:

  • $100,000 Common Carrier Accident Insurance5
  • AVIS car rental discounts up to 20% on at participating locations6
  • Free personalized CIBC Convenience Cheques7
  • Guaranteed hotel reservations
  • Cash advances of up to $1,000 a day8
  • Emergency card replacement
  • Worldwide VISA acceptance when at over 24 million locations
  • 24/7 roadside assistance in Canada or the mainland U.S. with no upfront fees and a market rate guarantee with Driver Assist9
I'll look into all the little explanations for each of those, but I highly doubt I would take advantage of any of it.

The card will come sometime in the next two weeks, and the pin and access information will come the week after. So, in theory, I won't receive it until after everything is cleared up.

16 more days until I am credit card debt free



  1. Sounds pretty good Jessie. I know you're going to try hard not to run a balance anymore, but could you not get a lower interest rate with another card or negotiate on this one?

    Keep up the good work! Take care, Jamie

  2. That's so awesome you're paying your credit card off so soon! I'm excited for you! I wish I was in the same position, but I'm struggling just to keep money in my savings account each month. Just seems like emergencies keep coming up and I have to drain everything I have. :-/ Congrats on getting your card paid off!

  3. I am curious as to what things you couldnt do with a debit card that had to apply for a credit.

  4. @ Jamie - unfortunately CIBC doesn't negotiate interest rates. If you want their lower rate card (which is the one I had and cut up) you pay an annual fee of $23/year. The interest rate is 11%

    @Bank Gal - Thanks!! It's taking quite a while to build the habits to get me here. you can do it too!!

    Manshu - There are a variety of different things you require a credit card for in Canada. To rent a car or any other vehicle you need one, 9 times out of 10 you also need a credit card at hotels, you also need a CC to reserve seating or buy event tickets online. You need a CC if you want to have access to your credit score online. Among these things (and I'm sure many others), a credit card is the quickest and easiest way to building yourself good credit.

    I chose to keep a credit card, and one specifically with this bank, to keep my credit history. If I didn't keep it, my history would nose dive and I likely wouldn't be able to buy a home in the next few years.

    I really didn't apply for a new credit card, I just switched my old card. I've only ever had the one and don't plan on having more than that.


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