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CIBC Annual Fee Waivers

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  • Jun 28th, 2019 11:20 pm
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Newbie
Feb 8, 2019
6 posts

CIBC Annual Fee Waivers

Hi everyone,

While most cards come with a first year fee waiver as an incentive, does anybody have any experience getting their 2nd and onward annual fees waived?

I've been holding the Dividend Platinum for some time now, though in recent years I haven't been making enough cashback to break even the annual fees (+1 additional card).

What is everyone's view on this card and when card anniversary is up and annual fee is due? Is CIBC known to waive these annual fees?

Thanks!

Geoff
29 replies
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Feb 15, 2006
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Banks have FYF and bonus often. Not easy to get subsequent years fee waived. But easy to churn cards from one year to another.

Last year I had the CIBC aeroplan infinite visa FYF with bonus. This year switched to the aventura infinite visa FYF with bonus. Will see what comes available next year.
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May 8, 2009
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Churn it. Switch between CIBC Dividend and Meridian CBI if you really want 4% G&G. Some say Meridian/Collabria is a tricky issuer. I think BNS is a tricky issuer, but some ppl here love 'em. BNS MI will get more competitive overall come August, but will offer <4% on gas. If you love CIBC so much, you could switch between Inf & Plat, and still get same earn rates (and same AF, AFAIK FYF).

The 2% categories at CIBC on the Inf & Plat cashback cards are lame IMO, since they're limited to one resto, and one telco, while others will give 2+% per category, merchant-agnostic as long as they have the merch code for the category.
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Jan 4, 2009
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Opening a Smart Plus account will get your annual fee rebated.

If you read the qualifying options for the rebate, it can be achieved in a couple of ways but the most cost effective method - if you can do it - would be to hold $100K in an IE brokerage account.
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Jul 26, 2011
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So cibc allows product switches? Perfect. I have a dividend card as well and was hoping to avoid paying the annual fee and swapping to something else to churn.
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mapleleafs92 wrote: So cibc allows product switches? Perfect. I have a dividend card as well and was hoping to avoid paying the annual fee and swapping to something else to churn.
You're not likely to get FYF on a product switch, since if you're switching, it's not really your first year. You'll have to make a new application.
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Jul 26, 2011
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Kiraly wrote: You're not likely to get FYF on a product switch, since if you're switching, it's not really your first year. You'll have to make a new application.
Buggers. I'll still ask. Thanks
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Kiraly wrote: You're not likely to get FYF on a product switch, since if you're switching, it's not really your first year. You'll have to make a new application.
mapleleafs92 wrote: Buggers. I'll still ask. Thanks
YMMV. If you get a nice rep, they might give FYF on a PS at CIBC, but no WB.
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Sauerkraut wrote: Opening a Smart Plus account will get your annual fee rebated.

If you read the qualifying options for the rebate, it can be achieved in a couple of ways but the most cost effective method - if you can do it - would be to hold $100K in an IE brokerage account.
RFD Thread on this option is here:

cibc-smart-plus-account-coming-june-3-2019-2276673/
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Aug 2, 2009
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If you are a member of Goodlife, the Goodlife Rewards program offers first year free on certain CIBC credit cards.

CIBC Details:

Get the Member Advantage at CIBC

- No monthly fee for 12 months on CIBC Chequing Account
- 1st year annual fee waived on select CIBC credit cards
- Cash back with great rates on 5-year fixed rate closed mortgage or 5-year CIBC Variable Flex Mortgage
- Exclusive offer on CIBC Unsecured Loans, Personal Line of Credit and CIBC Home Power Line of Credit
- CIBC Investor’s Edge account is a great way for you to make investment decisions, we reimburse the transfer out fee

For more information show your member key tag or your membership card to a CIBC advisor at your nearest branch or visit our website.


You have to log on to the Goodlife Rewards site to access the offer.

https://www.goodlifefitness.com/rewards
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glaidman wrote: Hi everyone,

While most cards come with a first year fee waiver as an incentive, does anybody have any experience getting their 2nd and onward annual fees waived?

I've been holding the Dividend Platinum for some time now, though in recent years I haven't been making enough cashback to break even the annual fees (+1 additional card).

What is everyone's view on this card and when card anniversary is up and annual fee is due? Is CIBC known to waive these annual fees?

Thanks!

Geoff
You should call each and every year for a credit. You have nothing to lose. On my fifth year of free annual fees already, including supplemental cards too.
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Nov 13, 2003
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mapleleafs92 wrote: For $30 a month for a bank account? That's not free.
Monthly fee waived though if you have 6k in the account or 100k investment as the page (and #5) says.
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Jul 26, 2011
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DDR wrote: Monthly fee waived though if you have 6k in the account or 100k investment as the page (and #5) says.
That's not very realistic for most people. Nothing is free with the banks. Parking 6k in a bank instead of investing it is poor financial advice.
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Jun 29, 2017
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mapleleafs92 wrote: That's not very realistic for most people. Nothing is free with the banks. Parking 6k in a bank instead of investing it is poor financial advice.
The part I like CIBC over other big five is that it counts savings and investment when it comes to the monthly fee waiver. With 100k savings or investment with CIBC, no monthly fee is charged, though without 6k in the chequing. I believe this would address your concern, though it requires a higher amount of money at CIBC.
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Feb 6, 2018
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mapleleafs92 wrote: That's not very realistic for most people. Nothing is free with the banks. Parking 6k in a bank instead of investing it is poor financial advice.
29.95 × 12 months = 359.40 ÷ 6000 = 5.99%. i don't think you will get this return with savings interest or even investing a small amount of money. if you're going to pay bank fees anyway, this is the best return that you can get for your 6000 cash.
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EDTorontoMississauga wrote: The part I like CIBC over other big five is that it counts savings and investment when it comes to the monthly fee waiver. With 100k savings or investment with CIBC, no monthly fee is charged, though without 6k in the chequing. I believe this would address your concern, though it requires a higher amount of money at CIBC.
I think HSBC allowing $5k to go in HISA/TFSA term or no term is better than $100k at CIBC.
terracotta92 wrote: 29.95 × 12 months = 359.40 ÷ 6000 = 5.99%. i don't think you will get this return with savings interest or even investing a small amount of money. if you're going to pay bank fees anyway, this is the best return that you can get for your 6000 cash.
But do you value such a chq account at 5.99% return? The banks can peg their fees at whatever rates they want, then the customers get to vote with their money whether they think that's acceptable.

If you calculate based on AF waiver alone, that's 2.00%. You'd easily get >2% in a savings account. That means it'd be a bad idea to get this chq account for the sole benefit of a CIBC AF waiver.
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titaniumtux wrote:
I think HSBC allowing $5k to go in HISA/TFSA term or no term is better than $100k at CIBC.



But do you value such a chq account at 5.99% return? The banks can peg their fees at whatever rates they want, then the customers get to vote with their money whether they think that's acceptable.

If you calculate based on AF waiver alone, that's 2.00%. You'd easily get >2% in a savings account. That means it'd be a bad idea to get this chq account for the sole benefit of a CIBC AF waiver.
With HSBC, the 5k only waives fee for Advance account, witch would not waive the World Elite annual fee. Their Premier account reduces $50 from their $149 annual fee on the World Elite. For the Premier, one needs either $100k investment with them, $500k mortgage with them, or $100k investment with other banks plus $6,500 monthly income deposit to the Premier account to qualify the account and to get the monthly fee waived on the account.

In my view, the Advance account at HSBC is more to CIBC’s Smart account that gives no reduction on credit card annual fees and requires $3,000 balance plus 1 direct deposit or 2 PAD to waive the account monthly fee. The HSBC’s Premier is more to CIBC’s Smart Plus.

HSBC Premier https://www.hsbc.ca/chequing-accounts/products/premier/

HSBC Advance https://www.hsbc.ca/chequing-accounts/products/advance/

CIBC Smart https://www.cibc.com/en/personal-bankin ... count.html

CIBC Smart Plus https://www.cibc.com/en/personal-bankin ... rvice.html

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