CIBC Annual Fee Waivers

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.

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

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.

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

EDTorontoMississauga wrote: ↑CIBC Smart Plus account is on now. It waives the annual fee for up to $120 plus on three authorized cards. With 6k in the account or 100k investment with CIBC, the monthly fee on the account is waived.
https://www.cibc.com/en/personal-bankin ... rvice.html

mapleleafs92 wrote: ↑ For $30 a month for a bank account? That's not free.

mapleleafs92 wrote: ↑ For $30 a month for a bank account? That's not free.

DDR wrote: ↑ Monthly fee waived though if you have 6k in the account or 100k investment as the page (and #5) says.

EDTorontoMississauga wrote: ↑

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.

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.

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.

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.

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.