Credit Cards

Qualifying for a premium card based on spend

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  • Sep 8th, 2021 4:37 pm
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[OP]
Newbie
Aug 29, 2021
18 posts
8 upvotes

Qualifying for a premium card based on spend

Hi all,

New here, I've been reading here quite a bit lately and decided to take the plunge. I apologize if this question has been asked before.

Question for you guys. I currently have the CIBC Aventura infinite. I was wanting to upgrade to the Infinite Privilege. My spending categories are much more in line with the ones on that card (dining and gas alone put me at $1500 a month, minimum, every single month). Here's the issue, I earn about 125-130k per year, falling short of their income requirement, while I do have the ability to surpass 150k I have not in two years now due to COVID taking it's toll. I spend on the low end about 35k a year on my card, on a higher income year it's in the neighbourhood hovering around 45k.

Has anybody ever got an upgrade on spend? If so, are those numbers even adequate to make a case to them and ask? Sorry if this is something that's been addressed before. I appreciate the insight that you all provide here regularly while I have been snooping around.
12 replies
Deal Fanatic
User avatar
Jan 4, 2011
5823 posts
7186 upvotes
Montreal
prairiebroker wrote: Hi all,

New here, I've been reading here quite a bit lately and decided to take the plunge. I apologize if this question has been asked before.

Question for you guys. I currently have the CIBC Aventura infinite. I was wanting to upgrade to the Infinite Privilege. My spending categories are much more in line with the ones on that card (dining and gas alone put me at $1500 a month, minimum, every single month). Here's the issue, I earn about 125-130k per year, falling short of their income requirement, while I do have the ability to surpass 150k I have not in two years now due to COVID taking it's toll. I spend on the low end about 35k a year on my card, on a higher income year it's in the neighbourhood hovering around 45k.

Has anybody ever got an upgrade on spend? If so, are those numbers even adequate to make a case to them and ask? Sorry if this is something that's been addressed before. I appreciate the insight that you all provide here regularly while I have been snooping around.
I'm not sure about CIBC or any of the VIP cards, but other banks have allowed that for their WE cards. Best to call CIBC and ask.
[OP]
Newbie
Aug 29, 2021
18 posts
8 upvotes
I'm more after the higher rewards, I prefer to have my main card with the bank I do business with out of convenience and relationship sake, so I'm stuck on the CIBC line for my daily driver.
Deal Addict
Feb 4, 2019
2687 posts
4373 upvotes
BC
Some other issuers allow having $400k in investments as alternative qualification for their VIP cards so it's likely CIBC can do this as well.

As efrant said, best to call CIBC and ask. I'd say with your income and spend, and your banking relationship and possibly investments with CIBC, you have a pretty good chance of getting approved.
Member
Nov 23, 2015
339 posts
219 upvotes
KLEINBURG, ON
A few years back I got approved for at BMO for a card that I was at least $25,000 off from the earnings parameters. The teller just approved it on the spot without even discussing anything. I was kinda surprised it was dealt with so easily.
Deal Addict
User avatar
Dec 2, 2002
1689 posts
429 upvotes
Do you have a high limit on your current CIBC card? If your VI card limit falls in the range of a typical VIP card, a service advisor is usually able to switch you without looking at anything else.

As opposed to no fee Mastercards or Amex, your annual spending has little relation to the tier of card available to you.
Sr. Member
User avatar
Dec 20, 2017
808 posts
966 upvotes
Visa infinite privilege has a CL minimum of 10k, so make sure your limit is at least that.

Calling in to product switch would likely be the simplest with a verbal confirmation that you have at least 150k personal / 200k household or 400k in investments.
💳 Collected: RBC VIP for Private Banking, TD VIP, BMO VIP, HSBC Premier WE MC, Amex PP, Amex BP, Amex BG, Amex Cobalt, BMO WE MC, CDC Indigo
[OP]
Newbie
Aug 29, 2021
18 posts
8 upvotes
Kenneth wrote: Do you have a high limit on your current CIBC card? If your VI card limit falls in the range of a typical VIP card, a service advisor is usually able to switch you without looking at anything else.

As opposed to no fee Mastercards or Amex, your annual spending has little relation to the tier of card available to you.
My limit as of now is 10k. I just switched to CIBC in April from a small credit union, this was the card they offered me when I moved over with this limit. Since then I have switched from my other credit card to this one as my main and have consistently run about $3000+ a month through it. Maybe I'll give them a call and see if they're willing to bump me up.
Deal Addict
User avatar
Dec 2, 2002
1689 posts
429 upvotes
prairiebroker wrote: My limit as of now is 10k. I just switched to CIBC in April from a small credit union
I’m not 100% sure, but I think the minimum limit for a VIP is $20k and the typically issued with double that.

Given you’ve been a CIBC client for only 5 months, I’d hold off on asking for a switch until the 10-12 month mark.
Deal Addict
Feb 4, 2019
2687 posts
4373 upvotes
BC
Kenneth wrote: I’m not 100% sure, but I think the minimum limit for a VIP is $20k and the typically issued with double that.

Given you’ve been a CIBC client for only 5 months, I’d hold off on asking for a switch until the 10-12 month mark.
TD specifies $10K minimum credit limit for their AP VIP. CIBC doesn't say on their website but is probably the same as these limits are set by Visa AFAIK.

IMHO OP has nothing to lose by calling in and enquiring about a switch to VIP.
Sr. Member
Dec 5, 2011
913 posts
950 upvotes
I recently called in for a PS from CIBC AP VI > AP VIP card so I will share some DPs.
  • March 2020 - Opened CIBC Smart Account + AP VI - $7k credit limit
  • Aug 2020 - PS AP VI > Aventura No Fee
  • Nov 2020 - PS Aventura > AP Platinum
  • March/April 2020 - Transferred Investments to Premium Edge
  • April 2021 - Applied for new AP VI - given $20k credit limit.
  • May 2021 - Applied/Approved for Mortgage with CIBC
  • June 2021 - Popup offered 1% balance transfer on AP Platinum. Offered a $3k CL increase once I requested the BT.
  • Aug 2021 - PS AP VI > AP VIP
  • Aug 2021 - Popup offered $15k uLOC
***I told them met the household income requirements. But they have my/our financial info on file and can confirm that I don't...

So I don't that's a long example to show that the departments don't talk to each other. They do when they need to, but they don't actively look it up.

I have been very clear with the higher-ups at CIBC that I like to churn credit cards. They just chuckled and thought that was "neat". They don't seem to care about actually meeting any of the requirements on paper. I did not meet any one of the official requirements and they just push it all through anyway. It seems to me, if they like you as a client, they are happy to look the other way or make things work for you.
[OP]
Newbie
Aug 29, 2021
18 posts
8 upvotes
Well, in case anybody was wondering, it worked. It's being sent out now. They have all my banking info, know I'm short on income by a hair there, but they looked things over and had no issue upgrading me.

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