So, the old CIBC Petro-Points MC cardmember can now enjoy Cash Back (4% on grocery + gas; 2% at Tim Horton + TELUS) and still pay NO annual fee... What a great card, when it becomes a non-annual fee card!
Please see the details below.
Updated on Mar 7, 2017:
Actually one of my friends got another letter from CIBC. His CIBC Petro-Points MC will be replaced with a non-annual fee CIBC Dividend Visa (starting May 5th), which only gives 4% cash back on gas (first $6000), and 2% cash back on grocery (first $6000). It is better than the normal CIBC Dividend Visa, but not as good as the Dividend Platinum Visa.
The credit card limit is $9000 in this case. So, I guess that CIBC's decision is not based on credit limit, but mostly on the annual spending on the old CIBC Petro-Points MC.
Good luck, every one!
Updated on Mar 8, 2017:
One more data point: one of my friends (a college student) got a third-version letter from CIBC. His CIBC Petro-Points MC will be replaced with a non-annual fee CIBC Dividend Visa (starting May 25), which only gives 2% cash back on grocery (first $6000). That is almost useless...
I am quite confused now. I wonder what the CIBC criteria is?
