If you’re a CIBC credit cardholder, you may already be earning cashback rewards on your everyday purchases. But do you know how to redeem that cashback? Whether you want to apply it toward your balance, transfer it to your bank account, or maximize your rewards, this guide will walk you through the process step by step.
Step 1: Know How Cashback Works with CIBC
CIBC offers several cashback credit cards, and the way you earn and redeem may vary depending on the card. Typically:
- You earn a percentage of cashback on eligible purchases.
- Categories like groceries, gas, or recurring payments may earn higher rates.
- Cashback accumulates in your account until you choose to redeem it (or until an automatic redemption applies, depending on your card).
👉 Pro Tip: Check your card’s terms, as some cards allow flexible redemptions anytime, while others apply cashback automatically once a year.
Step 2: Check Your Cashback Balance
You can view your cashback balance in multiple ways:
- CIBC Online Banking: Log in, select your credit card account, and check your cashback rewards section.
- CIBC Mobile App: Tap on your credit card to view your current cashback balance.
- Monthly Statement: Cashback earnings are often displayed on your credit card statement.
Step 3: Redeem Your Cashback
There are a few ways you can redeem your cashback with CIBC:
1. Apply Cashback to Your Credit Card Balance
- Log in to CIBC Online Banking or the Mobile App.
- Select your credit card account.
- Look for the option to Redeem Cashback.
- Choose the amount (if eligible) and apply it directly as a credit to your balance.
2. Redeem for Deposits to a CIBC Account
Some cards allow you to transfer cashback directly to a CIBC chequing or savings account. This gives you more flexibility in how you use your rewards.
3. Automatic Redemption (for Certain Cards)
Some CIBC cards automatically apply your cashback once a year (usually in January) as a statement credit. If your card has this feature, you don’t need to manually redeem — it happens automatically.
Step 4: Understand Minimum Redemption Rules
- Some CIBC cards allow redeeming anytime with no minimum.
- Others may require you to accumulate a minimum amount (e.g., $25) before redemption.
- Automatic redemptions don’t require action, but you’ll only see them once a year.
👉 Always check your card’s terms to know your specific rules.
Step 5: Make the Most of Your Cashback
- Use your CIBC card for purchases in categories with higher cashback rates.
- Set up recurring bills on your card to maximize rewards.
- Combine with CIBC Online Banking tools to track spending and earnings.
Final Thoughts
Redeeming cashback on your CIBC credit card is simple once you know your options. Whether you prefer applying it to your balance, transferring it to your bank account, or letting it apply automatically, the process is designed to be flexible and rewarding.
If you want to maximize your earnings, make sure you’re using your card strategically in high-reward categories and regularly checking your cashback balance.
With just a few clicks, your cashback rewards can help you save money and reduce your monthly credit card expenses.
