CIBC Tim Hortons Double Double Visa Card Review

Double Double Visa

CIBC Tim Hortons Double Double Visa

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CIBC Tim Hortons Double Double Visa Card
6.5 / 10 Our Vote
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Pros
$20 welcome bonus
1% Tim Cash
Freebies every weekend
Cons
Rewards can be redeemed at Tim Hortons
Low 1% cash back rate
Summary

There are 3 types of retails rewards category cards by CIBC and each one targets a different kind of customer. If you are one those who start your day with Tim’s coffee, then you may want to check out their CIBC Tim Hortons Double Double Visa Card. You may qualify for this card even with a low personal income and good credit rating score. This card has some good features and also gives you $20 as a welcome bonus after you spend $200. They give a cash back rate of 1% on all eligible purchases. You may conveniently swipe this card and directly redeem for purchases at Tim Hortons. With this card, you may also get some freebies every weekend and other exclusive membership offers. This is a no fee cash back rewards card and you may redeem your rewards right away as there is no minimum limit.

However, there are other cards with better rewards rates and insurance benefits and other promotional offers such as low rate balance transfers. Also, you are limited on how you redeem your cash back as you earn only Tim cash that can be redeemed for Tim products. There are many other cards with better redemption offers that give you statement credit and let you choose how to use those rewards. So, if you are not a fan of Tim Hortons coffee or products then this card may not help you with the rewards.

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Our Review on CIBC Tim Hortons Double Double Visa Card

CIBC Tim Hortons Double Double Visa Card Pros

As a CIBC Tim Hortons Double Double Visa Card member, you do enjoy some perks that come with their cash back rewards card.

  • Get a $20 welcome bonus in Tim cash when you spend the first $200 with this card.
  • You may earn 1% Tim Cash on all eligible purchases.
  • There is no limit on the amount of Tim cash you may earn and redeem. Redemption can be done right away after you earn the rewards at Tim Hortons.
  • Get some featured freebies every weekend with this card.
  • This is a 2 in 1 card that is a Tim Card and a Visa.
  • Car rental discounts with Budget and Avis.
  • This card has purchase security and extended warranty.

CIBC Tim Hortons Double Double Visa Card Cons

The CIBC Tim Hortons Double Double Visa Card has few drawbacks as follows.

  • Rewards can be redeemed only to buy Tim Hortons products. So cash back is not good for any other purchases as you only get Tim cash and not a statement credit.
  • The cash back rate is very low at 1% and since it can be redeemed only as Tim cash there is no scope for benefiting with this card if you don’t shop at Tim Hortons.
  • There are very limited benefits on this card for protection and you may have to buy an optional travel insurance. The market has other cards with better price, travel and emergency medical insurance features.

CIBC Tim Hortons Double Double Visa Card Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on CIBC Tim Hortons Double Double Visa Card Features & Benefits

Some of the main features of the CIBC Tim Hortons Double Double Visa Card are as follows.

Annual Fee

There is no annual fee for the primary and supplementary cards. The average annual fee in the market for cash back rewards category cards currently ranges from $0 to $180 or more as per the card benefits and features.

Interest Rate

This card has an APR or annual interest rate of purchase of 19.99%. This is on par with the standard market rates however, there are a few cards with lower rates.  Their rates hover around an annual rate of 19.80% to 19.90%. So. with this card, you may better not keep much balance and rather pay it off to reduce interest charges.

Balance Transfer

They do not have any balance transfer promotions at the moment for this card. In fact, the interest rates for balance transfer are higher than average at 22.99%. You may find other cards with a 0% promotional introductory rate and there are others with rates ranging from 1.99% to 19.90%. So, this may not be a card that you may transfer a balance over from another card as there are no significant savings on interest.

Cash Advance

It is possible to get a cash advance with this card from an ABM and can be directly obtained as per the daily cash limit allowance by the primary cardholder. Or it depends on the daily ABM cash limit. If authorized cardholders want to get a cash advance then they may do so only by linking their credit card to their debit card and then accessing this feature with their debit card. They charge an interest rate of 22.99% for cash advances and you may pay interest charges till you pay off that amount. There are other cards in the market with a lower rate for cash advances ranging from 19.80% to 19.99%. The cash advance fee for transactions within Canada is $3.50 and outside Canada, it is $5 per each transaction.

Foreign Currency Conversion Fees

Any transactions or purchases that you make with this card in a foreign currency are converted to Canadian dollars. This conversion is done at a fee of 2.5% of the transaction amount and is lower than some other cards with a higher fee of 3%. The Visa International sets a preferred rate to convert all foreign currency transactions to Canadian dollars. This rate may vary as per the time and date of the transaction and is set at the time of foreign currency purchase transaction. To know the current exchange rates for foreign currency transactions you may call CIBC and speak to an advisor on 1800 465 2422.

Credit Score Rating

In order to be eligible for this card, you must have a good credit rating and do not need to have an excellent credit like some other high-end cards. However, those cards have better rates, reward returns and features to suit your needs. When a credit card requires an excellent credit rating then it may also have better rewards programs and other benefits.

Rewards

All cash back points that you earn with this card by using the CIBC Visa portion of the card gets converted to Tim cash. This is automatically loaded as Tim Cash and is available to redeem right away. To know how much Tim cash you have earned with this card, you may call 1800 465 4653 and speak to the CIBC rewards program department. They do not issue a statement credit for the cash back rewards.

CIBC Tim Hortons Double Double Visa Card Cash Back Calculator

CategoryRewards
Total Spending Rewards$240
Groceries:$400
Gas:$300
Restaurants:$200
Bills:$500
Travel:$150
Entertainment:$200
Pharmacy:$0
Everything else:$250

Insurance Features Of CIBC Tim Hortons Double Double Visa Card

You may buy additional travel insurance through CIBC as their Tim Hortons Double Double Visa Card has very limited insurance features as follows.

  • Extended warranty
  • Purchase protection

Where Can You Use CIBC Tim Hortons Double Double Visa Card

You may use this card at all Visa payment locations and merchants who use contactless visa transactions. This card can also be linked to an eligible phone to make secure card payments. Visa has worldwide acceptance and you may easily find a location that displays the Visa and PLUS networks logos.

CIBC Tim Hortons Double Double Visa Card Reward Redemption

All rewards that you earn with this card are converted to Tim cash that you may redeem to purchase products at Tim Hortons. You do not get a statement credit nor do they send you a cheque for your cash back rewards.

CIBC Tim Hortons Double Double Visa Card Contact Information

  • Customer Service Number: 1800 465 4653.
  • Credit Card Application: 1844 209 4477.

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

CIBC or Tim Hortons is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

http://www.doubledoublecard.com/offers/

https://www.cibc.com/ca/pdf/creditcardrates-en.pdf

https://www.cibc.com/ca/pdf/card-en.pdf


 

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