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Saturday, August 22, 2009

About my new CIBC Dividend Card

This weekend is going to be a fun one, even if I am facing different frustrations at this time. Among a few things who make me happy, I have my brand new CIBC Dividend Card.

I had a credit card with CIBC since 2005. Back in 2005, I had a CIBC Aero Classic credit card. I wasn’t that much aware of the fees and I didn’t pay too much attention to it until recently, were I notice a fee of 29$. At that time, I call CIBC customer service to see what the reason of the fee was, saying that I didn’t have that fee before to pay for CIBC Aero Classic credit card. I had been told that yes, there’s an annual fee of 29$ for the CIBC Aero Classic card. It’s just I never had notice the fee before. Anyway, I ask to have a credit card with no annual fee. I had been suggested the CIBC Dividend Card.

I recently received the CIBC Dividend Card. The CIBC Dividend Card was no annual fee… but watches out the credit card annual rate… 19.5%. One advantage – and the only one – of CIBC Dividend Card is that it’s allowing holders to earn 1% in cash back, which is interesting.

Other interesting thing: CIBC offer users of CIBC Dividend Card free checks that can be use to pay out rent and pay bills. Fun, but knowing that the interest rate is of 19.5%, I probably won’t use CIBC Dividend chequing service, but I might order some, just in case of need.

I open this CIBC Dividend Card because I didn’t want to close the credit I had at CIBC and I didn’t want to pay any annual fees. Big plus: CIBC always offer me a good service. I also have investments with CIBC and I always received the best service from CIBC, from the credit card and investment department. To make one story short, I had non-RRSP mutual fund investments with CIBC. Last year, I call to transfer them into RRSP. The transformation had been made in the matter of a few minutes. I didn’t get the same good service at Desjardins.

I had one mutual fund with Desjardins. It’s the Desjardins Fidelity True North Fund. I once call to have the investment transfer into RRSP. I call ACCES-D, Desjardins customer service. Problem is, I was calling to receive customer service, but I didn’t receive any. I was told I need to present myself to a Desjardins Caisse to have the operation complete. Which I need, but I was told the transaction couldn’t be completed. This year, I am going to try again. If Desjardins don’t allow me to transfer my investment into RRSP, those people are going to have a hell of a time. I dislike Desjardins and their agents of ACCES-D customer service are really arrogant, almost worst than the one of TD Waterhouse.

Other positive experience with CIBC: when I received my new CIBC Dividend Card, I call customer service, saying that I had pay for the annual fee of my late CIBC Aero Classic and wonder if I could get credited. I had been credited 19.99$, which I accepted.

See, CIBC always offer me the best customer service of the world and I am very grateful for that.

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