There's a new credit card in Canada (we've seen quite a few this year), and it's unlike any credit card out there. The CIBC Adapta Mastercard doesn't have pre-set bonus spend categories. Instead, they automatically award bonus rewards in your 3 highest spend categories, from a list of 12.
And to make it all better, this unique product has no annual fee.
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Rewards offered by the CIBC Adapta Mastercard
The rewards are what make this credit card unique.
You'll earn 1.5 CIBC Adapta points per $1 spent in your top 3 spend categories. And it's automatically calculated every month, so if your spending habits change, they're reflected in your rewards.
It's not an unlimited number of categories that CIBC chooses from for your bonus rewards. They have 12 categories where they'll award your bonus rewards.
There are some very unique bonus reward categories you won't find elsewhere, like pet stores and clothing.
On everything else, you'll earn 1 point per $1 spent.
What Adapta points are worth
You're racking up points, but what are they worth? With the Adapta points you're collecting, you'll get 2 choices when it comes to redeeming them.
You can simply use them for a statement credit. 1,500 points will save you $10 on your credit card bill.
The other option is to use themis as a deposit towards an eligible CIBC financial product. 1,200 points will get you a $10 deposit into your account.
What you can earn in rewards in a year
Putting these 2 things together, what could you earn in rewards over the course of a year? Here's a hypothetical $1,000 monthly spend, with gas, groceries, and drugstores being our top 3 spend categories:
- Groceries – $300
- Gas – $100
- Drugstores – $100
- Everything else – $500
This gives you 15,000 points in a year. Here are your rewards based on the 2 redemption options:
- $100 in statement credits, a return of 0.83%
- $125 for CIBC deposits, a return of 1.04%
If you're limited to statement credits, your rewards are just ok. Even if you only got rewards in your 3 bonus categories, you'd max out at 1%.
But if you do deposit into CIBC accounts, then you're looking at good rewards for a no fee card, ranging from about 1% to a maximum of 1.25%.
Other features of the CIBC Adapta Mastercard
Even though the card has no fee, there are a couple of other features to note.
Roadside assistance
Once you make your first purchase, you'll be granted free roadside assistance from the Dominion Automobile Association. It's valued at $50 a year and includes battery boosts, emergency towing, gas delivery, and more.
Journie Rewards gas savings
Like all CIBC credit cards, you'll be able to save 3 cents per litre every time you fill up at Journie Rewards gas stations – Ultramar, Fas Gas, Pioneer, and Chevron (Canada only). All you have to do is link your CIBC card to your Journie Rewards account.
Basic credit card insurance
It's not much, but this credit card does include the basic credit card insurances, extended warranty and purchase protection.
World version available
Finally, if you meet World Mastercard income requirements of either $50,000 personal or $80,000 household, you'll be offered the World version of the card. It's the same card, but you'll also get standard World Mastercard benefits.
Final thoughts
CIBC has something unique with their new no fee card, although their rewards leave a little to be desired if you're only getting statement credits.
Leave any thoughts you have about this card in the comments below.
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