The CIBC Visa card includes a myriad of items as part of its rewards program including fashion accessories, electronics and lifestyle travel destinations. Points can also be accrued for gift cards and charitable giving. In keeping with the Visa Rewards program, points are earned each time the card is used.
Select CIBC Visa cards participate in the traditional Visa awards program offering consumers an opportunity to earn rewards points for using the card. Points on an awards card are often earned by frequent travelers booking airline flight reservations and hotel rooms. This type of card is also convenient for getting cash back after making store purchases. Visa rewards card holders also receive additional perks, such as car rental damage waivers and emergency card replacement for lost or stolen cards.
Rewards cards are popular with credit card companies and consumers. Credit card companies benefit from the fees earned each time a rewards card is swiped. Credit card issuers rely on the fact that consumers are more likely to use a rewards card than a regular credit card. Studies show that 80 percent of rewards cards are used by consumers to make purchases. Point of sale technologies make points conversion easy. After conversion, consumers are able to conveniently spend their accumulated awards points online for electronics, apparel, luggage and toys, as well as a multitude of other items.