5 Things to Know About the New CIBC Adapta Mastercard
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No annual fee, low income requirement and an “adaptive” rewards program — the new CIBC Adapta Mastercard is worth a closer look.
If you can’t decide on a credit card because you’re not sure which spending category best fits your lifestyle, the Adapta rewards program might be the answer. It responds to your monthly shopping habits, allocating accelerated earn rates to your top spending categories, be it gas, groceries, or any of the 11 categories eligible for bonus rewards.
We’ve highlighted five things about the new Mastercard that you should consider before applying.
1. Adapta points "adapt" — so you earn more where you shop the most
Adapta is CIBC’s new points-based reward program that awards cardholders based on their spending. Unlike other rewards cards with fixed categories — like 2% back on groceries — the CIBC Adapta Mastercard gives you 1.5 points per CAD spent on the top three categories for that month.
So, if you spend big at the grocery store, gas pump and pet store one month, you’ll earn 1.5 points per CAD on those purchases. The next month, if you spend big on dining out, clothing, and travel, you’ll earn 1.5 points per CAD on those purchases. All other purchases are set at 1 point per CAD spent.
Eligible categories for the bonus rate (1.5 points per dollar) include:
Grocery and drug stores
Pet stores
Dining and drinks
Gas and EV
Transit and parking
Entertainment
E-games and subscriptions
Home improvement
Electronics
Clothing
Health and beauty
Hotels and motels.
Watch out for the spending cap. You can only earn bonus points (1.5 points per dollar on the top three spending categories) up to $40,000 per year. Once you pass $40,000 in eligible bonus spending, the standard 1 point per dollar applies to all purchases.
2. Adapta points essentially act like cash-back
Despite the word ‘points’, Adapta rewards are a form of cashback — though, with a slightly lower value than 1 cent per point. For every 1,500 points you earn, you can redeem $10 towards your credit card balance. You must have at least 1,500 points to begin redeeming.
Important: While the program is flexible, the value of Adapta points is lower than standard cashback rewards. For example, a typical cashback card may earn 1.5% back on groceries, giving you $1.50 back on every $100 you spend. With the Adapta card, you’d earn 150 points after spending $100. That 150 points is equivalent to $1 — about one-third less than standard cashback rewards.
You can also apply the cash toward other CIBC products, such as a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Investor's Edge account, line of credit, or mortgage through CIBC. You must have at least 1,200 points to redeem toward these products, and the value is slightly different: 1,200 points equals $10 in cash.
3. New cardholders get up to 6,000 Adapta points
When you sign up for the CIBC Adapta Mastercard, you get 3,000 bonus points after your first purchase on the card. Then, another 3,000 points when you spend at least $1,000 on the card in the first four months. The total (6,000 Adapta points) equals $40 in statement credits, or $50 when redeemed for CIBC financial products.
New cardholders also get free roadside assistance through Dominion Automobile Association, valued at $50, which includes services like battery boosting, gas delivery, and towing.
4. There are student and World Mastercard versions
The CIBC Adapta World Mastercard version offers the same rewards as the standard version, but comes with added Mastercard perks. For example, World Mastercard holders get discounts at Booking.com, Fubo, H&R Block, and FlexiRoam, as well as access to exclusive entertainment perks. The eligibility requirements for the World Mastercard version are stricter: applicants must have an individual income of at least $50,000 ($80,000 per household) to apply. In contrast, the minimum annual household income for the standard version is $15,000.
The student version — the CIBC Adapta Mastercard for Students — offers similar rewards and perks, but comes with a lower credit limit (up to $5,000 for Canadian students and up to $2,000 for international students). There is also no minimum income requirement.
5. It’s the only card in Canada to include ‘Touch Card by Mastercard’
Touch Card by Mastercard is an inclusive design feature that allows cardholders to identify the type of card in their wallet by touch alone. Small notches are carved into the top edge of each card type (a square notch for credit cards, rounded notch for debit cards, and triangular notch for prepaid cards). Primarily designed for visually impaired consumers, the notched feature can be used by anyone — making it easier to grab the right card quickly without looking.
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Barry Choi