The first adaptive Mastercard product in Canada enables CIBC customers to maximise their shopping rewards using dynamic spending insights.
The Canadian Imperial Bank of Commerce (CIBC) has introduced a new CIBC Adapta Mastercard – a credit card that defines the cardholder’s top three spend categories on a monthly basis, and multiplies rewards on those product and service groups.
Using this dynamic and flexible rewards system enables CIBC clients to earn 1.5 points for every $1 spent in their top three spending segments, and 1 point for every $1 spent on all other purchases. The prioritised categories change each month, as does the cardholder’s spending behaviour. They may range from pet stores to clothing, or everyday essentials like groceries and gas.
Diane Ferri, senior vice president of Day-to-Day Banking at CIBC, stated that the new CIBC Adapta Mastercard stands out in the market by offering genuine flexibility to cardholders and giving them control to pursue their financial goals. She explained that Adapta is a distinctive customer-focused, no-annual-fee, highly personalised card, which automatically determines the most suitable spending categories for maximum rewards.
Typically, the reward categories are either offered by the bank without alternatives or manually chosen by the client each month. However, you may not always correctly predict your expenses for the upcoming month. With automation, customers will always earn extra points in their highest spending categories. This way, CIBC’s smart and flexible credit product, powered by Mastercard technology, is the first of its kind in the country.
Another important feature of the CIBC Adapta Mastercard is the Touch Card attribute – a special notch to help people who are blind or have low vision tell their cards apart by touch. The card has a modern, vertical design with a bright red centre and is made from recycled plastic, in line with Mastercard’s commitment to remove the first–use, PVC plastics from payment cards on its network by 2028. Its additional benefits include roadside assistance through Dominion Automobile Association, along with purchase security and extended warranty coverage.
CIBC has been in operation since 1961, serving more than 11 million clients globally and offering services in personal and business banking, wealth management, and capital markets. The bank has a history of pioneering banking innovations in Canada, including the first 24-hour cash dispenser (ATM), the first flexible mortgage options, automated telephone banking, and the first mobile banking app for the iPhone.
