CIBC AC Conversion Visa Prepaid Card Review
Pros
- No foreign transaction fees
- Lock in exchange rates before travel
- Supports 10 currencies
- Zero liability protection
- Reloadable via mobile app
- No credit check required to obtain the card
Cons
- $2.99 CAD transaction fee for each Canadian-dollar transaction
- $2.99 CAD fee to transfer funds back to your bank account
- Inactivity fee of $1.50 CAD per month after 12 months of inactivity
- Exchange rates may be higher than competitive alternatives
- Limited to 10 supported currencies
- Not as accepted as traditional Visa credit cards
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With CIBC AC Conversion Visa Prepaid Card, here’s how you earn rewards:
| All Other Spend | 1% |
How much your rewards are worth
The dollar value of your rewards depends on the specific CIBC rewards program and what you choose to redeem your points for.
For CIBC AC Conversion Visa Prepaid Card in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
Calculating your annual rewards
$24,000.00 annual spending x $1.00% return on spending = $240.00 annual rewards
$240.00 annual rewards – $0.00 annual fee = $$240.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 300 – 559 |
| Interest Rates | |
|---|---|
| Purchase | N/A% |
| Cash Advance | N/A% |
| Balance Transfer | N/A% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | Visa |
Insurance coverage
CIBC AC Conversion Visa Prepaid Card Review
The CIBC AC Conversion Visa Prepaid Card offers a unique solution for consumers who want a simple, multi-currency card for their travels. This card review will discuss the earning potential, benefits, drawbacks, and additional information about this card to help Canadians decide if this is the right option for them.
Earning Potential with the Card
The CIBC AC Conversion Visa Prepaid Card is not a typical rewards card and does not offer traditional points or cashback programs. It focuses primarily on providing users with a convenient way to carry and spend up to 10 different currencies while travelling. Therefore, traditional reward categories such as dining, travel, and groceries do not apply to this card.
Benefit 1: Multi-currency Access
As mentioned, one of the card’s major advantages is that it allows users to load and spend money in 10 different currencies. It helps to manage funds and lock in the foreign exchange rate, providing cost-saving and convenience while travelling abroad.
Benefit 2: No Foreign Exchange Fees
When using the card in any of the supported currencies, there will be no foreign exchange fees. This benefit is advantageous for users who frequently travel or make purchases in other countries, as it can save a significant amount of money compared to standard credit cards that often charge foreign transaction fees.
Benefit 3: 24/7 Access to Funds
The card allows users to access funds anytime via the CIBC Online Banking portal, letting you manage and transfer money between currencies with ease. Also, online view of transactions and real-time balance information provides better control over your finances while travelling.
Benefit 4: Security and Peace of Mind
The CIBC AC Conversion Visa Prepaid Card provides enhanced security and protection. The funds in the card are not directly linked to your primary bank account, reducing the potential risks associated with lost or stolen cards. Additionally, the card is backed by Visa’s Zero Liability Policy, ensuring cardholders are not responsible for unauthorized transactions.
Drawback 1: Limited Access to Currencies
While the card supports 10 currency options, it may not include every currency a traveller may encounter on their trip. For instance, you may still need to use other payment methods or exchange services when venturing into a country that is not supported by this card.
Drawback 2: No Cash-back or Reward Points
The primary drawback of this card is the absence of cashback or reward points programs. This card may not be suitable for users looking to earn additional rewards on their spending alongside the currency conversion benefits.
Additional Information: It’s essential to note that this card is a prepaid Visa card rather than a traditional credit card, which means users ought to “load” the card with their money before using it.
By understanding the CIBC AC Conversion Visa Prepaid Card’s benefits and drawbacks, Canadians can decide if this multi-currency option is the ideal choice for their travel needs and spending habits.
Is the CIBC AC Conversion Visa Prepaid Card not convincing you? Consider the CIBC Aeroplan Visa Infinite Card or the CIBC Aventura Gold Visa Card. Still not the right credit card? Make sure not to miss the CIBC Aeroplan Visa Card.
FAQ
Key benefits
- 24/7 customer support availability
- Mobile application for easy management and reloads
- Worldwide Visa card acceptance
- Initial card issuance cost: $19.95 CAD
- Cash withdrawal fees: $3.50 CAD (Canada) / $4.50 CAD (International)
- Maximum card balance: $20,000 CAD
- Minimum reload amount: $100 CAD
- Maximum daily ATM withdrawal: $2,000 CAD
- Travel medical insurance included for up to 15 days
