CIBC Aeroplan Visa Card for students Review

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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The CIBC Aeroplan Visa Card for students has earned a 4.43 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the CIBC Aeroplan Visa Card for students are fees and rewards.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the CIBC Aeroplan Visa Card for students the most important factors for scoring this card are its fees and rewards.

Rewards

With the CIBC Aeroplan Visa Card for students, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending $2,000 per month with the CIBC Aeroplan Visa Card for students would earn $385 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Our study investigating the value found that each dollar spent on the CIBC Aeroplan Visa Card for students is worth up to $0.02, depending on how you redeem.

This $385 in rewards value puts the CIBC Aeroplan Visa Card for students in the top 40% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the CIBC Aeroplan Visa Card for students earns $385 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

For an annual spend of $24,000, we estimated annual rewards value at up to $385.

That’s equivalent to a 1.60% return on spending.

The CIBC Aeroplan Visa Card for students has an annual fee of $0. After deducting this, we predicted net annual rewards of $385.

This puts it in the top 30% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The CIBC Aeroplan Visa Card for students has a $0 annual fee.

The average card charges $85. So, the CIBC Aeroplan Visa Card for students is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The CIBC Aeroplan Visa Card for students scored a 1.1 out of 5 for perks, putting it in the bottom 40% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of 19.99% and so the CIBC Aeroplan Visa Card for students charges 1% more than the average.

For cash advances it costs 22.99% compared to the average of 19.96%.

Testing the CIBC Aeroplan Visa Card for students with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 2.1 out of 5 for insurance.

It offers 4 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

We scored it 5.0 out of 5 for approval.

We predict that you will require a credit score of at least 300 to qualify for the CIBC Aeroplan Visa Card for students, while the average card requires 652 to qualify.

This puts it in the top bottom 20% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The CIBC Aeroplan Visa Card for Students is designed to help Canadian students earn valuable Aeroplan points without the burden of a high annual fee. In this review, we will discuss the card’s earning potential, four benefits, two drawbacks, and other interesting information worth considering.

Earning Potential

With the CIBC Aeroplan Visa Card for Students, cardholders can earn 1 Aeroplan point for every $1 spent on eligible gas, grocery, and Air Canada purchases. For all other purchases, cardholders will earn 1 Aeroplan point for every $1.50 spent.

The card is best suited to students who travel often with Air Canada or those who frequently spend on gas and groceries.

Benefits

1. Benefit: The first major advantage of this card is the $0 annual fee, making it an affordable option for Canadian students who don’t want to carry the burden of a high-fee credit card while still accumulating Aeroplan points.
2. Benefit: As a secondary benefit, this card provides valuable travel perks like priority boarding with Air Canada and a free checked bag (up to 23kg) on eligible flights. The priority boarding and luggage perks can provide significant convenience, especially for frequent travelers.
3. Benefit: The CIBC Aeroplan Visa Card for Students also offers a range of comprehensive insurance coverage options.
   
   This includes up to $1,000,000 in common carrier travel accident insurance, and purchase security & extended warranty protection that covers purchases from theft, damage, or loss and extends the manufacturer warranty up to an additional year.
4. Benefit: Cardholders can take advantage of a Welcome Bonus of 10,000 Aeroplan points upon spending $500 within their first three months of their account opening. This can significantly help fuel the student’s travel plans or redeem for various merchandise and gift cards.

Drawbacks

1. Drawback: One significant drawback of the card is the lack of a comprehensive rewards program in categories other than Air Canada purchases, gas, and groceries.
   
   If a student does not travel with Air Canada frequently or spends more on other categories like dining and entertainment, the card’s earnings potential may not be as rewarding as other options.
2. Drawback: While the card does offer insurance coverage, it does not provide annual travel medical insurance – a benefit typically found with travel rewards credit cards. Students planning to travel outside of Canada might have to purchase additional travel medical insurance separately.

In conclusion, the CIBC Aeroplan Visa Card for Students is an appealing option for Canadian students with its no annual fee and earning potential in select categories.

However, students who do not frequently travel with Air Canada or prioritize spending on other categories may want to consider other reward credit cards that align better with their spending habits.

Interested in other credit cards? Canadians that like the CIBC Aeroplan Visa Card for students credit card also like the CIBC US Dollar Aventura Gold Visa Card. If you’re looking for other options you should consider the CIBC Aventura Visa Card, and the CIBC Classic Visa Card for Students.

FAQ

Key benefits

• Unlimited 1.5 Aeroplan points earned for every $1 spent on eligible gas, groceries, and pharmacy purchases
• 1 Aeroplan point earned for every $1 spent on all other eligible purchases
• Merchandise, gift card, and travel rewards redemption options available through Aeroplan program
• Mobile device insurance coverage up to $1,000 for damage or theft
• Car rental collision and damage insurance for up to 48 consecutive days
• 24/7 access to a personal concierge service for travel bookings and assistance
• Complimentary access to CIBC CreditSmart, a tool to help manage and monitor credit usage
• Special discounts at participating Avis and Budget Rent A Car locations worldwide
• Access to CIBC-exclusive event offers and experiences, such as concerts and dining experiences
• Potential to upgrade to Visa Infinite products upon meeting eligibility requirements in the future