CIBC Aeroplan Visa Card for students Review

3.60

$0.00

Annual Fee

$373.08

Annual Rewards

10,000 points

Intro Offer

$0.00

Annual fee

$373.08

Annual rewards

10,000 points

Intro offer


Pros


  • No annual fee, making it wallet-friendly for students
  • Earn Aeroplan points on eligible purchases
  • Comprehensive insurance coverage, including travel accident and purchase protection
  • Access to Air Canada travel benefits, such as preferred seating and priority boarding
  • Bonus points for referring a friend
  • Link to a CIBC student bank account for simplified finances

Cons


  • Limited spending categories to earn bonus Aeroplan points
  • Foreign transaction fees (2.5%) apply, potentially making it less ideal for international use
  • No introductory or promotional offers for new cardholders
  • Higher interest rate on purchases (19.99%) and cash advances (22.99%)
  • Not suitable for students with low credit scores or no credit history
  • Lack of rewards variety may not be appealing if you’re not interested in travel benefits

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 Aeroplan Visa Card for students, here’s how you earn rewards:

Gas1 point
Groceries1 point
Specific Stores1 point
All Other Spend0.67 point

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 Aeroplan Visa Card for students in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Transfer to partner hotels$152.96
Gift cards$132.44
Merchandise$138.04
Car rentals$167.89
Flight rewards$373.08
Air Canada gift cards$186.54
Air Canada vactions$154.83

Calculating your annual rewards

$24,000.00 annual spending x $1.55% return on spending = $373.08 annual rewards

$373.08 annual rewards – $0.00 annual fee = $$373.08 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score300 – 559
Interest Rates
Purchase20.9%
Cash Advance22.9%
Balance Transfer22.9%
Fees
Extra Card Fee$0
Card typeVisa

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Travel Accident100000
Rental Car Theft & DamageYes

CIBC Aeroplan Visa Card for students Review

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.

Benefit 1: 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.

Benefit 2: 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.

Benefit 3: 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.

Benefit 4: 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.

Drawback 1: 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.

Drawback 2: 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

With the CIBC Aeroplan Visa Card for students, you can redeem your points for various rewards within the Aeroplan rewards program. The options include:

  • Air travel – Redeem your points for Aeroplan partner airline flights, covering various destinations around the world.
  • Car rentals – Use your points to book car rentals through Aeroplan partners, ensuring efficient ground transportation during your trips.
  • Hotel stays – Redeem points for hotel bookings at participating hotel chains, making your stays more affordable and comfortable.
  • Merchandise – Browse through the Aeroplan eStore, where you can redeem your points for a wide range of products from different categories, such as electronics, home essentials, and fitness equipment.
  • Gift cards – Use your points to acquire gift cards from popular retailers and restaurants, allowing you to enjoy various shopping and dining experiences.
  • Experiences and activities – Redeem your points for exclusive experiences and activities, such as culinary classes, spa treatments, and tickets to various events.
  • Charitable donations – You also have the option to convert your points into donations for participating charity organizations, making a positive impact on society.

The CIBC Aeroplan Visa Card for students does charge a foreign transaction fee. When cardholders use the card for transactions in a foreign currency, they will incur a fee of 2.5% on top of the converted amount. This is in addition to the exchange rate applied by VISA on the transaction date.

Minimum income requirement for CIBC Aeroplan Visa Card for Students:

The CIBC Aeroplan Visa Card for students does not have a minimum income requirement, making it an accessible option for students who are building their credit history.

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

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