CIBC Aventura Visa Card for Business Review
Pros
- Earn 2 Aventura Points per $1 spent on eligible business travel expenses
- Earn 1.5 Aventura Points per $1 spent on eligible gas, dining, and hotel purchases
- Earn 1 Aventura Point per $1 spent on other eligible purchases
- Signup bonus offering 35,000 Aventura Points and a $120 travel credit for qualified new cardholders
- Access to Visa SavingsEdge for potential discounts at partner merchants
- Complimentary supplementary cards for employees
- No fee for additional authorized users
- Comprehensive insurance package, including travel emergency medical insurance and flight delay insurance
Cons
- $180 annual fee, higher compared to some other business credit cards
- Limited rewards program, primarily focusing on travel-related purchases
- Not all businesses may benefit from the targeted rewards categories
- Lower rewards earn rate on non-travel related purchases
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 Aventura Visa Card for Business, here’s how you earn rewards:
| Gas | 1.50 points |
| Specific Stores | 2 points |
| Travel | 1.50 points |
| All Other Spend | 1 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 Aventura Visa Card for Business in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Redeem for travel | $270.00 |
| Apply to statement credit | $224.10 |
| Charity | $270.00 |
| Gift cards | $191.70 |
| Merchandise | $191.70 |
| Airlines Rewards (Charts) | $618.30 |
| CIBC financial products | $224.10 |
Calculating your annual rewards
$24,000.00 annual spending x $2.58% return on spending = $618.30 annual rewards
$618.30 annual rewards – $120.00 annual fee = $$498.30 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 760 – 900 |
| Personal Income | $35,000.00 |
| Interest Rates | |
|---|---|
| Purchase | 19.9% |
| Cash Advance | 21.9% |
| Balance Transfer | 21.9% |
| Fees | |
|---|---|
| Annual Fee | $120.00 |
| Extra Card Fee | $0 |
| Card type | Visa |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | 500000 |
| Trip Cancellation | 1000 |
| Trip Interruption | 2000 |
| Flight Delay | 500 |
| Baggage Delay | 500 |
| Rental Car Theft & Damage | Yes |
CIBC Aventura Visa Card for Business Review
The CIBC Aventura Visa Card for Business is designed to cater to the needs of business owners by offering competitive reward rates and additional benefits. Here is an in-depth review of this credit card, taking into consideration its earning potential, major advantages, drawbacks, and other relevant information.
Earning Potential: With the CIBC Aventura Visa Card for Business, cardholders can earn valuable Aventura Points for various spending categories. Users gain 2 points for every $1 spent on travel booked through the CIBC Rewards Centre, 1.5 points per $1 for eligible gas station, office supply store, and cellphone/internet bill payments, and 1 point per $1 for all other spending.
Benefit 1: One of the major advantages of this card is its comprehensive travel insurance offering. Cardholders can enjoy trip cancellation/interruption coverage, flight delay coverage, lost or stolen baggage coverage, car rental collision/damage coverage, and so on.
Benefit 2: Another significant benefit is the variable annual interest rate of 12.99%. This lower-than-average interest rate can help in managing balances over time and ultimately save on interest charges compared to cards with higher rates.
Benefit 3: The Aventura Points earned through the card can be easily redeemed for travel, accommodations, and vacation packages with no blackout dates. Users can also redeem their points for gift cards, merchandise, or statement credits.
Benefit 4: CIBC Aventura Visa Card for Business offers exclusive access to individual airport lounges via Priority Pass membership. Additionally, cardholders receive a credit of up to $550 CAD for lounge visits outside Canada.
Drawback 1: A notable drawback of this card is the annual fee of $120. Although the card offers an extensive list of benefits, the annual fee may deter some business owners from choosing this option.
Drawback 2: Another significant drawback is that the bonus earn rate for travel purchases applies only to bookings made through the CIBC Rewards Centre. Some users might prefer shopping for travel deals with different providers, which would result in a lower reward rate on those purchases.
Additional Information: CIBC Aventura Visa Card for Business users can also take advantage of customized financial reporting tools and features designed to organize and simplify expenses. Additionally, cardholders can integrate with popular accounting software like QuickBooks and Intuit for seamless expense tracking.
In conclusion, the CIBC Aventura Visa Card for Business is a solid choice for business owners looking for competitive rewards, robust travel insurance coverage, and added travel perks. However, the annual fee and limitations on the bonus earn rate for travel purchases may dissuade some potential users from choosing this card.
Not the right fit? You could consider the RBC Visa Business Platinum Avion. Or, if you’re looking for other options check out the Visa Desjardins Business Card, and the BMO Cashback Business MasterCard.
FAQ
Key benefits
- Dual-tier rewards system tailored for travel, gas, dining, and hotel purchases
- Attractive signup bonus with 35,000 Aventura Points grant and $120 travel stipend
- Visa SavingsEdge access for exclusive merchant partnerships and savings opportunities
- Complimentary employee card issuance for seamless expense management
- Zero authorized user charges, promotes additional card distribution
- Extensive insurance suite covering diverse travel-related incidents and emergencies
- Standard annual fee of $180 may deter budget-conscious establishments
- Rewards program concentration on travel spending lacks versatility for non-travel-leaning businesses
- Niche rewards categories restricts lucrative points accumulation for some users
- Diminished earning power in non-travel expense categories necessitates careful card usage consideration
