CIBC Classic 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 Classic Visa Card for Students has earned a 4.25 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 Classic Visa Card for Students are fees and interest.

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 Classic Visa Card for Students the most important factors for scoring this card are its fees and interest.

Rewards

With the CIBC Classic 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 Classic Visa Card for Students would earn $0 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 Classic Visa Card for Students is worth up to $0.00, depending on how you redeem.

This $0 in rewards value puts the CIBC Classic Visa Card for Students in the bottom 20% 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 Classic Visa Card for Students earns $0 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 $0.

That’s equivalent to a 0.00% return on spending.

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

This puts it in the bottom 20% of credit cards for net rewards after fees.

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

Fees

The CIBC Classic Visa Card for Students has a $0 annual fee.

The average card charges $85. So, the CIBC Classic 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 Classic Visa Card for Students scored a 0.2 out of 5 for perks, putting it in the bottom 10% 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 Classic 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 Classic 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 3 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 Classic 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 Classic Visa Card for Students is designed to accommodate the unique financial needs of students. In this review, we will discuss the earning potential, advantages, drawbacks, and any other related information of this credit card.

Earning Potential

Unfortunately, the CIBC Classic Visa Card for Students does not offer any reward points or cash-back earnings. It is designed primarily as a credit-building tool for students who are just starting to establish their credit history.

Benefits

1. No annual fee: The first major advantage of this card is that it has no associated annual fees. This allows students to save money while they focus on their studies.
2. Student friendly features: The card is specifically tailored for students, offering a competitive interest rate of 19.99% on purchases and 22.99% on cash advances, helping students minimize costs while maintaining good credit.
3. Additional cards: Cardholders can request up to three additional cards for family members, facilitating spending management and budgeting.
4. Security: The card is equipped with advanced chip technology, ensuring enhanced transaction security. Additionally, cardholders are provided with fraud detection and zero-liability protection on unauthorized purchases.

Drawbacks

1. Lack of rewards: One of the significant drawbacks of this card is the absence of cash-back rewards or points earning on spending. Students seeking rewards for their spending might be better served by exploring other credit card options.
2. Limited benefits and insurance coverage: Another notable drawback of the CIBC Classic Visa Card for Students is that it does not provide travel or purchase insurance, which are common benefits with other credit cards on the market.

Additional Information

While the CIBC Classic Visa Card for Students does not offer any cash-back rewards or points, it is an excellent starter card with student-friendly features and competitive interest rates. This card effectively helps students to build their credit history while staying within their budget.

It is vital for students to consider their financial needs and priorities when deciding on the most suitable credit card option.

Not the right fit? You could consider the CIBC Aeroplan Visa Infinite Privilege Card. Or, if you’re looking for other options check out the CIBC Aeroplan Visa Card for students, and the CIBC Aventura Visa Infinite Card (QC).

FAQ

Key benefits

• 19.99% standard purchase interest rate
• 22.99% cash advance interest rate
• 24.99% standard cash advance interest rate for Quebec residents
• No annual fee
• Aventura rewards program
• Optional student auto club membership
• Optional CIBC Payment Protector Insurance
• VISA payWave feature
• Apple Pay, Google Pay, and Samsung Pay compatibility
• CIBC’s Mobile Banking App integration
• Free supplementary cards
• Enhanced security with fraud detection and alerts
• Consumer protection and purchase security
• Student-focused promotions and discounts