I signed up for another credit card to collect Aeroplan points. I really need to take a break because my credit score reduced from Excellent to Good. There was also high credit utilization from property taxes for a few weeks so that could be why too. This one is my last card I will apply for, for a while until my credit score recovers. Here is my CIBC Aeroplan Visa card review.
Travel seems to be farther off these days, but I really hope that 2022 will be the year that things will be back to normal and non-essential travel outside of the country will be okay again.
In the meantime I will continue to collect Aeroplan points as we are still a long way off from our target Aeroplan points number. Collecting enough Aeroplan points for four full fare tickets is much more difficult that I imagined.
CIBC Aeroplan Visa
What is the CIBC Aeroplan Visa?
The CIBC Aeroplan Visa card is not to be confused with the CIBC Aeroplan Visa Infinite credit card. The Visa Infinite has more benefits and a better Aeroplan ‘earn’ rate than this CIBC Aeroplan visa.
The ranking of the ‘status of the credit cards’ from lowest to highest is: Visa Platinum, then Visa Infinite, then Visa Privilege.
However, you’ll soon find out why I would recommend applying for this card anyway.
How do I keep track of my credit score? I use Borrowell to keep track of my credit score in Canada, it is free to check. Here’s my Borrowell review if you are interested.
CIBC Aeroplan Visa Welcome Bonus
The very attractive welcome bonus promotion for the CIBC Aeroplan Visa is 10,000 Aeroplan points on your FIRST PURCHASE.
You don’t have to spend a minimum of $1000 or even $3000 in the first 90 days or anything to get these Aeroplan points.
CIBC Aeroplan Visa Annual Fee
The CIBC Aeroplan Visa annual fee is $0.
Also, supplementary cards (you can have up to three other card holders) are free too.
Which is great because although other credit cards offer the First Year Free, you won’t have to try and remember when to cancel your credit card to avoid the annual fee charge.
Some cards that have greater benefits also have zero dollar annual fees but they are starting to implement a $15,000 minimum spend on the card. For example, some of the World Elite Mastercards are doing this.
CIBC Aeroplan Visa Minimum INcome
The CIBC Aeroplan minimum income requirements are only $15,000 for the household.
This is a low threshold credit card and it is easier to apply than other credit cards that require a higher income.
CIBC Aeroplan Earning Rate
With the CIBC Aeroplan you earn 1 Aeroplan point for $1 spent on grocery, gas, and bookings with Air Canada directly.
For other purchases it is 1 Aeroplan point for each $1.50 you spend on other purchases.
You can also earn Aeroplan points when you shop through the Aeroplan store (you would earn it through the Aeroplan portal and also from the credit card).
This ‘earn rate’ is definitely not as good as the CIBC Aeroplan Visa Infinite which is 1.5 Aeroplan point for every $1 spent on gas, groceries and bookings directly on Air Canada.
CIBC Aeroplan discounts
There are special offers related to havint his card, including saying 25% off of Avis and Budget car rentals when you pay with your CIBC Aeroplan Vida credit card.
You can also save $0.03/L of gas when you fill up at Chevron, Ultramar, or Pioneer gas stations (when you sign up with Journie Rewards).
CIBC Aeroplan Visa Insurance Benefits
It comes with pretty standard insurance benefits like:
- Car Rental Collision/ Loss damage if you charge the full cost of your car rental to your CIBC Aeroplan Visa card
- Purchase Security and Extended Protection for most things purchased on the card if they become lost, stolen, or damaged within 90 days of purchase. Extended warranty for one year past the manufacturer’s warranty if you charge the purchase to this card.
- Common Carrier Accident insurance if you’re on a plane, ferry, train, or bus and you are charging the trip to your CIBC Aeroplan visa, you could be covered up to $100,000 CAD.
However, there is no travel medical insurance with this card and there is also no trip cancellation and trip interruption insurance, or flight delay and baggage insurance. To get these insurance benefits, you are better off sticking with one of the Aeroplan Visa Infinite cards like the CIBC or the TD Aeroplan Visa Infinite. The CIBC Aeroplan Visa Infinite also has mobile device insurance.
Genymoney.ca’s CIBC Aeroplan Visa Review
Personally, I think 10,000 Aeroplan points on a first purchase with a zero dollar annual fee credit card is great.
Although you can earn more points with other Aeroplan branded credit cards, for example, some you can earn 50,000 Aeroplan points (e.g. 20,000 points and a Buddy Pass worth 30,000 Aeroplan points) if you complete a minimum spend within a time limited period, the easy 10,000 Aeroplan points for simply making one purchase can’t be beat.
I would sign up, make my purchase and file the card away until I receive the credit card bill. I may cancel after a while and after I receive my welcome bonus points.
This is a great card if you have a lower income, or if you are a student for example working part-time and would like to save money on your flight back home within Canada (or at least for a short haul flight because 10,000 Aeroplan points doesn’t get you THAT far).
There aren’t that many cards these days with a great welcome bonus and a lower income eligibility. The other one that comes to mind is the Tangerine Money Back credit card.
Another card that is great is the CIBC Dividend Visa Cash Back which gives you 10% back in cash back.
Here are other articles that you might be interested in:
- How to get TD Aeroplan Visa Infinite Card for Free
- TD Aeroplan Visa Infinite Review
- TD Aeroplan Business Visa Review
- 10% Cash Back Credit cards in Canada
- CIBC promotions
Do you have the CIBC Aeroplan Visa? What are your thoughts on this card?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.