CIBC offers a wide range of credit card products to meet the needs of different Canadians and their diverse lifestyles. From reward and cash back options to low-interest rates, the bank provides credit cards that focus on individuals and families, as well as student and small business needs. The CIBC Aventura® Visa * Card is a well-rounded credit card option for those looking for a customer loyalty program, but not wanting to pay an annual fee.
Rewards
CIBC’s Aventura Visa rewards are lower than the competition’s. Collect one point for every $2 charged on this credit card. (Comparatively, CIBC’s Aeroplan Visa customers earn one point for every one dollar spent on gas, groceries, or Air Canada purchases, and one point for every $1.50 charged on anything else.)
CIBC provides other travel reward cards which collect Aventura or Aeroplan points; however, these other options come with annual fees of $120+. They do have increased ways to earn more points and other added benefits, so paying that yearly amount may be worth it for some people. CIBC also offers cash back reward options with their four Visa Dividend credit cards.
Other companies offer travel rewards cards that offer higher rewards than the Visa Aventura. For those who love collecting AirMiles, Bank of Montreal (BMO) Mastercard offers clients 3 AirMiles for every $25 charged at participating AirMiles partner retailers, and one AirMile for every $25 spent elsewhere. Retail partners often provide AirMile promotions from time-to-time, so clients can take advantage and double up on their Miles by using their regular loyalty card together with their AirMiles Mastercard.
Redeeming Points
For frequent travellers, CIBC’s Aventura Visa points can be redeemed via the bank’s in-house rewards program, which operates like Aeroplan; however, there are some notable differences. One major difference is the fact that Aventura points can be redeemed for flights with any airline, and the entire ticket, including fees and taxes, is covered. (CIBC Aeroplan Visa collect points that can only be redeemed for Air Canada flights.)
AirMiles points can be redeemed for travel, as well as merchandise, gift cards, and “cash back” miles on their rewards site.
With that said, both CIBC’s Reward Center and the Aeroplan loyalty program also offer merchandise, gift cards, and so much more to clients looking to redeem the points they’ve collected. As long as the credit card remains active and in good standing, points within all three cards do not expire.
Another bonus of Aventura points, better than most, is that clients can also use these points to pay down their Visa balance, something you can’t do with a CIBC Aeroplan card, or a BMO Air Miles.
Welcome Offers
The CIBC Aventura provides a fair “welcome” bonus. Clients can earn up to 10,000 points after they are approved, with 7,500 given after the first purchase, and 2,500 when meeting specific conditions. Typically, a short-haul Canadian flight will cost between 10,000 and 20,000 Aventura points, so that is a good offer.
Meanwhile, new CIBC Aeroplan Visa cardholders earn 10,000 points after their first purchase. This equals out to approximately a one-way, “short-haul” ticket in economy class, as well. (Comparatively, BMO’s AirMiles Mastercard offers 800 bonus AirMiles upon approval. One AirMile equals about 10-15 cents, and the AirMiles Reward Center does provide “Miles” sales on some travel promotions and merchandise.)
Other CIBC Visas do offer more lucrative “welcome offers”, like the CIBC Aventura® Visa InfiniteTM that provides clients with 15,000 bonus points, and its Aeroplan Visa Infinite offers 10,000 bonus points (after your first purchase), plus a “Buddy Pass” for a friend; however, it’s important to note that these cards both have annual fees linked to them.
Annual Fee
CIBC’s Aeroplan Visa, and BMO’s AirMiles Mastercard both charge no annual fee.
CIBC offers six no-fee credit cards in total, with two of them being the Aventura and Aeroplan Visas highlighted in this article; others are a “cash back” CIBC Dividend Visa card, a business Visa card, and Aventura and Aeroplan Visas for students.
Annual fees for other CIBC credit cards range from $29 to $120 for personal Visas, and one business Visa costing $150 per year. Higher annual fee credit cards tend to come with added opportunities to collect cash-back or reward points, comprehensive travel insurance options, added discounts and benefits, as well as fun perks like a concierge service and access to exclusive events and promotions.
Interest Rate
All but one of CIBC’s credit cards have similar interest rates around 19.99% to 22.99%; the exception is the CIBC Select VISA card, which offers a rate of 13.99%. The CIBC bizline Visa for business, also provides a competitive interest rate based on the Prime rate.
For more information, visit CIBC Aventura® Visa * Card.