CIBC Visa Card for Students Review

  • 4 min read

A significant milestone for any individual (and parent) is that giant leap from high school to university/ college. It signifies the end of an era, and for many post-secondary students, this could be the first time they are away from home, learning to be independent, and focusing on what their future could hold. Getting a student credit card during this time is a good idea for several reasons.

A student credit card generally requires minimum income, and offers easier approvals. It also introduces students to using a credit product, and it can help build a credit history for future needs. Plus, it generally comes with no fee. A student credit card can also offer lessons in managing a budget, financial responsibility, and can be used for emergencies when a parent might not be able to be reached. Moreover, at times, student credit cards can be linked to reward programs, and provide added benefits. They have low credit limits, which ensures credit spending doesn’t spiral out of control.

Below are some student Visa card options from CIBC.

CIBC Dividend® Visa* Card for Students

With no annual fee and no income requirement, the CIBC Dividend® Visa* Card for Students might be a great introductory option to a credit card product. It offers cash back, and a welcome bonus of $30 after the first purchase is made.

Students can earn 2% cash back on groceries, and up to 1% on all other spending. There is no cap on the rewards earned, and the credit limit starts at $1,000. There are added benefits like Purchase Security and Extended Protection Insurance, as well as Common Carrier Accident insurance.

Students with this Visa also get an SPC membership for free: this provides exclusive access to unique experiences, added discounts, promotions, and more.

CIBC Aventura® Visa * Card for Students

CIBC Aventura® Visa * Card for Students also offers an opportunity to earn and redeem points. Clients can collect 1 point for every $1 they spend on travel via the CIBC Rewards Center, as well as 1 point for every $1 spent on groceries, gas, and at drug stores, plus 1 point for every $2 spent on anything else.

As part of the card’s “welcome offer”, new account holders are given the opportunity to collect up to 2,500 Aventura points as a sign-up bonus if five separate activities are completed within two months of having the new credit card. These five “actions” include, clients sharing their email address with CIBC; signing up for eStatements on their new student Aventura; adding an authorized user on the account (where there is no annual fee for up to three added cardholders); having an eligible CIBC chequing account, and adding the new Visa to either Android Pay, Apple Pay, or Samsung Pay.

Aventura points can be redeemed through the CIBC Rewards Center for travel, merchandise, gift cards, or donations to charities. There are no blackout dates when booking travel, which makes that another bonus. Clients can also use these points to pay off credit card balances, contribute to a TFSA or RRSP with CIBC, or via a CIBC Investor’s Edge portfolio.

Plus, there are added perks to this student Visa. Clients can access “Aventura Travel Assistant”, a feature that can personalize trip and travel planning, with no booking fees. Cardholders also gain access to Purchase Security, Extended Protection Insurance, Common Carrier Accident, as well as Auto Rental Collision and Loss Damage insurance.

Much like the CIBC Dividend Visa for students, the Aventura Visa for students has no annual fee, no income requirements, there’s a minimum credit limit of $1,000, plus a free SPC membership comes with the credit card.

CIBC Aeroplan Visa for Students

If their parents collect Aeroplan points, young clients may choose a similar rewards card in the CIBC Aeroplan Visa for students. The welcome offer is an intriguing one, with 10,000 Aeroplan bonus points earned after the first purchase, which equals a one-way economy class short-haul flight across North America (e.g., Toronto to New York).

After that, cardholders earn 1 point for every $1 spent on Air Canada purchases, including Air Canada Vacations. They also earn 1 Aeroplan point for every $1 spent on groceries and gas. Lastly, 1 point is earned for every $1.50 spent on other purchases, and there’s potential for customers to earn points twice at 150+ Aeroplan partners and 170+ retailers online, via the Aeroplan eStore.

Much like the Aventura, there is Purchase Security, Extended Protection Insurance, Common Carrier Accident, as well as Auto Rental Collision and Loss Damage on the Aeroplan Visa for students. In addition, there are no annual fees or income requirements, and there’s a minimum credit limit of $1,000.

For more information on these student visa credit cards, CIBC Dividend® Visa* Card for Students.

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Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.