Student CIBC Aeroplan Visa

Editor’s Review: Student CIBC Aeroplan Visa

The Student CIBC Aeroplan Visa is an excellent choice for students looking to maximize their rewards while enjoying travel benefits and everyday savings. With no annual fee, this card stands out for its generous welcome bonus and a range of perks tailored for the student lifestyle.

Welcome Bonus and Rewards

The most striking feature of this card is its welcome bonus. New cardholders receive 10,000 Aeroplan points upon making their first purchase, translating to approximately $200 in travel value. This is a substantial incentive for a student credit card, making it easier for students to save on travel expenses right from the start.

In terms of ongoing rewards, the card offers:

• 1 Aeroplan point per dollar spent on gas, groceries, and Air Canada purchases.
• 1 Aeroplan point for every $1.50 spent on all other purchases.
• Double points at over 150 Aeroplan Partners, further enhancing the earning potential.

While the cashback equivalent might not be as high as some other cards, the ability to earn and use Aeroplan points efficiently compensates for this, particularly for students who travel frequently or plan to do so.

Benefits

The card comes with a range of benefits that extend its value beyond just points:

• Free SPC+ Membership: This feature allows cardholders to save up to 30% at over 450 top brands, perfect for budget-conscious students.
• Flexible Redemption Options: Aeroplan points can be easily redeemed for flights, with options to use points and cash if needed. Additionally, the card provides the flexibility to book flights with fewer points.
• Point Longevity: Aeroplan points do not expire, which is a significant advantage for students who might not travel frequently but want to accumulate points over time.

Insurance Coverage

Despite being a no-annual-fee card, the Student CIBC Aeroplan Visa includes several useful insurance protections:

• Purchase Security: Covers new purchases against theft or damage.
• Auto Rental Collision and Loss Damage Insurance: Useful for students who might rent cars occasionally.
• Extended Protection Insurance: Extends the manufacturer’s warranty on purchases.
• Common Carrier Accident Insurance: Adds an extra layer of security for travelers.

Interest Rate

The card’s interest rate is slightly above average at 20.99%, compared to the usual 19.99%. While this 1% increase is relatively minor, students should still aim to pay off their balance in full each month to avoid high interest charges.

Conclusion

The Student CIBC Aeroplan Visa is a robust option for students who want to earn travel rewards while benefiting from discounts and insurance protections. Its no annual fee, substantial welcome bonus, and a variety of perks make it an attractive choice. The slightly higher interest rate is a minor drawback but can be managed with responsible card use. Overall, this card offers a balanced mix of rewards and benefits that can provide significant savings and value throughout the year.