CIBC Aeroplan® Visa* Card for Students Review

The CIBC Aeroplan® Visa* Card for Students is one of the most underrated credit cards. It has no annual fee or minimum income requirement, and on every spend, you’ll earn Aeroplan points — the points system of one of the most versatile travel programs in the world. It’s easy to see why this is one of the best student credit cards in Canada.

The CIBC Aeroplan Card for students is an excellent choice for those attending school since it has no annual fee or minimum income requirement. The welcome bonus of 10,000 Aeroplan points could be worth $200 and only requires you to make a single purchase for you to get your offer.

While the earning rate for this card is respectable for a no fee card, it does lack travel benefits like airport lounge access and travel insurance — perks that other travel cards like the Scotiabank Passport Visa Infinite Card do have. Keep reading to find out how this card can lower the cost of your future travels.

The CIBC Aeroplan® Visa* Card for Students has the following earn rates:

• 1 Aeroplan point per $1 spent on eligible eligible gas, electric vehicle charging, groceries and, Air Canada purchases, including Air Canada Vacations.
• 1 Aeroplan point per $1.50 spent on all other everyday purchases.

Air Canada is Canada’s top airline, and Aeroplan is the name of its loyalty program. With your Aeroplan points, you can book any available seat on Air Canada with no blackout dates. In addition, Aeroplan has 40+ airline partners. That means you can get to just about anywhere in the world on points. That’s why having a card such as the CIBC Aeroplan Visa Card for students is vital if you’re big on travel.

Even though Aeroplan points are very flexible, it’s worth noting that the program does use a flight reward chart. The number of Aeroplan points required for flight rewards will depend on where you’re flying from, where you’re flying to, the miles flown, and the fare class. In addition, Aeroplan uses dynamic pricing. That’s where the price of a reward redemption will fluctuate based on supply and demand. The more popular routes will cost you more points. That said, points redemption tends to follow cash fares, so the value of your points is typically consistent.

Speaking of value, one Aeroplan point is typically worth 1.5 to 2 cents each. There are situations where your points can be worth less or more, but that range is what you should aim for when redeeming your points for an Air Canada flight.

Besides flights, you can use your Aeroplan points on Air Canada Vacations, hotels, car rentals, cruises, and more. The easiest way to make a redemption is to log into your Aeroplan account. From there, you can search for travel redemptions and more.

To qualify for the student CIBC Aeroplan credit card, you must meet the following requirements:

• You must be a Canadian citizen or permanent resident
• You must be the age of majority in the province or territory where you reside

Although applications can be completed online, the approval process is sometimes easier and quicker if you apply in person at a branch. There’s no formal credit score requirement, but generally, you want yours to be at least 660 before applying.

Fees:

• Annual fee: $0
• Foreign transaction fee: 2.5%
• Extra card fee: $0 (up to 3 additional cards)

Interest rates:

• Purchases: 20.99%
• Balance transfers: 22.99%
• Cash advances: 22.99% (21.99% for Quebec residents)

The CIBC Aeroplan Visa benefits are limited since this is a no fee, entry-level card. That said, you do get the following:

Compared to the CIBC Aeroplan® Visa* Card for Students, the Scotiabank Scene+®* Visa* Card is a sound student credit card as it allows you to earn 2 Scene+ points per dollar spent at Empire-owned grocery stores (Sobeys, Safeway, Foodland, FreshCo, etc.), Cineplex, and Home Hardware. All other purchases earn you 1 Scene+ point per dollar spent. Scene+ points are valuable since you can redeem them for groceries, movies, and travel. The downside of this card is that it does have a minimum income requirement of $12,000.

The BMO Cash Back Mastercard for students is another credit card worth considering. You’ll earn 3% cash back on groceries, 1% cash back on bill payments (including mobile phones, streaming services, and subscriptions), and 0.5% cash back on all other purchases. A monthly spending limit of $500 for grocery and bill payments does apply. Once you reach that cap, you’ll earn 0.5% cash back. There’s no annual fee or minimum income requirement for this card.

The CIBC Aeroplan® Visa* Card for Students is an ideal card for anyone who wants to save on travel without worrying about an annual fee or minimum income requirement. If travelling isn’t on your radar, or you prefer rewards that can help you now, then a cash back card might be better suited for you.

Learn more about how we rate and review credit cards by visiting our methodology page.