CIBC features a selection of standard and specialty credit cards for customers with different credit scores and requirements. Cards come with beneficial features such as no foreign conversion fees, no annual fees, cash back, complimentary bonuses, and a lot more. At the same time, while customers with excellent rating have plenty of choice, those with poor and average credit have fewer options to choose from. In fact, a handful of financial institutions in Canada offer prepaid and secured cards, and the CIBC Air Canada® AC conversionTM Visa Prepaid Card is one option to consider.
Overview, Features, and Fees
The CIBC Air Canada® AC conversionTM Visa Prepaid Card is a great choice for borrowers who have a less-than-perfect credit rating and are turned down by other issuers. It is a good option for customers who need a card to shop online, make in-store purchases, etc. Customization is free of charge. АТМ withdrawals are also free on the territory of Canada. The fee varies by country, i.e. it is 3.95 AUD for withdrawals in Australia, 1.95 GBP in Britain, and 349.95 JPY in Japan. The first withdrawal each month is free even outside of Canada. Foreign conversion fees apply in the amount of 2.5 percent over the rate paid by the bank. Conversion fees apply for non-supported currencies. There is a card replacement fee in the amount of $25 CAD. It is important to note that cardholders cannot make recurring payments or non-ATM withdrawals, i.e. withdrawals at a bank or another financial establishment are not allowed. Finally, an optional shipment fee applies equal to $25 CAD.
It is easy and quick to apply for the prepaid card – customers are asked to provide basic information and details, load the card, and review and confirm. There is a minimum amount that customers are asked to load – $100 CAD. The maximum amount that can be loaded is $20,000 CAD in different currencies. The limit on the maximum balance is $20,000. There is also a limit on the amount that can be transferred by a single transaction – $2,999.99 CAD. The maximum amount to withdraw at an ATM per day is $2,000 CAD.
Keep in mind that amounts loaded are not insured by the Canada Deposit Insurance Corporation.
There are eligibility criteria to meet when applying, and one is to be of legal age. Customers who have an address in Canada and are Canadian permanent residents qualify. There is a limit of one prepaid Visa card per cardholder meaning that additional cards are not available.
The list of supported currencies includes Swiss Franc, Turkish Lira, Japanese Jen, Australian Dollar, and Hong Kong Dollar. Other supported currencies are Great British Pound, Euro, United States Dollar, and Canadian dollar. Transactions in non-supported currencies can be made as well. However, the amount transferred is converted to CAD to make a transaction.
Customers are free to load money in different currencies of their choice. They are offered the option to load a maximum of 10 currencies and what is more, they are free to lock up the rate while loading. There are no added conversion fees when making purchases at major e-commerce retailers. Given that users are free to load amounts in different currencies, the CIBC Air Canada® AC conversionTM Visa is an excellent choice for frequent travelers and persons making purchases at different retailers worldwide. The fact that customers are free to load funds in 10 currencies means that they can make purchases in 45 countries worldwide, and no foreign transaction fees apply.
Benefits for Cardholders
There are plenty of benefits for cardholders, one being the fact that customers are free to use the card at about 36 million retail locations around the globe. The card can be used at ATMs and to make purchases in-store, over the phone, and online at retailers where VISA cards are accepted. Another benefit is that the card comes with a chip and PIN technology for safety and peace of mind. The chip and PIN technology is a great add-on to protect customers and their money from theft, fraud, and other incidents. The fact that the CIBC Air Canada® AC conversionTM Visa is not linked to an active bank account means that the bank does not hold personal information for customers. Thus, customers are protected against identity theft and fraudulent activity. A third benefit is that the bank offers 24/7 support should anything happen. In case of a stolen or lost card, holders are free to call the bank to request card replacement. They can request emergency cash as well. Note that a replacement fee applies. Finally, even customers who don’t have a bank account at CIBC are welcome to apply for a prepaid Visa card.
Mobile App and Features
Customers can use a mobile app to move amounts between different currencies, load money, check their balance, and a lot more. The app allows customers to select a currency and shows the exchange rate and load amount. There are plenty of beneficial features for cardholders, one being the option to transfer money between different currencies. Customers are free to access and view their transaction history to check for errors, view latest purchases, or keep track of purchases and expenses. Another beneficial feature is the option to reload the card and choose from different currencies. Once funds have been loaded, the app shows details such as the transfer date and transaction ID. While there are plenty of beneficial features, keep in mind that additional service charges may apply. It is a good idea to contact the bank and ask about additional fees when using the mobile app.
There is a French and English version. The mobile app can be installed and used on Android devices, including mobile phones, tablets, and others.
Checking the Balance
There are different ways to check the available balance – by phone, through the mobile app, or online. Customers can activate the prepaid card in two ways, by using the mobile app or online.