CIBC Aeroplan Visa Card review

How the CIBC Aeroplan Visa earns points

The CIBC Aeroplan Visa Card earns 1 Aeroplan point per dollar in three categories: gas and EV charging, groceries, and Air Canada purchases, including Air Canada Vacations. Everything else earns 1 point for every $1.50 you spend, which works out to about 0.67 points per dollar.

Here’s an example. A household spending $500 a month on groceries, $200 on gas and $1,200 on everything else would earn 700 points from the bonus categories and 800 points from the rest. That’s 1,500 points a month, or 18,000 points a year, with no annual fee to offset.

The welcome offer

New cardholders can earn up to 10,000 Aeroplan points in three steps. You get 2,500 points for your first purchase, another 2,500 after spending $1,500 in your first four statement periods, and 5,000 anniversary points if you make $10,000 in net purchases in your first 12 statement periods.

The anniversary bonus is the hardest part. $10,000 over 12 statement periods is about $833 a month, which the example household above would clear comfortably. Lighter spenders may only collect the first 5,000 points.

Using your Aeroplan points

Cardholders get preferred pricing on Aeroplan flight rewards and pay no Air Canada surcharges on flight rewards. On hotel redemptions, Aeroplan gives you the fourth night free when you book with points. Your points don’t expire as long as you hold the card, so you can build a balance at your own pace.

The card also includes savings of up to 10 cents per litre on gas through Journie Rewards, which stacks well with the 1x gas rate if you fill up at participating stations.

Fees, interest and the fine print

There’s no annual fee. Purchases made in a foreign currency carry a 2.5% foreign transaction fee, so $1,000 spent on a trip abroad or with a US online store adds about $25.

Purchases are charged 21.99% interest and cash advances 22.99%. Interest at those rates would cancel out the points quickly, so pay your statement balance in full by the due date.

Insurance coverage

The insurance is modest, but it does include car rental collision and loss damage coverage. Check the certificate for limits and exclusions before you rely on it.

• Purchase security and extended protection
• Common carrier accident
• Car rental collision and loss damage

Who it suits, and who should look elsewhere

The CIBC Aeroplan Visa suits people who want to start collecting Aeroplan points without paying a fee, especially those whose spending is concentrated in groceries and gas.

It’s less suited to frequent Air Canada flyers who would benefit from a free checked bag, or to big spenders whose purchases mostly fall outside the bonus categories and would earn at the 1 point per $1.50 rate.

How it compares

The TD Aeroplan Visa Infinite costs $139 a year and earns 1.5 points per dollar on groceries, gas and Air Canada purchases. It adds a free first checked bag on Air Canada and 21-day travel medical coverage, which can make the fee worthwhile for people who fly a few times a year.

If you don’t want to commit to one airline, the CIBC Aventura Visa Card also has no annual fee. It earns 1 point per dollar on gas, groceries and drug stores, and its points can be redeemed for flights on any airline, hotels and more.

Before you apply

The recommended credit score is 660 or higher, and CIBC makes the final decision based on your full credit profile. Welcome offers and rates change, so confirm the current terms on the CIBC website before you apply.