To help you navigate post-CERB Canada, here is everything you need to know about what government help is available to you in 2022.
If you love to travel, then you may want to consider taking out the CIBC Air Canada AC Conversion Visa Prepaid Card. This tool can help you keep your travel budget in line and can be used wherever Visa is accepted.
Rather than carrying cash when you’re abroad, you can safely use a reloadable prepaid card that comes with all the funds you’ll need for your travels. The safety and security of the card’s advanced chip and PIN technology mean your money is safe regardless of where you shop.
There are also no conversion fees when you make a purchase. You can lock in at a competitive exchange rate when you load the card, and the associated app can be used to load up to as many as 10 currencies at a time.
Let’s take a closer look at the CIBC Air Canada AC Conversion Visa Prepaid Card to help you determine if this is the prepaid credit card for you.
CIBC Air Canada AC Conversion Visa Prepaid Card
The CIBC Air Canada AC Conversion Visa Prepaid Card acts as a no foreign exchange fee credit card that can save you time and headaches if you’re an avid traveller. Rather than carrying cash with you in all sorts of currencies, this prepaid card allows you to load up your card and support 10 different currencies, including the following:
- Canadian dollars
- US dollars
- British pounds
- Australian dollars
- Japanese yen
- Hong Kong dollars
- Turkish lira
- Swiss francs
- Mexican pesos
Basically, you’ll have the exact currency you need right on your card for you. There is no annual fee and the funds can be used in stores, online, and at ATMs to withdraw local currency wherever Visa is accepted. Moreover, you can earn 1% cash back until April 30, 2022, on all purchases in the currency you made the transaction.
How To Use The CIBC Air Canada Prepaid Card
Using this card is fairly straightforward. The main way to access the services is online since the only physical location where you can order the card is the Toronto Pearson Airport. As long as you have an internet connection and an available $25, you can get started. Simply follow these steps:
- Order the card: Either go to the banking center at the Toronto Pearson Airport or order the card online. You will need to load a minimum of $25 Canadian dollars to move forward. There is no credit check and the service is available to those who aren’t CIBC customers.
- Activate the account: The next step is to go through the account registration process. This involves going to the online service and accessing your preset PIN. From there, you will be prompted to change your credentials. If you are unable to access the online service, there is a customer helpline available.
- Load the card: Finally, load funds onto the card using either the application or the website. The system makes available ten different currencies for travel to 45 countries. Once you have loaded the amount, it works like a traveller’s cheque and the exchange rate is locked in.
Benefits Of The CIBC Air Canada Prepaid Card
Particularly for those who frequently travel overseas, the CIBC Air Canada Prepaid Card offers a lot of advantages. The most noteworthy of the benefits is the ability to access a locked-in currency exchange rate. This way, when the exchange is at its most profitable, you can put money on the card and not worry about the risk of it fluctuating during your travels. Other advantages include:
Access To Several Currencies
The card allows you to access ten different currencies for travel in 45 countries across the globe. This is particularly useful if your trip plans involve visiting more than one location as it saves you the hassle of dealing with travellers’ cheques.
Shop Like A Local From Home
With the CIBC Air Canada AC Conversion card, you can spend like local with travelling and while you’re home. Shop on global e-commerce sites using your foreign currency and avoid exchange fees.
No Conversion Fees
Along with locking in the exchange rate at the time when you load the card, the CIBC Air Canada AC Conversion Visa Prepaid Card also comes with conversion fees when making a purchase. Moreover, there are zero fees when it comes to ordering the card and loading or reloading the card.
Advanced safety features include encrypted chip technology and a unique PIN code that restricts access to the cardholder alone.
The mobile app is available for both Android and Apple technology. The app lets you monitor your account, manage your currencies, and add funds from your phone. It also gives access to security features such as account freezing in case your card is lost or stolen.
Online Shopping Features
This card lets you shop with foreign currency on global e-commerce sites. While most websites accept USD (American dollars), it can often save you money to shop in the domestic currency of the retailer. This can prevent you from having to deal with fees for foreign exchange, costs that can add up quickly.
You can have peace of mind as the prepaid card is not linked to your bank account. While cards that connect to your checking account run a small risk of theft, this card operates independently.
Low Or No ATM Fees
You can get affordable ATM withdrawals, with the card offering one no-cost foreign withdrawal each month. All withdrawals made within Canada are entirely free of charge. Keep in mind that this refers to the fees set forth by CIBC, not those issued by the ATM company, so you can still be charged for the transaction.
Drawbacks Of The CIBC Air Canada Prepaid Card
While there are a lot of advantages to the CIBC Air Canada Prepaid Card, it isn’t without its drawbacks. Determining whether this card is right for you is a matter of weighing the downsides against the advantages. Some issues with the card are that:
Won’t Contribute To Your Credit Score
Though it is secured by Visa and CIBC, the card is prepaid, and thus will not play into your credit profile. The services have merit; although unlike a credit card, it won’t improve your credit score if you use it responsibly. That said, if you encounter issues with the card, it won’t harm your credit either.
Foreign Transaction Fees For Unsupported Currencies
If a transaction is made outside of the range of the card’s supported currencies, it comes with a 2.5% charge. While this sounds nominal for smaller purchases, it can quickly add up, especially if your trip itinerary includes an area that uses a less popular currency.
CIBC AC Conversion Visa vs. KOHO vs. Stack vs. Mogo
|CIBC Air Canada AC Conversion Visa Prepaid Card||KOHO Prepaid Reloadable Visa||Stack Reloadable Mastercard||Mogo Visa* Platinum Prepaid Card (MogoCard)|
|Annual Account Fee||$0||$0 ($84 for Koho Premium)||$0||$0|
|Rewards||1% cash back (until April 30, 2022)||0.5% – 2% cash back||Offers online and in-store discounts||2% bitcoin cash back on all transactions|
|Foreign Transaction Fees||2.5% for unsupported currencies||1.5% (Free for KOHO Premium)||$0||2.50%|
|Cost Per Transaction||$0||$0||$0||$0|
|ATM Withdrawal Fee||– Free in Canada|
– 1 free per month outside Canada; $1.95 and up after that
|$0||$0||– In Canada: $1.50|
– International: $3.00
|Card Limits||– Max balance: $19,000|
– Max daily load: $2,999.99
– Max daily ATM withdrawal: $1,999
– Max daily purchase: $2,999
|-Max balance: $40,000|
– Max daily ATM withdrawal: $600
-Max ATM withdrawal per transaction: $300
– Max daily spend: $3,000
|– Max balance: $20,000|
– Max monthly spend: $1,000
– Max ATM daily withdrawal: $1,000
– Max direct deposit loans: $250
|– Max balance: $10,000|
– Max daily transfer: $9,900
– Max daily purchase: $5,000
– Max cash withdrawal: $500
Is the CIBC Air Canada AC Conversion Visa Prepaid Card Right For You?
This prepaid credit card may be perfect for you if you:
- If you travel extensively and often visit multiple countries during a single trip
- Want to avoid credit card interest and credit card debt
- Like the idea of being able to track your expenditures
- Want a credit card without all the typical fees of credit cards and bank accounts
- Like the convenience of using your mobile device to make payments
- Want to save money on conversion fees
What is maximum amount I can load on my prepaid card?
Is my CIBC Air Canada AC Conversion Visa Prepaid Card a credit card?
Can the CIBC Air Canada AC Conversion Visa Prepaid Card be used for online purchases?
Can I build credit with the CIBC Air Canada AC Conversion Visa Prepaid Card?
Why would someone need a prepaid card?
A credit card without any foreign transaction fees will cost you less when you travel and will provide you with the convenience of spending in various currencies all from one source. This card may be great for you if you’re looking for convenience while minimizing the financial burden of foreign transaction fees.
Largest Lender Network In Canada
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Earn 5% Cash Back With Neo
Earn an average 5%¹ cash back at thousands of partners and at least 1%² cashback guaranteed.
Build Credit With Refresh Financial
Build credit while spending money with the Refresh Financial VISA card.
In an industry that doesn’t often put the consumer first, Lexop is changing the way companies manage their collection process.