CIBC Smart Prepaid Visa Card Review

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CIBC Smart Prepaid Visa Card Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood

CIBC Smart Prepaid Visa Card Review

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CIBC CIBC Smart Prepaid Visa Card Prepaid Cards Review

If you’re fed up with sky-high rates and fees that come with credit cards or are unable to get approved for one because of bad credit, then a prepaid credit card may be just the tool you need. With a prepaid card, you can use it much like a regular credit card to make purchases that a debit card may not permit you to do. 

The CIBC Smart Prepaid Visa is a great example of a prepaid credit card that you can use to shop with confidence while keeping your credit card expenditures under control so you don’t rack up sky-high credit card balances.

Let’s take a closer look at the CIBC Smart Prepaid Visa to help you determine if this is the prepaid card you should go with.  

What Kind of Prepaid Cards Does CIBC Offer? 

CIBC Smart Prepaid Visa Card

The CIBC Smart Prepaid Visa Card provides you with a convenient and safe way to make purchases, whether in-person, over the phone, or online, just like with a traditional credit card but without all the sky-high fees. You can also withdraw cash from an ATM anywhere around the world. 

This prepaid card offers an easy way to help you better manage your spending. You can set a budget, load your card with a certain dollar amount, then use it wherever Visa is accepted as a form of payment. The funds never expire, and you can access your account details around the clock.

You can make purchases up to $100 using Visa payWave, a tool that allows you to use your mobile device over a payment terminal without having to retrieve your card from your wallet. This facilitates fast and easy checkouts without having to punch in a PIN and comes with Visa security for peace of mind. 

CIBC Smart Prepaid Travel Visa Card

The CIBC Smart Prepaid Travel Visa Card is great for those who love to travel but don’t want to carry around traveller’s cheques or cash in other currencies. Instead, this card allows you to load up cash that supports four different currencies, including:

  • US dollars
  • British pounds
  • Mexican pesos
  • Euros

Travelling to any country that accepts these currencies means you’ll have the right currency needed all on one convenient card. 

CIBC Air Canada AC Conversion Visa Prepaid Card 

Also ideal for those who love to travel, CIBC Air Canada AC Conversion Visa Prepaid Card offers even more currencies than the CIBC Smart Prepaid Travel Visa Card. You’ll have 10 different supported currencies on your card, including:

  • Canadian dollars
  • US dollars
  • Euros
  • British pounds
  • Australian dollars
  • Japanese yen
  • Hong Kong dollars
  • Turkish lira
  • Swiss francs
  • Mexican pesos

You can load your prepaid card with supported currencies and lock in the foreign exchange rate when the card is loaded. The card offers a secure and convenient way to shop abroad and can be used anywhere that Visa is accepted.  

Pros and Cons of Using the CIBC Smart Prepaid Visa Prepaid Card

Pros 

  • Shop online or by phone like a regular credit card. You can take advantage of the perks of a credit card without the high fees that tend to come with them.
  • Quickly pay for purchases using Visa payWave. You don’t even need to take your card out to make a small purchase; just tap your mobile device (with the app downloaded) and you’re done!      
  • No expiration. Whatever money you load onto your card will always be accessible, even years down the road. 
  • Innovative chip and PIN technology keep your funds secure. 
  • Protection against fraud. Visa’s zero liability policy means you won’t ever be responsible for any unauthorized fraudulent purchases.
  • Keep your spending under control. You won’t have the chance to accumulate credit card debt with a prepaid credit card.
  • Receive notifications whenever a purchase on the card is made. This way, you can be aware of exactly what you’re spending and where you’re spending it.

Cons 

  • You cannot use the CIBC Smart Prepaid Visa to build your credit score.
  • No rewards points are offered.

How Much Does it Cost To Open an Account With CIBC?

There is no cost to get a CIBC Smart Prepaid Visa credit card. However, there is a fee to have it couriered to you if you do not pick it up in person at a participating CIBC branch.

How Do You Open a Prepaid Card Account With CIBC?

You can get your CIBC Smart Prepaid Visa credit card at CIBC bank branches, through CIBC online banking, or through the CIBC mobile banking app. No credit check is required since you are not applying for an unsecured credit card. There is no risk for the bank since the money must be preloaded and available on your card first before you use it. 

The card will be registered to your name and then must be activated. Then, you can load the card with Canadian dollars from your bank account online or at any CIBC bank branch.

Card Product Details Overview

Product FeatureCIBC Air Canada AC Conversion Visa Prepaid Card CIBC Smart Prepaid Visa CardCIBC Smart Prepaid Travel Visa Card
Annual Account Fee$0$0$0
Foreign Transaction Fees2.5% for unsupported currencies2.5% 2.5% 
Cost Per Transaction$0$0$0
ATM Withdrawal FeeFree in Canada; 1 free per month outside Canada; $1.95 and up after thatFree in Canada; 1 free per month outside Canada; $1.95 and up after thatFree in Canada; 1 free per month outside Canada; $1.95 and up after that
Replacement Card Fee$25$14.95$10.95
RewardsNoneNoneNone
Budgeting and TrackingPush notifications are sent whenever a purchase is madePush notifications are sent whenever a purchase is madePush notifications are sent whenever a purchase is made
Card Limits$2,999.99 maximum load per day.
$1,999 maximum ATM withdrawal per day.
$2,999 maximum point of sale purchase limit per day.
$19,999 maximum balance.
$3,000 maximum load per day.
$1,000 maximum ATM withdrawal per day.
$3,000 maximum point of sale purchase limit per day.
$10,000 maximum balance.
$3,000 maximum load per day.
$1,000 maximum ATM withdrawal per day.
$3,000 maximum point of sale purchase limit per day.
$10,000 maximum balance.

Is the CIBC Smart Prepaid Visa Prepaid Card Right For You?

This prepaid credit card may be right for you if you:

  • Need some help to control your credit card spending
  • Want to avoid racking up credit card debt
  • Want to save on sky-high credit card fees
  • Want an easy and convenient way to track your purchases
  • Like the convenience of using your smartphone to make small in-person payments

Prepaid Credit Card FAQs

What is the minimum and maximum amount that can be loaded on to the CIBC Smart Prepaid Visa card? 

The minimum amount to load the card is $20, and the maximum is $10,000. The maximum amount that can be loaded in a 24-hour period is $3,000.

Is my CIBC Smart Prepaid Visa Prepaid Card a credit card? 

No, while the card can be used somewhat like a credit card, it is not a credit card. Rather, it’s a prepaid card that needs to be preloaded with funds before you can use it and does not affect your credit score like a typical credit card.
 

Can the CIBC Smart Prepaid Visa Prepaid Card be used to buy items online?

Yes, this prepaid card can be used to purchase online, much like with a traditional credit card.

Can the CIBC Smart Prepaid Visa Prepaid Card be used to build my credit score?

No, as mentioned above, you cannot build your credit score using this prepaid card because your payments are not reported to the credit bureaus.

Final Thoughts

The CIBC Smart Prepaid Visa prepaid card offers you a convenient way to make purchases without having to carry cash around. It also allows you to use the card like a regular credit card without all the fees and high-interest rates that are typical with unsecured credit cards. The prepaid card is safe to use and protects you against any fraudulent activity. If you’re looking for ease and convenience when you shop, consider looking further into the CIBC Smart Prepaid Visa.

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