CIBC Aventura Visa Card Review (Feb 2023)

December 11, 2022
Reviews
CIBC

The CIBC Aventura Visa Card is a rewards and travel credit card issued by CIBC, one of the largest banks in Canada. CIBC Aventura Visa Card is best known for its high Aventura points earn rate for any purchase at grocery stores, gas stations, and drugstores.

Aside from being a travel and rewards credit card, it offers unique features such as CIBC Pace It Installment Plan, CIBC Insights, and Aventura Assistant, which help you manage your money and time whenever you travel. We recommend the CIBC Aventura Visa Card not only for its rewards but for how it prioritizes your safety with real-time alerts and notifications. 

What Is The CIBC Aventura Visa Card?

CIBC Aventura Visa Card is one of the travel rewards credit cards offered by the Canadian Imperial Bank of Commerce (CIBC). It has no annual fees to pay, and you can receive a welcome bonus of up to 12,000 Aventura points on your first purchase. But there is a catch; this credit card requires you to have a minimum household income of $15,000, making it difficult to get approved if you earn less than the requirement.

If the card's income requirement is not your problem, then you can easily earn Aventura points from purchasing groceries, gas, drug store items, and more. You can redeem these points for any flights, hotel accommodations, tours, in-store, and online purchases, or even use them as cash to pay for your bills.

The CIBC Aventura Visa Card offers many great benefits, including insurance coverage and account security alerts. You can learn more about these by scrolling through the page below and deciding if this travel rewards credit card is right for you. 

Features Of The CIBC Aventura Visa Card

There are a lot of travel rewards credit cards to choose from, offering unique rewards and benefits that their competitors lack. Though the CIBC Aventura Visa card works similarly to other credit cards, it has a few distinctive features that would assist you with traveling and managing your day-to-day expenses. Here are the seven qualities that may help you decide if this card is worth your money.

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#1 No Annual Fee

What's great about the CIBC Aventura Visa Card is that it does not cost you any annual fees, saving you money for other credit card expenses. Aside from that, there are no additional fees for extra credit cardholders for up to 3 people. Your spouse or children can easily use this credit card to earn more Aventura points. 

Be mindful of your spending since it has a whopping purchase rate of 20.99% and a cash advance rate of 22.99% (21.99% for Quebec residents) if you consider borrowing money.

Take note that you need to have a minimum household income of $15,000 per year, or you will have some issues with your credit card application.

#2 One Aventura Point For Every Credit Card Purchase

With CIBC Aventura Visa Card, you can earn one Aventura point for every dollar you spend on your card. You can redeem these points for various rewards such as airline tickets, merchandise, gift cards, and lifestyle rewards.

You can earn Aventura points through

  • Groceries, gas, drug store items, and travel purchases for every $1 spent
  • All other credit card purchases for every $2 spent

There are no limits to how many Aventura points you earn or how long you will use them for rewards. These points do not expire as long your account is active and in good standing with no bad credit history.

#3 Flexible Redemption Plans

You can redeem a selection of rewards from in-store and online items to travel rewards with this credit card. This way, you can travel to your most-awaited holiday vacation for free. There are three primary ways to use your Aventura points: Travel, Shop, or Pay with Points.

Travel

Redeem for flights, hotels, car rentals, cruises, and vacation packages. Here's how much you can expect to pay depending on the flight:

  • Canada and the U.S. (Short-haul) | Max ticket price = $400 (requires 10,000 to 20,000 Aventura points)
  • Canada and the U.S. (Long haul) | Max ticket price = $800  (requires 25,000 to 35,000 Aventura points)
  • Mexico, Alaska, Hawaii, Central America, Caribbean | Max ticket price = $1,000 (requires 40,000 to 60,000 Aventura points)
  • Europe | Max ticket price = $1,300 (requires 50,000 to 70,000 Aventura points)
  • Rest of the World | Max ticket price = $1,300 (requires 75,000 to 125,000 Aventura points)

You can also use your money to convert it into an Aventura point at a rate of 100:1 (100 Aventura points=$1.

Shopping

Redeem your points for merchandise, gift cards, in-store payments, and online items.

Pay with Points

Redeem your points to settle your purchases or credits. This includes credit card balance, investment contributions (such as TFSA, RRSP, or CIBC Investor's Edge portfolio), CIBC loans or personal lines of credit, and mortgage payments.

#4 CIBC Pace It Installment Plans

CIBC Pace It Installment Plans lets you break down your big purchases into smaller payments with installment plans. You can pay off these monthly installments at a lower interest rate with no credit check or approvals required.

Follow these three simple steps to start your CIBC Pace It Installment Plans.

  1. Choose the purchase you want to be paid at a later date, along with an “Eligible for Installments” label.
  2. Pick an Installment Plan option, including the monthly payment and the One-Time installment fee (if applicable).
  3. Review and confirm your installment plan, which would take at least three business days.

The minimum amount of your purchase should be at least $100. You can choose between 6, 12, and 24 monthly payments with interest rates of 5.99%, 6.99%, and 7.99%, respectively. There is also an installment fee of 1.50% of the purchase amount. So don't be surprised if the total amount to be paid has doubled. 

Remember that you cannot change the installment plan, but you can cancel it anytime.

#5 Valuable Insurance Benefits With Optional Add-On Services

CIBC Aventura Visa Card offers valuable insurance benefits to its cardholders with optional add-on insurance for the event of unemployment or critical illness. These enable you to travel quickly, knowing that you are always secure and protected.

The certificate of insurance includes

  • Auto Rental Collision and Loss Damage Insurance – save up to $25 a day
  • Common Carrier Accident Insurance – up to $100,000 coverage for your spouse and dependent children (if any)
  • Purchase Security and Extended Protection Insurance – CIBC will refund you within 90 days of purchase

If you want to add extra credit card protection:

  • CIBC Payment Protector Insurance for Credit Cards – manage your finances during unemployment, critical illness, etc.

#6 Aventura Travel Assistant

The Aventura Travel Assistant is an independent travel service agency that manages your trips and travel plans with no booking fees. This reduces your time planning your whole itinerary by letting them customize your trip from start to finish.

CIBC Aventura Travel Assistant removes the hassle by taking care of the following:

  • Flights
  • Hotels
  • Vacations
  • Other travel experiences, including car rentals, cruises, events, tours, and more

You can also request to add more travel-related experiences, such as local sightseeing tours, amusement park passes, or pre-trip assistance to make your experience worthwhile.

#7 Account Safety and Security Features

CIBC Aventura Visa Card offers several account safety and security measures when you manage your credit card digitally. Whether you sign in to CIBC Online Banking or CIBC Mobile app, you can ensure that you can enjoy your day-to-day banking conveniently and safely. The safety and security features included in your account are:

  • New or Replacement Card Activation – activate your new or replacement card online anytime.
  • Credit Card Lock and Unlock Feature – instantly lock and unlock your card with a few taps in the mobile app.
  • Replacement Card Request – ask for a new card online, and CIBC will send the card to you through the mail.
  • Spend Alerts – receive alerts in real-time when there is a transaction on your card
  • Fraud Alerts – set up alerts on unauthorized use through email or online messages
  • Credit Report Alerts – notifies you of any unusual changes in your card, and reminds you of due payments or eStatements

Pros Of The CIBC Aventura Visa Card

  • No annual credit card fee and no extra costs for up to 3 additional credit cards
  • Earn 1 Aventura point for every $1 spent on groceries, gas, drug store items, and travel rewards purchases, and 1 point for every $2 spent on everything else.
  • Redeem your Aventura points for airline tickets, hotels, vacations, cruises, gift cards, merchandise, or bill payments
  • Save up to 10 cents using your linked Journie Rewards card at Pioneer, Fas Gas, Chevron, and Ultramar gas stations.
  • Offers unique travel card benefits such as Aventura Travel Assistant, CIBC Pace-It Installment Plans, and CIBC Insights (for managing expenses)
  • No transaction fees on sending money abroad as you settle your credit card balance on time
  • Offers insurance benefits including a 90-day Purchase Security, Extended Warranty, Auto Rental Collision, Loss Damage, and up to $100,000 Common Carrier Accident Insurance

Cons Of The CIBC Aventura Visa Card

  • It requires a minimum annual household income of $15,000
  • A purchase rate of 20.99%
  • A cash advance rate of 22.99% for non-Quebec residents and 21.99% for Quebec residents

Pricing

As we have mentioned above, the CIBC Aventura Visa card does not disappoint when it comes to its points, rewards, and insurance. Though it may not cost you any annual fees, you still need to know its other transaction charges. This way, you may now think of ways to prevent them from taking money from your account. 

Interest and Fees
Annual Fee$0
Additional Card Fee$0
Minimum Household Income$15,000
Purchase Rate20.99%
Cash Advance Rate22.99% or 21.99% if you reside in Quebec
Minimum Payment$10
Interest-Free Grace Period 21 days
Foreign Currency Conversion Rate2.5%
Overlimit Fee$29
Account Maintenance Fee (360 days inactivity)$10 below or the full credit card balance
Cash Advance Fee$3.50 within Canada or $5.00 outside Canada
Dishonoured Payment to CIBC fee$42.50

You also don't have to worry about your credit card purchases with the CIBC Aventura Visa card. This credit card offers a refund and a guarantee with its 90-day protection with Purchase Security and up to one additional year of the item's warranty with Extended Warranty Insurance.

In Summary

CIBC Aventura Visa Card is your go-to travel rewards credit card, especially if you prefer earning Aventura points more than anything else. This credit card works best for students, retirees, and frequent travelers who want to save money from annual credit card fees. With no annual fees to pay, you can earn 1 Aventura point on all credit card purchases and redeem them for free flights, accommodations, merchandise, gift cards, or as payments to your credit card balance, loans, mortgages, or investments.

You can also use your card easily since it offers travel insurance coverage and security features that notify you of unauthorized use of your account.

CIBC Aventura Visa Card FAQs

How much does CIBC Aventura Visa Card cost?

CIBC Aventura Visa Card does not cost any annual or additional credit card fees.

Is CIBC Aventura Visa Card worth it?

Yes, CIBC Aventura Visa Card is worth it. This credit card is best suited for students, retirees, and frequent travelers who prefer no annual credit card fees while having the ability to earn points and rewards. You can also take advantage of its unique features, such as Aventura Travel Assistant, Pace-It Installment Plans, and CIBC Insights, which would help you manage your travels, payment dues, and spending habits.    

Is CIBC Aventura Visa Card safe?

Yes, CIBC Aventura Visa Card is safe. This credit card has a mobile app lock feature where you can lock it when you lose or misplace it. It also has security alerts such as Spend Alerts and Fraud Alerts, where you can be notified through email or online messages of unauthorized uses or unusual activities in your account.

What credit score is needed for CIBC Visa?

The credit score you need for a CIBC Visa card is at least 670 to qualify. Having a good credit score between 660 to 720 makes it easier to apply and get higher chances of credit card approval. 

What is the best use of Aventura Points?

The best use of Aventura points depends on your preferences or goals. There are three main ways to use your points for traveling, shopping, or financial rewards (or payments). You can use it for flights, tours, vacations, or accommodations. For shopping, you can redeem them for merchandise or gift cards. Lastly, you can use your points to pay for your credit card balance, loans, mortgages, or investments (e.g., TFSA, RRSP).

Can you redeem Aventura Points for cash?

You can only redeem Aventura Points in cash-like value for financial rewards. You can use these points to pay your credit card balance, loans, mortgages, and investment contributions (e.g., TFSA, RRSP).   

How do I pay for my CIBC Aventura Visa Card?

You can pay your CIBC Aventura Visa card in three ways either using CIBC Online Banking or Mobile Banking, CIBC Banking Centre, or telephone banking.

Do CIBC Aventura Card points expire?

No, CIBC Aventura Visa card points do not expire. They will only be forfeited if your account is inactive or if you have closed your account voluntarily.

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