Students can use a CIBC student credit card to build their credit history while also earning rewards and paying no annual fees.
The great thing about applying for a CIBC student card is that you don’t need to meet a minimum annual income requirement and your credit limit is at least $1,000.
CIBC student credit cards also give you access to free SPC membership.
Read on to learn about the best CIBC credit cards for students, including their features, pros, cons, fees, and alternatives.
CIBC Student Credit Cards
The four CIBC student credit cards are:
- CIBC Aventura Visa Card
- CIBC Aeroplan Visa Card
- CIBC Dividend Visa Card
- CIBC Classic Visa Card
CIBC Aventura Visa Card For Students
The CIBC Aventura Visa Card for students has no annual fees.
Cardholders earn 1 point per $1 spent on gas, grocery, and drugstore purchases (on a limit of $6,000 in annual spending).
Double the points are earned when you purchase travel through the CIBC Rewards Center, and you earn 1 point per $2 spent on everything else.
This card also comes with car rental insurance, carrier accident insurance, purchase security, and extended warranty protection.
You can redeem Aventura points for gift cards, travel merchandise, and more.
- Annual fee: $0
- Minimum credit limit: $1,000
- Purchase interest: 20.99%
- Cash advances: 22.99%
Con: High purchase interest rate at 20.99%.
CIBC Aeroplan Visa Card for Students
The CIBC Aeroplan Visa Card for students is a good option if you are looking for an Aeroplan credit card.
You earn 1 Aeroplan point per $1 spent on gas, groceries, and Air Canada purchases; and 1 point per $1.50 spent elsewhere.
This card also includes common carrier accident insurance, car rental insurance, purchase security, and extended warranty protection.
- Annual fee: $0
- Minimum credit limit: $1,000
- Purchase interest: 20.99%
- Cash advances: 22.99%
Con: High purchase interest rate at 20.99%.
CIBC Dividend Visa Card for Students
The CIBC Dividend Visa Card for students is a great cash back credit card, offering 2% cash back on groceries; 1% cash back on gas, dining, transportation and recurring payments; and 0.50% cash back on everything else.
You can redeem cash back earned starting at $25.
This card also includes common carrier accident insurance, purchase security, and extended warranty insurance coverage.
- Annual fee: $0
- Minimum credit limit: $1,000
- Purchase interest: 20.99%
- Cash advances: 22.99%
The CIBC Dividend Visa Card is also one of CIBC’s international student credit cards.
Cons: High purchase interest rate and annual spending limits on the 2% and 1% cash back categories.
CIBC Classic Visa Card For Students
The CIBC Classic Visa Card for students is a plain vanilla credit card with no cash back or points rewards.
Cardholders enjoy access to common carrier accident insurance, purchase security, and extended warranty insurance.
- Annual fee: $0
- Minimum credit limit: $1,000
- Purchase interest: 20.99%
- Cash advances: 22.99%
Con: This credit card does not offer rewards when you spend.
Alternatives To CIBC Student Credit Cards
The following student credit cards are easy to qualify for and they offer competitive cash back rewards.
1. Tangerine Money-Back Credit Card
Students only need a 600+ credit score and $12,000 annual income to qualify for the Tangerine Money-Back Credit Card.
This no fee card offers unlimited 2% cash back on 2-3 categories of spending and 0.50% cash back on everything else.
If you also need to transfer a balance, you can do so for 1.95% in the first 6 months.
Learn more in this review.
Tangerine Money-Back Credit Card
Best no-fee cash back credit card
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
2. Neo Financial Mastercard
The Neo Card is one of the best cash back credit cards in Canada without an annual fee.
New cardholders also get up to 15% cash back when they make their first purchases at participating retailers.
Learn more in this detailed review of the card.
Neo Credit
Excellent credit card for cash back
Annual fee: $0
Rewards: Earn up to 5% cash back at partner stores.
Welcome offer: $25 bonus on approval.
Interest rates: 19.99% – 22.99% for purchases.
Minimum income requirement: None
Recommended credit score:
Fair
On Neo Financial’s website
3. Scotiabank Scene+ Visa Card
The Scene+ Visa Card offers 1 Scene+ point per $1 spent on everyday purchases and 5 Scene+ points per $1 spent at Cineplex. This Scotiabank Student credit card is easy to qualify for, even with limited income.
Scotiabank Scene+ Visa Card
Excellent entry-level credit card for students
Annual fee: $0
Rewards: Earn up to 2X Scene+ points on everyday purchases.
Welcome offer: Earn 5,000 bonus Scene+ points with $750 spend in the first 3 months.
Interest rates: 19.99% on purchases and 22.99% on cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Good
On Scotiabank’s website
4. Simplii Financial Cash Back Visa Card
This Simplii credit card has no annual fees and pays 0.50% to 4% cash back on everyday purchases. Learn more in this review.
Simplii Financial Cash Back Visa Card
Excellent credit card for students and newcomers
Annual fee: $0
Rewards: Earn up to 4% cash back on high-spend categories.
Welcome offer: For a limited time, get a $100 Skip Digital Gift Card when approved.
Interest rates: 19.99% on purchases and 22.99% on cash advances.
Minimum income requirement: Minimum annual household income is $15,000.
Recommended credit score:
Good
On Simplii’s website
Benefits of a Student Credit Card
Improve credit score: The bank reports your history to the credit bureaus, and if you make payments on time, you can increase your credit score. Check your credit score here for free.
Earn rewards: Depending on the card, you can earn cash back rewards or points you can redeem for gift cards, free travel, or as statement credits.
Insurance coverage: Get free purchase protection that protects things you buy in the event they are damaged or stolen within 90 days of purchase. Many student cards also extend the warranty on your purchases for up to one year.
Learn to use credit: A credit card can help you learn how to manage your finances and prepare you for a world where responsible use of credit and loans is an advantage.
Disadvantages of Student Credit Cards
If your spending gets out of control and you don’t pay off your credit card balance each month, you could be paying 20% to 25% interest on your outstanding balance.
Also, if you are not making payments on time, your credit rating can become damaged, making it harder for you to access lines of credit in the future.
How To Apply For a CIBC Student Credit Card
The application process for a CIBC credit card is similar to other Canadian credit cards.
For a student credit card, you will need to be a:
- Post-secondary student
- A resident of Canada who is the age of the majority
You must also not have declared bankruptcy in the past 7 years. Banks have other income and credit criteria they may take into consideration.
About CIBC
The Canadian Imperial Bank of Commerce (CIBC) is one of the largest financial institutions in Canada, with more than 11 million customers.
It was established in 1961 but dates back to 1867 when the Canadian Bank of Commerce was established.
CIBC offers various financial products and services to individuals and businesses, including chequing accounts, savings accounts, mortgages, loans, investments, insurance, and credit cards.
Learn more about Canada’s top banks.
CIBC Student Credit Card FAQs
The credit limit varies depending on several factors, including your credit score. The minimum CIBC student credit card limit is $1,000.
CIBC offers no-fee chequing and credit accounts for students.
Yes, the CIBC student credit cards on this list are also available to individuals who are not students.
Related:
