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Best CIBC Student Credit Cards in Canada February 2023

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 Aventura Visa Card For Students

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 Aeroplan Visa Card For Students

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 Dividend Visa Card for Students

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.

CIBC Classic Visa Card for Students

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:
600
900

Fair to Good

Tangerine Cash Back Credit Card

On Tangerine’s website

  • No annual fee.
  • Unlimited 2% cash back in two spending categories. Get an extra 2% cash back spending category when you deposit your rewards in a free Tangerine savings account.
  • Unlimited 0.50% cash back on all other purchases.
  • Cash back earned is paid out monthly.
  • 1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
  • Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
  • Extended warranty for up to one extra year.

No annual fee

High cash back rates

Low-income requirement

Cash back paid monthly

Low-interest balance transfer

No travel insurance coverage

3% balance transfer fee

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada. It’s great for students and those who have a limited credit history. Cardholders can also enjoy no-fee chequing and a high interest savings account.

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 Financial Mastercard

Excellent entry-level credit card for cash back

Annual fee: $0

Rewards: Earn up to 15% cash back for first purchases at eligible partners, 5% cash back at partner stores for other purchases, and 0.5% cash back on all other purchases.

Welcome offer: $25 bonus

Interest rates: 19.99%-25.49% for purchases, 21.99%-25.49% for cash advances.

Minimum income requirement: None

Recommended credit score:
600
900

Fair

Neo Financial Mastercard

On Neo Financial’s website

  • Earn up to 15% cashback on first purchases at eligible partners.
  • Earn 5% cashback at over 8,000 merchants.
  • Earn 0.5% cash back on all other purchases.
  • Unlimited cashback on purchases.
  • Use Subscription Bundles to get extra cashback by choosing from selected categories, or get other rewards on insurance or subscriptions.
  • App Insights provides a clear picture of spending habits.

Earn unlimited cashback

Earn up to 15% cashback on first purchases

No annual fee

Useful app

High-interest rate

No extra perks besides cashback

The Neo Financial Mastercard is a great way to earn up to 15% cashback without paying an annual fee. Subscription Bundles give you more control over where you make the most cash back, and the easy-to-use app provides insights into your spending habits.

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 up to 10,000 bonus Scene+ points in the first year.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: $12,000

Recommended credit score:
660
900

Good

scotiabank scene visa-img2

On Scotiabank’s website

  • Earn 2 Scene+ points on every $1 spent at eligible grocery stores.
  • Earn 2 Scene+ points on every $1 spent at Cineplex theatres or on cineplex.com.
  • Earn 1 Scene+ point on every $1 spent on all other eligible everyday purchases.
  • Save up to 25% on car rentals at participating AVIS and Budget locations in Canada and the U.S.
  • The minimum credit limit is $500.

No annual fee

Competitive purchase APR at 19.99%

Scene+ points are unlimited

Does not include insurance benefits

2X rewards categories are relatively limited

The Scotiabank Scene+ Visa Card has no annual fee and a competitive purchase APR. It is an excellent entry-level credit card for students and newcomers.

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: Get 9.99% interest on purchases for the first three months. Plus, earn 10% bonus cash back at eligible restaurants and bars for the first four months.

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:
660
900

Good

Simplii Financial Cash Back Visa Credit Card

On Simplii’s website

  • Earn 4% cash back on eligible restaurant, bar, and coffee shop purchases (capped at $5,000 per year).
  • Earn 1.5% cash back on eligible gas, groceries, and drugstore purchases, as well as recurring payments (capped at $15,000 spent per year).
  • Earn 0.5% cash back on all other purchases without any cap.
  • The minimum annual household income is $15,000.

No annual fee

Competitive purchase APR at 19.99%

0.5% cash back is unlimited

Limited insurance benefits

Limited travel benefits

4% cash back categories are capped at $5,000 annually

The Simplii Financial Cash Back Visa Card offers competitive cash back on everyday purchases with no annual fee. It’s a great starter card to build your credit score while earning cash back on your most common purchases.

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

What is the credit limit for a CIBC student credit card?

The credit limit varies depending on several factors, including your credit score. The minimum CIBC student credit card limit is $1,000.

Is CIBC free for students?

CIBC offers no-fee chequing and credit accounts for students.

Can I sign up for a CIBC student card without being a student?

Yes, the CIBC student credit cards on this list are also available to individuals who are not students.

Related:

Best Credit Offers in February 2023

Get one of the no-fee cash back credit cards in Canada ($100 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $100 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer and purchase protection insurance.

No annual fees to use the card; cashback is paid out monthly.

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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