The last time I wrote about this card, it ended up being a very messy post with all the updates. Today, I will write up a cleaner version of it.
CIBC’s Air Canada AC Conversion Visa Prepaid Card is currently running a $25 Welcome Reward Credit if you preload between $500 and $2,999 in one or more of the foreign currencies before March 20, 2017. That’s a pretty sweet deal, so now is as good a time as any to get your card, if you haven’t already.
The funds on your card do not expire. However, the card itself has an expiry date. You will need to call the number at the back of your card to issue a replacement without 12 months before expiry of the card.
Keep in mind that a replacement card will not be sent unless requested. Also, if there is a zero balance on the card and it has been expired for 12 months, CIBC will permanently cancel the card.
Supported Foreign Currencies
As mentioned in the highlights, you can load up to 10 different currencies at once.
- *Canadian Dollars – CAD
- United States Dollars – USD
- Euros – EUR
- Great British Pounds (UK) – GBP
- Mexican Peso – MXN
- Hong Kong Dollars– HKD
- Australian Dollars – AUD
- Japanese Yen – JPY
- Turkish Lira – TRY
- Swiss Franc (Switzerland)– CHF
*Note that your initial deposit does not allow you to deposit in CAD yet. Once you complete your first load, then you unlock the ability to load in CAD.
If you were wondering, you have to put an initial $100 to activate the card the first time.
|Minimum load amount (single Transaction)||$100 CAD equivalent|
|Maximum load amount (single Transaction)||$2,999.99 CAD equivalent|
|Maximum balance||$20,000 CAD equivalent|
|Daily (24-hour) maximum point of sale purchase limit||$2,999.99 CAD equivalent
|Daily (24-hour) maximum ATM withdrawal limit||$2,000 CAD Equivalent
|Shipment by Courier (Optional)||CAD $15.00|
|Card Replacement (loss of card)||CAD $25.00 or equivalent|
|ATM Withdrawals (Within Canada)||Free|
|ATM Withdrawals (Outside Canada)||No fee will be charged for the first ATM withdrawal in each month.|
|Foreign Conversion Transactions (for debits and credit other than the ones listed above)||2.5%|
As you can see, CIBC has really simplified its fee structure.
Relation To Air Canada
I actually have no clue. Seems more like Air Canada is just sponsoring this card. This card is great to use when travelling abroad, because you can avoid foreign transaction fees using the 10 supported currencies and avoid the need to carry loads of cash around.