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CIBC Classic VISA Card for Students credit card reviews

CIBC Classic VISA Card for Students credit card details and credit card application link.

The CIBC Classic VISA Card for Students is, as the name suggests, appropriate and intended for student life. With an interest rate of 19.9 percent on purchases, this card truly helps one save money. The safety features of this card are simply beyond compare in Canada. Clients are entitled to automatic repair, replacement or reimbursement for stolen, lost, or damaged personal items within 90 days of charging purchases to the card. They are also entitled to extended protection, twice as long as the original Canadian manufacturer’s warranty, and one more year on most goods charged to the card. Clients also get carrier accident insurance for $100,000 if their tickets were purchased with the card. The coverage is available only to the card holder and extended to his/ her spouse and children.

The card is perfect for full-time students attending recognized universities or colleges who enjoy the convenience of a credit card without an annual fee. Moreover, there is no fee on supplementary cards. The credit limit starts at $500. Considering that the card is intended for students, it shouldn’t come as a surprise that the minimum annual household income required is just $1,200. Student loans are not considered income, but employment income, parental or family support, bursaries, grants and scholarships are. The regular interest rate on this card is 18.5 percent, with the slightly higher 19.5 percent on purchases and 21.5 percent on cash advances. Typically, students do not have a lengthy credit history, and this card plan takes that into consideration. This financial product is intended for young people who want to establish their credit rating with view of their financial future.

Additional extras include discounts of 5 percent to 25 percent on AVIS car rental at participating branches, non-stop roadside assistance in Canada and the U.S. (mainland), a market rate guarantee with Driver Assist, acceptance at over 24 million locations worldwide, travel accident insurance, a grace period of 21 days and minimum payment of $10 or 2.1 percent, depending on which one is greater.

There is a monthly premium of $0.89 per $100 of the outstanding balance, with a maximum benefit of $10,000. If you like earning rewards, this card is not a good choice. You will not get travel rebates, cash back, merchandise, groceries, vehicle rebates, health care or financial products. What you will get is travel medical insurance, trip cancellation insurance, and balance protection insurance. However, some limitations may apply on these.

If you need an additional credit card from another banking institution or just want to look for more offers, the L’earn Visa Card by ScotiaBank is a great product. The card goes with a grace period of 21 days or more, no annual fee, interest rate of 18.59 percent, and minimum credit limit of $500. Students can earn up to 1 percent Moneyback on purchases made with L’earn Visa. Additional features include Scotia Visa Checks for transferring balances from retail and gas cards, rental car discounts, instant cash advances, optional Balance Protection, and Zero Liability Policy. The Balance Protection by Scotia gives card holders the opportunity to insure their account balance in the event of death, disability, diagnosis of life threatening condition, and involuntary unemployment. The coverage is in the amount of $20,000, and clients should be between 18 and 54 years old.

Credit Card Details
NameCIBC Classic VISA Card for Students Apply Now
Interest Rate19.99%
Annual Fee$0
Cash BackNo
Low InterestNo
Auto and GasNo
Instant ApprovalNo
Balance TransferNo
US DollarNo
No Annual FeeYes