CIBC prepaid credit cards
When using CIBC prepaid cards abroad, you can pay in up to five different currencies without having to worry about fluctuating exchange rates.
The Canadian Imperial Bank of Commerce (CIBC) offers a range of services to over 11 million clients around the world, providing bank accounts, credit cards and mortgages. Founded in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC offers prepaid cards as an alternative to traditional credit cards, allowing you to load money onto a card in one of several currencies, and spend it around the world. You can get five different cards if you choose – a card for each of the currencies that CIBC offers.
Read on to learn about the two different types of prepaid cards available from CIBC, including benefits, limits, fees, eligibility requirements and how to apply.
Types of CIBC prepaid cards available
CIBC prepaid cards allow you to load your own money to use for shopping inside and outside of Canada. Unlike traditional credit cards, prepaid cards don’t allow you to overdraw your funds so you can only spend as much as you have loaded on your card. CIBC prepaid cards have no impact on your credit score and will not incur any interest charges. CIBC offers prepaid cards in each of the five different currencies offered, and they are available at CIBC banking centres, online and via mobile banking. CIBC offers the following prepaid cards:
CIBC Smart™ Prepaid Visa* Card
The CIBC Smart™ Prepaid Visa* Card provides a secure way to shop in Canadian dollars anywhere Visa is accepted. CIBC prepaid cards can be reloaded online or at CIBC banking centres as many times as you want. The funds don’t expire, even though the actual card has an expiry date. You can use your prepaid card online, in stores or by phone and set up email or SMS notifications to help you keep track of your spending. The CIBC Smart™ Prepaid Visa* Card allows you to withdraw cash for free at any CIBC ATM in Canada.
CIBC Smart™ Prepaid Travel Visa* Card
CIBC Smart™ Prepaid Travel Visa* Cards are designed for use during travel outside Canada and are available in either U.S. dollars, British pounds, euros or Mexican pesos. Your exchange rate is locked in when you load funds onto your card so you won’t have to worry about unstable foreign exchange rates while travelling. The first withdrawal at a CIBC bank outside of Canada every month is free, but all subsequent withdrawals will incur a fee. You can withdraw cash in any of the four available foreign currencies while in each corresponding country, but if you use your prepaid card in Canada you can only withdraw Canadian dollars.
- Minimum load amount
- Maximum balance amount
- Daily maximum load amount
- Daily ATM withdrawal limit
- Daily maximum point of purchase limit
The benefits of CIBC prepaid cards
Some of the features you can enjoy with a CIBC prepaid card include:
- No interest. Unlike traditional credit cards, the funds on your prepaid card will not incur any interest over time.
- Use worldwide. CIBC prepaid credit cards are available in five different currencies, making them useful both in and outside of Canada.
- Visa payWave*. You can pay for small purchases quickly using this contactless technology by simply waving your card.
- Credit score not affected. You don’t have to worry about your prepaid card affecting your credit score or rating because you can only use the money you have loaded onto your card. It’s not possible to overdraw your card or use more than you have.
- Funds don’t expire. There is an expiration date on your prepaid card, as an expiry date is required for many online purchases and other transactions, but your funds will not actually expire. A replacement card will be sent to you before your card expires if you have any remaining balance and have used the card in the previous 12 months.
- No minimum age limit. Unlike most credit cards, prepaid credit cards have no minimum age requirement. This means a CIBC prepaid card can be used as a credit card alternative for those under 18 years of age.
- No residency requirement. You don’t have to be a Canadian citizen or resident to be eligible for a CIBC prepaid card, making them useful for travellers.
- No CIBC bank account required. You can buy a CIBC prepaid credit card even if you don’t have a CIBC bank account. Read on to find out how to apply.
Are CIBC prepaid cards secure?
CIBC prepaid cards are verified by Visa and included in Visa’s zero liability policy. This helps protect you against fraud and means you won’t be held responsible for purchases made on a lost or stolen card as long as you meet the obligations in your cardholder agreement. CIBC will monitor your card to help detect any fraudulent transitions or purchases.
How to apply for a CIBC prepaid card
If you’re already a CIBC client and want to apply for a CIBC prepaid card you can click “Go to site” to log in to your CIBC online banking account or CIBC mobile banking account, or purchase a card at any CIBC banking centre. You can then load your prepaid card from your existing CIBC bank account or credit line. If you’re not yet a CIBC client, you can purchase a prepaid credit card in the currency of your choice at CIBC banking centres in Toronto Pearson Airport.
You can use your prepaid card as soon as you’ve activated it and signed the back. A PIN will be included if you buy your card from a banking centre, or mailed to you separately if you order your card online. All CIBC cards have a minimum load amount. Keep in mind, while prepaid credit cards don’t have the same eligibility requirements as traditional credit cards, you’ll still require a few documents to get started.
- Canadian address. While you don’t need to be a Canadian resident or citizen to buy a CIBC prepaid card, you do need to provide a valid Canadian address.
- Two forms of ID. Acceptable forms of identification can include a passport, permanent residency card or Canadian, US or UK driver’s licence.
- Customization fee
- ATM withdrawal fee outside Canada (the first CIBC withdrawal each month is free)
- ATM withdrawal fee at non-CIBC ATM providers
- Lost or stolen card fee
- Card replacement shipment
- Foreign conversion fee