The CIBC U.S. Dollar Aventura® Gold Visa Card is tailored for Canadians who frequently indulge in shopping or travel across the border in the United States. With this card, users earn one Aventura Point for every two dollars spent, making it an attractive option for those seeking rewards on their purchases. One of its standout features is the absence of currency conversion fees, as the account balance is maintained in US dollars. This means cardholders can make transactions in US currency without incurring additional charges typically associated with foreign exchange. However, it's important to note that any outstanding balances must be settled in US dollars to fully capitalize on the cost-saving benefits offered by this card.
Key Features
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Aventura Points. Cardholders earn one Aventura Point for every two dollars spent on their card. This rewards system allows users to accumulate points quickly, which can later be redeemed for various rewards such as travel, merchandise, gift cards, and more.
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US Dollar Account Balance. Unlike traditional credit cards, the CIBC U.S. Dollar Aventura® Gold Visa Card maintains its account balance in US dollars. This feature eliminates the need for currency conversion when making purchases in the United States, saving users from incurring additional fees typically associated with foreign transactions.
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No Currency Conversion Fees. With this card, users can make purchases in US currency without worrying about currency conversion fees. This perk is especially beneficial for frequent travelers or shoppers who regularly conduct transactions in the United States.
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Cost-Saving Benefits. By maintaining an account balance in US dollars and avoiding currency conversion fees, cardholders can save money on their purchases and transactions, making the CIBC U.S. Dollar Aventura® Gold Visa Card a cost-effective choice for cross-border spending.
Pros and Cons
Pros
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No Currency Exchange Fees on U.S. Dollar Purchases. This feature saves cardholders from incurring additional charges typically associated with foreign transactions, making it an attractive option for cross-border spending.
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4 Types of Insurance. The card offers added peace of mind with various insurance benefits, providing coverage for travel emergencies, rental car collisions, purchases, and more.
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Up to 1 Point per $1 Spent. Cardholders have the opportunity to earn rewards quickly with a generous rewards system, allowing them to accumulate points on their everyday spending.
Cons
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Relatively High Annual Fee of US$35. While the card offers valuable benefits, the annual fee may be considered steep compared to other credit cards in the market.
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High Interest Rates. Cardholders should be mindful of the high interest rates associated with outstanding balances, which stand at an industry standard of 20.99%. Additionally, cash advances carry an even higher interest rate of 22.99%, making it important to pay off balances in full and on time to avoid accruing interest charges.
How to Apply for a CIBC U.S. Dollar Aventura® Gold Visa Card
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Visit the CIBC Website. Open your web browser and navigate to the official website of CIBC (Canadian Imperial Bank of Commerce).
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Navigate to the Credit Cards Section. Once on the CIBC homepage, locate and click on the "Credit Cards" section. This section is typically found in the main navigation menu or as a prominent feature on the homepage.
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Choose the Required Credit Card. Within the credit cards section, browse through the available options until you find the CIBC U.S. Dollar Aventura® Gold Visa Card. Click on the card to learn more about its features, benefits, and terms.
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Click "Apply Now". After reviewing the details of the CIBC U.S. Dollar Aventura® Gold Visa Card, locate the "Apply Now" button or link associated with the card. This button is usually displayed prominently on the card's information page.
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Fill Out the Application Form. Once you click on "Apply Now," you'll be directed to an online application form. Provide the required information accurately and completely. This typically includes personal details such as your name, address, contact information, employment status, and income.
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Eligibility Requirements
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Be a Canadian Resident. Applicants must be residents of Canada to be eligible for the card.
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Have Reached the Age of Majority in Your Province. Individuals applying for the card must have reached the age of majority in their respective province or territory.
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Have a High Credit Score (>760). While specific credit score requirements may vary, a good credit score, generally defined as above 760, is typically required for approval.
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Have a Minimum Household Annual Income of $15,000. Applicants are typically required to demonstrate a minimum household annual income of at least $15,000 to be considered for approval.
Reasons You May Be Denied a CIBC U.S. Dollar Aventura® Gold Visa Card
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Insufficient Credit History. If you have a limited credit history or a history of late payments or defaults, the issuer may deny your application.
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Low Credit Score. If your credit score falls below the threshold set by the issuer, you may be denied the card. Generally, a credit score below 760 is considered subprime.
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High Debt-to-Income Ratio. If your debt obligations are too high compared to your income, the issuer may deem you a higher risk and deny your application.
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Recent Bankruptcy or Foreclosure. Recent bankruptcy filings or foreclosures on your credit report may lead to denial as they indicate financial instability.
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Too Many Recent Credit Inquiries. If you have applied for multiple credit cards or loans recently, it may signal to the issuer that you are in financial distress and could result in a denial.
How to Pay Off My CIBC U.S. Dollar Aventura® Gold Visa Card
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CIBC Online or Mobile Banking. Log in to your eligible credit card account through CIBC online banking or the CIBC mobile banking app. From there, you can make a payment towards your CIBC U.S. Dollar Aventura® Gold Visa Card balance.
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CIBC Banking Centre. Visit a CIBC Banking Centre in person and make a payment towards your CIBC U.S. Dollar Aventura® Gold Visa Card. A representative can assist you with the process if needed.
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Telephone Banking. Contact CIBC's telephone banking service and make a payment towards your CIBC U.S. Dollar Aventura® Gold Visa Card debt over the phone.
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Recurring Bill Payments. To ensure you never miss a payment, consider setting up recurring bill payments through your CIBC online or mobile banking. This allows you to schedule automatic payments towards your CIBC U.S. Dollar Aventura® Gold Visa Card regularly.
Editorial Opinion
The CIBC U.S. Dollar Aventura® Gold Visa Card is a strategic choice for Canadians who frequently spend in the United States, offering the convenience of a US dollar account balance and the elimination of currency conversion fees. Earning one Aventura Point for every two dollars spent, this card provides a modest but steady accumulation of travel rewards. The absence of currency conversion fees is particularly beneficial for cross-border shoppers and travelers, allowing them to save on additional charges. However, the card's annual fee of $35 USD and high interest rates may be a drawback for some. Overall, this card is well-suited for those who regularly make transactions in US dollars and want to avoid currency exchange fees while earning rewards.
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