The CIBC Aventura® Visa Card for Business offers flexibility and rewards for business owners. The card is available in two plans: a standard plan with an annual fee of $120 and a lower interest plan with a $180 annual fee. The standard plan features a 19.99% interest rate on purchases and a 21.99% rate on cash advances. The lower interest plan offers more competitive rates, ranging from 12.99% to 18.99% on purchases and 14.50% to 21.50% on cash advances, depending on your credit profile.
Key Features
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Welcome Bonus. Get up to $1,800 in value with 70,000 Aventura Points and a first-year fee rebate.
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Annual Fees. $120 for the standard plan and $180 for the lower interest plan.
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Additional Cards. You can get up to 9 additional cards for your employees, each with a $50 fee. This allows you to extend the card's benefits to your team and streamline business expenses.
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Earning Potential. 2 points per $1 spent on travel booked through the CIBC Rewards Centre, 1.5 points per $1 spent on gas, travel, and dining, and 1 point per $1 spent on all other purchases.
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Insurance: Includes travel insurance, purchase security, and extended protection.
Pros and Cons
Pros
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Two plans to suit different business needs. The plan with the higher annual fee offers lower interest rates, providing potential savings for businesses with specific requirements.
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Generous Welcome Bonus. You can get up to $1,800 in value, including 70,000 Aventura Points, and a first-year fee rebate, making it a lucrative option for new cardholders.
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Enhanced Travel Rewards. Earn 2 points for every $1 spent on travel purchased through the CIBC Rewards Centre. This is particularly beneficial for businesses with frequent travel needs.
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Flexible Point Redemption. You can use your Aventura Points to help pay down your credit card balance or contribute them to select financial products, adding flexibility to how you utilize your rewards.
Cons
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High Annual Fees. $120 or $180 depending on the plan, which could be high for smaller businesses.
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Complex Reward System: The varying earning rates may be confusing for those who prefer a simpler rewards structure.
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Business-Only Eligibility. The card is only available for businesses, which limits its accessibility to individual consumers.
How to Apply for a CIBC Aventura® Visa Card for Business
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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 Aventura® Visa Card for Business. 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 Aventura® Visa Card for Business, 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 Good 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 $35,000. Applicants are typically required to demonstrate a minimum household annual income of at least $35,000 to be considered for approval.
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Small Business Ownership. You should own a small business operating in Canada.
Reasons You May Be Denied a CIBC Aventura® Visa Card for Business
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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 Aventura® Visa Card for Business
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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 Aventura® Visa Card for Business balance.
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CIBC Banking Centre. Visit a CIBC Banking Centre in person and make a payment towards your CIBC Aventura® Visa Card for Business. 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 Aventura® Visa Card for Business 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 Aventura® Visa Card for Business regularly.
Editorial Opinion
The CIBC Aventura® Visa Card for Business is a versatile option that provides valuable rewards and flexible payment plans for businesses. The availability of two plans allows businesses to choose between a lower annual fee or lower interest rates. However, businesses should consider their spending habits and potential interest costs before deciding which plan to choose. The card's comprehensive insurance coverage and rewards program make it a solid choice for those who value these benefits.
Additional Resources
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Required documents
Welcome Bonus
