The new best low-income Visa card
(Edited November 1st: There were changes to the Aventura cards which includes removal of the $100 travel credit. In exchange, an additional 5,000 Aventura points are offered with $1,000 in spending on the card within the first 3 months)
With the new benefits on the CIBC Aventura cards, the Aventura Gold Visa is now one of the best options for individuals who do not qualify for other premium credit cards.
Visa Infinite and World Elite MasterCards typically have an income requirement of $60,000 or $80,000 per year. This rule generally prevents lower income households from applying for these cards and obtaining the associated benefits. On the other hand, the CIBC Aventura Gold only requires a total household income of $15,000. However, in no way does this mean that the CIBC Aventura Gold pales in comparison to any premium credit card. Let’s take a look at what it has to offer:
Earn Rate, Bonus and Travel Credit
The CIBC Aventura Gold offers 1.5 points on all spending at gas stations, grocery stores and drug stores and 1 point per dollar otherwise. Although these points may only be on the CIBC Rewards Centre (Unless you’ve been grandfathered into their Aventura program from 2013), they will come in handy when booking a simple short haul flight.
The card also comes with a 15,000 Aventura points bonus, which is awarded immediately upon first purchase. Furthermore, the card offers a $100 travel credit that can go towards your next flight or hotel stay.
Priority Pass Lounge Access
After the benefits upgrade, the Aventura Gold now comes with a free membership to Priority Pass ($99USD), along with 4 complimentary lounge passes for each year ($27USD per visit). Up until now, there did not exist a low income card that included complimentary lounge access besides the American Express Platinum Card (no income req’d), which had an annual fee of $699.
Nexus (Trusted Traveler Program for Canadians)
If you travel to the USA often, the NEXUS program is a trusted traveler program that allowed for travelers to expedite the security process, which may take hours depending the capacity of the airport. The Aventura card offers a full rebate ($50USD) when you pay for the application using the card. From my experiences in American airports, they are typically understaffed and I have spent long hours in line, whereas NEXUS/Global Entry pass-holders are expedited right past the buildup.
Improved Insurance Benefits
The new benefits include a suite of improved protection against both travel and non travel incidents, including a mobile device insurance for devices/plans that are purchased on the card. The coverage will reimburse up to $1,000 upon any loss, theft or accidental damage (drops, cracks, spills, etc) of the phone. Considering almost everyone has a mobile phone, the insurance will come in handy in case anything unfortunate happens.
Here’s a summary of what the card has to offer:
- 1.5 Aventura Points per dollar spent on gas, groceries, drugstores
- 1 Aventura Point per dollar spent on all other purchases
- 15,000 Aventura Point bonus upon first purchase
- $100 travel credit
- Complimentary Priority Pass membership + 4 lounge passes
- Full rebate on NEXUS application
- First Year Free, $120 annual fee afterwards
Points Smart 