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Comparing CIBC Aeroplan VISA Card Students Vs. Student BMO Cashback Mastercard  

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Read this blog to find out which one is best out of CIBC Aeroplan VISA Card Students and Student BMO Cashback Mastercard.

RBC (Royal Bank of Canada) Avion Visa Platinum vs SimplyCash™ Card from American Express vs.  Brim Mastercard 

Source: Freepik

The CIBC Aeroplan VISA Card for Students is a no-fee-travel card only designed for students. It lets them earn Aeroplan Points on every purchase this credit card makes.  

The other credit card for comparison is the Student BMO Cashback Mastercard which lets the students earn cashback on all kinds of purchases, even including bill payments. You can even deposit this cashback in your BMO account (chequing, savings, or InvestorLine). 

Let us explore both these credit cards in detail and compare them.  

1. CIBC Aeroplan VISA Card for Students 

Source: CIBC Aeroplan VISA Card for Students 

The CIBC Aeroplan VISA Card for Students is one of the best entry-level student credit cards. Indeed, the earn rate offered is not that attractive. But, once you have built a good credit score, you can certainly upgrade it to CIBC Aeroplan VISA Infinite Card.  

Welcome Offer 

After making your first purchase using this credit card, you will get 10,000 Aeroplan points. These are worth $200 in value.  

Let us evaluate this credit card and make you aware of its various conditions and features.  

1. Eligibility 

 Eligibility Requirements 
1. You must be a resident of Canada. 
2. There is no minimum income requirement for this credit card. 
3. Be a major to get this credit card in your name. This age of the majority may vary from province to province. 
4. The credit score requirement is not stringent, and you will get it even if you are within the range of 300 to 599

2. Annual Fee 

  • This credit card has an annual fee of $0 
  •  You can even get up to three additional credit cards at $0 

3. Interest Rates 

Nature of Balance Interest Rate 
Purchases 20.99% 
Cash advances 22.99% 

*For all the residents of Quebec, the cash interest rate is 21.99%.  

4. Earn-rate 

This credit card allows you to earn Aeroplan points. These do not expire if you hold the credit card in good standing. You can get them in the following manner: 

Eligible Purchases Aeroplan Points 
Gas, Groceries, Air Canada Vacations 1 point on every $1 spent 
On all other purchases 1 point on every $1.50 spent 

*Using this credit card, you can save 10 cents per liter of gas. You earn Aeroplan points at twice the rate when you make purchases through Aeroplan e-Store, which has 150 Aeroplan partners and 170 online retailers.  

5. Exclusive Benefit 

Not only are rewards in the form of Aeroplan points, but you can also enjoy the following benefits with this credit card: 

Benefits Description 
No Airline Surcharges When you book flight tickets with Air Canada, you are not required to pay any additional airline surcharge.  
Auto Rental Collision and Loss Damage Insurance You get extra protection whenever you are booking a rental car. 
Purchase Security and Extended Protection Insurance It covers all your new purchases 
Uber Pass You get a free Uber Pass for three months 

2. Student BMO Cashback Mastercard 

Source: Student BMO Cashback Mastercard 

The Student BMO Cashback Mastercard is a no-fee credit card, which even won three rewards in 2022 from various websites, such as RatesDOTCA, CreditcardGenius, and Milesopedia. It lets the students earn cashback every time they make purchases.  

Welcome Offer 

You can get up to 5% cashback in the first three months. Click on this link to know more about the related terms and conditions. Evaluate this credit card and make you aware of its various features.  

1. Eligibility 

 Eligibility Requirements 
1. You must be a resident of Canada. International students are also eligible.  
2. You are a student between 18 and 24 at a recognized post-secondary school. 
3. There are no minimum income criteria for this credit card. 
4. Be a major to get this credit card in your name. This age of the majority may vary from province to province. 
5. Your credit score is within 300 to 599. 
6. You are earning annual income from any of the following means: Employment Scholarship/grant Student loan Family allowance 

2. Annual Fee 

  • There is no annual fee for this credit card 
  • You can add another cardholder at $0 

3. Interest Rates 

Nature of Balance Interest Rate 
Purchases 20.99% 
Cash advances 22.99% 

*The interest rate for Quebec residents for cash advances is 21.99% 

4. Earn Rate 

You can earn cashback using this credit card through your purchases. How much you can get is on the table below: 

Eligible Purchases Cashback Rate 
On grocery purchases 3% 
On recurring bill payments (streaming services, subscriptions, etc.) 1% 
On all other purchases 0.5% 

5. Exclusive Benefit  

  • You can redeem your cashback anytime you want as a recurring payment or in a lump sum. Besides, this credit card also offers you several additional benefits. These are:  
  • Extended warranty and purchase protection  
  • You can save up to 25% on car rentals when booked via National Car Rental and Alamo Rent a Car  
  • You get 15% off when you book “Cirque du Soleil” shows touring Canada  
  • You get 20% off on resident shows in Las Vegas 

Comparative Analysis 

Let us compare some common conditions and features. 

Parameters CIBC Aeroplan VISA Card for Students Student BMO Cashback Mastercard 
Credit Score Required 300 to 599 300 to 599 
Income Condition No such condition No such condition 
Annual Fee $0 $0 
Interest Rate: 
Purchases 
Cash Advances 
 
20.99% 
22.99% 
 
20.99% 
22.99% 

Opinion of ExpertbyArea.Money  

We find that these specifically designed cards are for the students. There are no annual fees and income conditions. Even the required credit score pertains to the lowest bracket.  

But what separates them is the rewards that both offer. The CIBC Aeroplan VISA Card for Students offers Aeroplan points on your every purchase. You can redeem these points only on travel-related expenses.  

Student BMO Cashback Mastercard offers you cashback on your purchases. You can redeem them anytime, pay any recurring payment or withdraw it as a lump sum. It even allows you to transfer your cashback to your BMO account.  

Thus, Student BMO Cashback Mastercard is more flexible in terms of cashback and can be your first choice.  

Evaluate your requirements and perform an analysis. Choose the card that better serves your needs. 

References:
https://www.finder.com/ca/bmo-cashback-mastercard-for-students 
https://www.bmo.com/main/personal/credit-cards/student-bmo-cashback-mastercard/  
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