One of the best opportunities recently for travellers was the CIBC AC Conversion Card. Since you can use credit cards to load these cards, it’s possible to earn a lot of points. The card supports more than 10 currencies, and can be one of many useful tools when it comes to spending abroad.
CIBC AC Conversion Card – Overview
Apply for the card here – it’s free. Initially, you have to load a minimum of 100 CAD equivalent in foreign currency. As soon as you complete the process, you should be able to load funds immediately, even before your receive the card. The online interface is straightforward, as well as the app. You can save your credit cards so you don’t even have to reenter anything every day.
CIBC AC Conversion Card
The maximum amount in CAD you will be able to load is $100. You can load up to $2000 equivalent in any other currency. CIBC AC Conversion charges roughly a 2.5% premium over the normal Visa or MasterCard exchange rate, similar to a credit card. If you get the card today, you’ll still be able to get in at least 25 loads for free points. Be aware that Rogers and MBNA MasterCards code these transactions as cash advances.
CIBC AC Conversion Card – Load Funds
With all purchases in foreign currencies, it makes more sense to use credit cards as there are some without foreign transaction fees. ATM withdrawals are free in Canada, and you receive one free transaction per month abroad with this card, which may be a good deal if you don’t have something to waive ATM foreign transaction fees.
Is the AC Conversion Card Useful after April 13th?
You are currently able to load $100 in CAD per day. This changes April 13th. You will no longer be able to load these funds directly at that time. However, the card may still be useful in certain scenarios. First, if you are able to float the money, you could technically load the card and have the funds sit until the exchange rate becomes more favourable. This works especially best with the USD/CAD currency pair, as historically the rates simply moved back and forth. Of course, historical returns are not an indicator of future figures.
However, I see that the primary use of this card is to convert money to USD. By itself, the rate doesn’t necessarily make sense. The current most convenient method to convert CAD to USD is Transferwise, which charges a 1% fee after your first conversion of up to $500 USD. However, since you can load the AC Conversion card for up to $2,000 per day with a credit card, you can easily rack up huge amounts in a short period of time. This is especially useful for credit cards with high minimum spend requirements.
CIBC AC Conversion Card – Venmo
The best place to use this card is on Venmo. There’s no fee to spend money to friends on the app with a debit card. If you have a US bank account, this means you can easily move CAD from USD without even heading toward the border, while being able to use a credit card. For a standard credit offering 25,000 points after spending $1,000, you’ll only need to load once to get the bonus points. For a $5,000 minimum spend, that’s only three loads. As long as you only use credit cards where you need to meet the minimum spend, keeping the AC Conversion Card long term isn’t a bad idea. It’s free, anyways.
Apply for the CIBC AC Conversion Card today.
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Hi,
I think Im confused! Lol! How can this card be beneficial to me while spending much of my time in Kenya. I am in the miles and points game but presently dont have a card to give me a break on foreign exchange fees. I withdraw cash and use my Alaska mastercard for purchases and would like to find a way to avoid this here if at all possible.
Thank you
Marlene
Unfortunately as you’re in Kenya the shilling is not a supported currency on the card. I would suggest getting a no foreign transaction fee card first – then, look into a US bank account for free ATM withdrawals. This card is a good way to move CAD to USD in large amounts and with a credit card, but may be quite circuitous for your particular scenario.
Okay thank you! Aside from my Kenya situation. Suppose i want to just rack up points then. Am i understanding this right? I can load money onto this card from one of my credit cards for points but I will have to pay the foreign exchange fee. Which still makes sence if I am trying to reach a MS right? By loading the card and moving it back onto my credit card when the rate is higher! Im a newbie! Lol!
Thank you,
Marlene
That’s correct, and exactly my point in the article.
It is too bad that they will be soon banning $CAD loads. That being said, they do offer (usually monthly) special deals on foreign conversion rates (way better than the banks). Take advantage when it comes up, load up and get your points. If you are a frequent traveller (like me) it comes in handy to have the currency available and if the rate goes your way you can convert back to Canadian funds and withdraw.
Hi Jeff,
Thanks for writing this topic.
if I load $1000 USD on the AC Card, would I be able to withdraw USD through the teller instead of ATM at a CIBC?
I don’t think so, unfortunately.
Spoke to CIBC officer and was informed that you cannot used your credit cards to top up your AC Card. Only exception is if you’re a non-CIBC customer, you can use your CC to top up only at Pearson Intl Airport CIBC counter.
Yeah, they’re wrong.
Your venmo method for US bank account holders sounded neat but it seems Venmo needs a US based cellphone number for signing up 🙁 (Also Venmo does not let you sign up if VPN is out of USA)
Well, get a VPN (I have a post about that) but it’s really easy to get a US phone number.
I have venmo, but it did not allow me to add AC conversion and link it to a US bank account. Are you using it yourself or this is just theoretical?
Yes, I’ve used AC Conversion on Venmo before.
Any particular work around the zip code req?
Can you use Amex cards to top up the card to meet the spending requirements?
No, unfortunately.
Do you know if we can use a US credit card to charge the AC conversion card? (e.g. Chase Sapphire)
Hi JL,
Were you able to do this? I am also curious about using US (visa/mastercard) credit cards to load the AC conversion card.
Be care using TD Credit Cards to load funds. TD states CIBC using a Cash Advance transaction code and TD charges $3.50 fee plus interest. Both TD and CIBC state is it the other firm’s issue. There is no notice on the AC Conversion website.
Be careful using any Credit Card.
This card should be out lawed as it is the most frustrating and unfriendly card to use anywhere anytime. It would be less painful to getting mugged or robbed by anyone anywhere anytime. Please feel free to publish my email address I would love to elaborate on this topic.
About the only thing this card is good for is maybe cleaning ice off the windshield in a Canadian Winter providing you didnt need to have to wait 24 hrs to have the card reset for security reasons just 1 of at least 50 cons about this card.
so right now I see a TD credit cards offering a promotional 10% cash back on the first $2000 in spend. So youre saying I can no longer load CAD onto the card? But I can load USD? On which I’d lose 2.5% on the exhange, but at 10% cashback that would be justified?
thanks so much