We're saying goodbye to the CIBC AC Conversion Visa Card. As of June 5, 2024 this card is no longer available to new cardholders.
If you already have the card, your last day to use it will be August 26, 2024, at which point your account will be closed and any money you have on the card will be returned to you.
We’re breaking down the important details, plus some alternative prepaid cards you can take a look at.
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Dates to know for existing CIBC AC Conversion Visa cardholders
If you have this card, there are 2 important dates to note:
- June 24, 2024: This is the last day you'll be able to load funds onto your account or request a replacement card.
- August 26, 2024: This is the last day you can use your card.
After August 26, any funds remaining on your card will be returned to you. CIBC states that they'll complete the refunds within one month.
There are 3 different ways that you can get your funds back:
- If you have U.S. dollars on your card AND you have a CIBC U.S. dollar account, the funds will be deposited to that account.
- If you have a CIBC Canadian dollar account, any other loaded currency will be converted to Canadian dollars and sent there (including USD if you don't have a USD bank account with CIBC).
- If you don’t have a CIBC bank account, CIBC will send you a money order. If your funds are in a foreign currency, they'll be converted to Canadian dollars.
And with that, a unique prepaid card for dealing with foreign currency will be gone from the Canadian market.
Alternatives to the CIBC AC Conversion Visa Card
There are a couple of prepaid cards that don’t charge foreign exchange or annual fees – and they might even be better alternatives since they’re not limited to 10 currencies.
Here are the details on both of those cards, plus a no fee credit card that doesn’t charge foreign exchange fees.
| Card | Earn rates | Other features | Apply now |
|---|---|---|---|
| Wealthsimple Prepaid Mastercard | * None | * Earn 2.5% interest on your balance | Apply now |
| EQ Bank Card | * 0.5% cash back on all purchases | * Earn 3.3% interest on your balance | Apply now |
| Home Trust Preferred Visa | * 1% cash back on all purchases | * Includes basic credit card insurance | Apply now |
1. Wealthsimple Prepaid Mastercard
The Wealthsimple Prepaid Mastercard is a well rounded prepaid card.
You'll earn up to 2.5% interest on your prepaid balance. And, of course, it won't charge you foreign exchange fees on purchases made in currencies outside of Canadian dollars.
2. EQ Bank Card
The EQ Bank Card will earn you 0.5% cash back on all purchases.
It, too, offers interest on your balance – 3.3% – and doesn’t charge foreign exchange or annual fees.
3. Home Trust Preferred Visa
If you’d rather make your foreign exchange purchases on a regular credit card with no annual fee, your only option is the Home Trust Preferred Visa.
This card earns 1% cash back on all purchases – but you won’t earn rewards on purchases made outside of Canadian dollars.
Other no foreign exchange fee credit cards
Looking for something else? Here’s a full (albeit short) listing of credit cards that have no foreign exchange fees.
$175 GeniusCash + Up to 
GC: $175
×1 Award winner GC: $60
1x Award winner GC: $30
Read more: Best credit cards with no (or low) foreign exchange fees
Your thoughts on the CIBC AC Conversion Visa
If you have this card, here's your chance to say your last words about.
DId you like it? What did you like about it? Or maybe it wasn't worth it?
Leave your thoughts in the comments below.
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