BMO World Elite MasterCard Review
Features and Benefits
The CIBC Aventura World MasterCard features the best insurance and benefits package out of all the CIBC Travel Cards and is comparable to some of the other top cards from other issuers. The card features your standard travel accident, baggage and car rental insurance that are found on almost all fee based rewards cards but it also includes some that are only found on a few select cards. These include, Trip cancellation which is only offered as a standard feature on a half dozen other travel rewards cards and Travel Medical insurance which only comes standard on about 50% of the cards in the market. In comparison to the Visa cards issued by CIBC this new MasterCard heavily outweighs them in this category not only because of the trip cancellation insurance but also by the fact it has purchase protection and extended warranty insurance.
What is good about this card
This card can relatively hold its own in the premium credit card market with its reward and benefits offering. The ability to book travel via CIBC's travel agency or convert the Aventura points to Aeroplan miles definitely helps this card out. The increase in insurance and benefits over CIBC's other cards makes this the best CIBC travel rewards card on the market. The potential to get high rate of return of up to 4% can make this card a really good value but one has to make sure they try to maximize their reward to see this.
What is not so good about this card Most of what is not so good with this card is the redemption category. The emerging trend in the industry has been to let the
cardholder book travel how they want and with whom they want and then redeeming points against the charge. Unfortunately, this card makes the cardholder book via the CIBC Aventura Reward center and while it is a full service travel agency, they may not be able to find the same deals you could online. Another redemption issue are the restrictions placed on the flight rewards, these are text book frequent flyer program rules with restrictions on the lowest redemption rates and the need to pay for the fees and taxes over and above the redemption rate.
The CIBC Aventura World MasterCard may not be the best travel rewards credit card in the Canadian market when compared to other Hybrid or even other travel card categories but it definitely does take the top spot from CIBC's credit card offerings for travel rewards. If I banked at CIBC and was loyal to them I would choose this card as it offers the flexibility of booking flights on almost any airline or converting the points to Aeroplan. Overall the card may not impact the travel rewards industry tremendously in Canada, but does allow for a good card option for those who want to stick with CIBC and have all the benefits that many competitors have been offering to their cardholders.
This card will be included in our next Canada's Top Travel Rewards Card feature which will be out this summer! Where will it end up? You will just have to wait and see.
We would like to hear your thoughts on the newCIBC Aventura World MasterCardby commenting on our blog!Related Links:
CIBC Aventura World MasterCard on CIBC.ca
Rewards Canada Blog Post on the CIBC Aventura World MasterCard
Category: Travel Insurance