To the point
The CIBC AC Conversion Prepaid Visa Card will be withdrawn from the market in August 2024. Here are the details and important dates to know.
CIBC AC Conversion Prepaid Visa Card withdrawn from the market
Since at least the beginning of March 2024, this CIBC AC Conversion Visa Prepaid Card was no longer available for application. At the time, CIBC was experiencing technical problems and it was impossible to subscribe to this card.
Today, CIBC announces that it is withdrawing the CIBC AC Conversion Visa Prepaid Card from the market. Here are the next steps:
- June 24, 2024 will be the last day for :
- Reload funds onto the card ;
- Order a replacement card because it’s expired, damaged, lost or stolen.
- August 26, 2024 will be the last day to :
- Use the card to make purchases, payments, ATM withdrawals or to receive a rebate or refund from a merchant;
- Check your account balance and transaction history on the AC prepaid card portal or on the AC prepaid card mobile application.
Then, the CIBC AC Conversion Visa Prepaid Card will be deactivated at 11:59 p.m. ET on August 26, 2024. You will no longer be able to use it, and any transactions made with it will be refused by CIBC.
How CIBC AC Conversion Visa Prepaid Card funds are returned
After August 27, 2024, CIBC will return any funds remaining on your AC Prepaid Card, as well as any merchant reimbursements (if applicable) within 4 months, according to this schedule:
| CIBC Canadian dollar account | CIBC will deposit the remaining funds in the cardholder’s personal deposit account. If the funds are denominated in a foreign currency, they will be converted into before being credited to the account. |
| CIBC U.S. Dollar Account | CIBC will deposit the remaining funds into the cardholder’s U.S. dollar personal deposit account. If funds are denominated in a foreign currency, they will be converted to Canadian dollars before being credited to the account. |
| No Canadian or U.S. dollar account at CIBC or inactive account | CIBC will send the funds by money order to the mailing address on file. If the funds are denominated in a foreign currency, they will be converted into Canadian dollars. |
Therefore, please make sure that your mailing address is correct and up to date on the AC prepaid card portal or on the AC prepaid card mobile application. Or call 1-800-482-8347 before August 26, 2024.
Alternatives to the CIBC AC Conversion Visa Prepaid Card
For a prepaid card to use when traveling, one of the best alternatives is the Wise bank card. The process of adding money to the account, as well as withdrawals at foreign bank machines, is fast, efficient and less expensive than the CIBC AC Conversion Visa Prepaid Card.
You’ll find all the information and steps on how to use this Wise card in this guide. Wealthsimple users can also take advantage of the Wealthsimple Cash card, which saves on foreign ATM withdrawal fees.
Then, a no-conversion-fee credit card like the Scotiabank Passport™ Visa Infinite* Card is useful for all those foreign transactions you can do without cash. If you travel regularly, you can save 2.5% on all foreign currency transactions.
Come to discuss that topic in our Facebook Group!
