CIBC AC conversion Prepaid Card Was Discontinued: 3 Alternatives for Canadian Travellers

The CIBC Air Canada AC conversion Visa Prepaid Card is no longer available. CIBC discontinued the card in 2024: the last day to reload it or order a replacement was June 24, 2024, and every card was deactivated at 11:59 p.m. ET on August 26, 2024. You cannot apply for it, reload it or use it today. As of October 2026, the old product page on CIBC’s website sends visitors to CIBC’s foreign cash ordering service instead.

If you were looking for this card because you want to pay abroad without losing money on currency conversion, the good news is that Canadian travellers still have solid options. This guide explains what the AC conversion card did, what happened to cardholders’ remaining balances, and which cards available in Canada today come closest to replacing it.

What the AC conversion prepaid card offered

The AC conversion card was a reloadable Visa prepaid card issued by CIBC in partnership with Air Canada. Its appeal was simple:

• Multiple currencies on one card: you could load Canadian dollars and several foreign currencies, then spend in the local currency while travelling.
• Exchange rate locked at loading: the rate was fixed when you loaded funds, which made trip budgets predictable.
• Prepaid, not credit: you could only spend what you had loaded, so there was no interest and no credit application in the usual sense.
• Visa acceptance: it worked wherever Visa prepaid cards were accepted, including ATMs abroad.

Because it was prepaid, it suited travellers who wanted a firm spending cap or who preferred not to use a credit card abroad. That is the main thing a replacement credit card cannot copy exactly, so it is worth keeping in mind as you compare the options below.

What happened to existing cardholders

CIBC notified cardholders in advance and set out a clear wind-down:

• June 24, 2024: last day to reload funds or order a replacement for an expired, lost or damaged card.
• August 26, 2024: last day to make purchases, payments or ATM withdrawals. Cards were deactivated at 11:59 p.m. ET and the CIBC Prepaid Card Agreement ended.
• After closing: CIBC said remaining funds were not forfeited. Balances were returned to the cardholder, in most cases within four months. US dollar balances went to an active CIBC US dollar personal account if the cardholder had one; otherwise funds were converted to Canadian dollars and deposited to a CIBC Canadian dollar account, or sent by money order to the mailing address on file.

If you held one of these cards and believe a balance was never returned, contact CIBC directly. Have your old card details and the mailing address you used in 2024 ready.

The best alternatives for Canadian travellers

No Canadian bank offers an exact copy of the AC conversion card in our coverage, so the alternatives below each replace one part of what it did: avoiding foreign transaction fees, getting value back on US dollar spending, or earning Air Canada rewards. All three are credit cards, which means a credit check and income requirements apply. The figures below were checked on each issuer’s website in October 2026 and can change, so confirm them before you apply.

1. Scotiabank Passport Visa Infinite+ Card: best for avoiding foreign transaction fees

This is the closest match to the main reason people used the AC conversion card. Scotiabank does not charge the typical 2.5% foreign transaction fee on purchases made in a foreign currency, so only the exchange rate applies, whether you are paying in euros, pounds, yen or US dollars. Scotiabank now markets the card as the Scotiabank Passport Visa Infinite+ Card.

• Annual fee: $150, rebated each year with a Scotiabank Ultimate Package chequing account ($40 rebate with the Preferred Package).
• Interest rates: 20.99% on purchases, 22.99% on cash advances and balance transfers.
• Rewards: Scene+ points: 3 points per $1 at Sobeys, Safeway, Foodland, participating IGA and co-ops; 2 points per $1 on dining, other eligible grocery stores, entertainment and transit; 1 point per $1 on everything else. Plus 10,000 bonus points each year you spend $40,000.
• Travel perks: six complimentary airport lounge visits through the Visa Airport Companion program, plus travel insurance.
• Eligibility: Scotiabank lists minimum income thresholds starting at $60,000 personal or $100,000 household (or $250,000 in assets under management), and a minimum credit limit of $5,000.

Who it suits: frequent travellers and online shoppers who spend in several foreign currencies and want to stop paying conversion fees on every purchase.

Drawback: the $150 annual fee and the income threshold put it out of reach for occasional travellers, and unlike a prepaid card it does not cap your spending.

Read our full guide to the Scotiabank Passport Visa Infinite Card.

2. Rogers Red World Elite Mastercard: best for US dollar spending with no annual fee

Many AC conversion cardholders mainly loaded US dollars for cross-border trips and US online shopping. The Rogers Red World Elite Mastercard pays 3% cash back on eligible purchases made in US dollars and has no annual fee.

• Annual fee: $0.
• Cash back: 3% on eligible US dollar purchases; 2% on other eligible purchases if you have a qualifying Rogers, Fido, Shaw or Comwave service, otherwise 1.5%.
• Interest rates: 21.99% to 25.99% on purchases; 22.99% to 27.99% on cash advances and balance transfers.
• Insurance: includes emergency travel medical, car rental collision and loss damage, and purchase protection with extended warranty.
• Eligibility: minimum income of $80,000 personal or $150,000 household.

Who it suits: Canadians whose foreign spending is mostly in US dollars and who do not want to pay an annual fee.

Drawback: Rogers Bank still adds a 2.5% foreign currency conversion charge, so the 3% cash back on US dollar purchases leaves a net benefit of roughly 0.5% rather than a fee-free purchase. Spending in other currencies earns the regular rate and still pays the 2.5% charge. The income requirement is also high.

Read our full guide to the Rogers Red World Elite Mastercard.

3. TD Aeroplan Visa Infinite Card: best for Air Canada travellers

If the Air Canada name was part of the appeal, an Aeroplan credit card lets you earn points toward Air Canada flights and get travel perks on Air Canada itineraries.

• Annual fee: $139, rebated every year with a TD All-Inclusive Banking Plan.
• Interest rates: 21.99% on purchases, 22.99% on cash advances.
• Rewards: 1.5 Aeroplan points per $1 on eligible gas, EV charging, grocery and direct Air Canada purchases (including Air Canada Vacations); 1 point per $1 on other eligible purchases.
• Air Canada perks: first checked bag free for the cardholder and up to eight companions on the same reservation when travel starts on an Air Canada flight, and a NEXUS application fee rebate (up to $100) once every 48 months.
• Eligibility: $60,000 personal or $100,000 household income.

Who it suits: people who fly Air Canada a few times a year and will use the free checked bags and Aeroplan points.

Drawback: TD charges a 2.5% fee on foreign currency transactions, so this card does not solve the currency-conversion problem the AC conversion card was built for.

Read our full guide to the TD Aeroplan Visa Infinite Card.

Prefer cash? CIBC’s own option

CIBC now points former AC conversion customers to CIBC Foreign Cash. You order foreign banknotes online with no ordering fee and free delivery to a CIBC banking centre, your home, or pickup at Toronto Pearson Airport. Ordering through CIBC Online Banking or the CIBC Mobile Banking App locks in the exchange rate at the time of the order. It is not a card, but it does keep the “lock the rate before you go” idea.

SEE THE SCOTIABANK PASSPORT GUIDE

Comparison at a glance

How to choose the right replacement

• Where you spend: if you spend in many currencies, a card with no foreign transaction fee matters more than any rewards rate. If it is almost all US dollars, a US-dollar cash back card can be enough.
• Income requirements: all three cards above have minimum personal or household income requirements. Check them before applying, because the credit check still appears on your credit report even if you are declined.
• Credit history: unlike the prepaid card, these are credit products. Newcomers or people rebuilding credit may not qualify yet.
• Annual fee versus use: a $139 or $150 fee pays off only if you use the perks. Several banks rebate the fee with a premium chequing package, so check whether you already qualify.
• Spending control: if the prepaid cap was the point, set a low credit limit, use spending alerts in your bank’s app, and pay the balance in full every month to avoid interest.
• Quebec residents: rates and insurance terms can differ in Quebec. Read the Quebec-specific documents on the issuer’s site.

Frequently asked questions

Can I still apply for the CIBC AC conversion prepaid card?

No. CIBC discontinued it and deactivated all cards on August 26, 2024. There is no application process and the card cannot be reloaded.

What happened to money left on my card?

CIBC said remaining balances would be returned, in most cases within four months, either to an active CIBC personal deposit account or by money order to the mailing address on file. If you think a balance is still outstanding, contact CIBC.

Which Canadian card avoids foreign transaction fees?

Among the cards in this guide, the Scotiabank Passport Visa Infinite+ Card is the one that does not charge foreign transaction fees on purchases in foreign currencies. The Rogers and TD cards both charge 2.5%.

Is there still an Air Canada prepaid card in Canada?

We are not aware of a direct replacement from CIBC. If you want Air Canada rewards, an Aeroplan credit card such as the TD Aeroplan Visa Infinite Card is the closest option, but it is a credit card and charges a foreign transaction fee.