The CIBC Select Visa* Card is a low interest rate credit card with an enticing balance transfer exclusive offer: New customers can take advantage of 0% interest for 10 months on balance transfers, with only a 1% transfer fee†0% interest for up to 10 months with a 1% transfer fee†. Cardholders will also enjoy a low purchase annual interest rate of 13.99%†. This card has an annual fee of $29 (First year annual fee rebate†$0 for up to 3 additional cards.†.).
Pros and cons
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer feeâ€
-
13.99%†Purchase Annual Interest Rate
-
A first year annual fee rebateâ€
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
CIBC Select Visa* balance transfer offer
Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee†.â€
Regular interest rates
This is an all-around low-interest rate card, so while the promotional balance transfer offer is great, the normal rates outside that period are pretty noteworthy as well.
There is a 13.99%†purchase annual interest rate. The cash advance annual interest rate is 13.99%†and the balance transfer annual interest rate is 13.99%†. To compare, most credit cards charge 19.99% interest on purchases and balance transfers and 22.99% on cash advances. Even if you end up unable to pay off the entire amount on your card before the promotional interest period ends, you will still end up saving yourself money with this low regular interest rate.
Additional perks and features
Aside from the main benefits listed above, the CIBC Select Visa* Card includes $100,000 Common Carrier Accident Insurance†. Cardholders can also elect to pay for CIBC Emergency Travel Medical Insurance and/or CIBC Payment Protector Insurance, which helps reduce your CIBC credit card payments if you are unable to work due to a disability, involuntary unemployment, or in the event of critical illness or death.
Save on gas with CIBC and Journie Rewards
Link and use your CIBC Select Visa Card with Journie Rewards to save up to 10 cents per litre†at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.â€
Am I eligible for the CIBC Select Visa* Card?
To be eligible for the CIBC Select Visa* Card you must meet the following requirements:
- Be a Canadian resident
- Be the age of majority in the province where you live
- Have a minimum annual household income of $15,000â€
- Have a Good credit score
How to get the CIBC Select Visa* Card
Are you eligible for and ready to apply for the CIBC Select Visa* Card? Visit their website and click the ‘apply now’ button.
You will then be given a form with all the important credit card info regarding terms, current rates, etc. which you will need to read through and click ‘agree’ at the bottom to proceed. You’ll be asked to fill out some personal information including your Canadian address, phone number, birth date, etc. Applying takes about five minutes and you’ll get a response in as little as 60 seconds.
If you are already a CIBC customer and use CIBC Online Banking® you can log in and it will automatically populate some of this information for you.
What’s our take?
The CIBC Select Visa* Card’s 0% interest rate for 10 months (1% transfer fee) is a pretty great deal for a balance transfer credit card, and its post-promotional rate is quite competitive as well. The annual fee is a bit of a downside, as some other balance transfer cards on the marker are free, but its permanent low interest rates make up for it.
It’s an ideal fit for those looking to consolidate their credit card debt onto one card while simultaneously paying a low-interest rate on purchases and cash advances.
†Terms and Conditions apply
The information for the CIBC Select Visa* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.
Compare other CIBC credit cards
Compare other CIBC credit cards
Compare other Visa credit cards
Compare other Visa credit cards
Compare other balance transfer credit cards
Compare other balance transfer credit cards
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.