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. Cardholders will also enjoy a low purchase annual interest rate of 13.99%. This card has an annual fee of $29, however, new customers will have that annual fee rebated for the first year.

Pros and cons



  • 0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†

  • 13.99%† Purchase Annual Interest Rate

  • First year annual fee rebated ($29 value)†

  • No annual fee for additional cards (up to 3)



  • There are other low interest cards available with no annual fee whatsoever

  • Few distinguishing benefits beyond its interest rates

Exclusive offer

New cardholders will be able to transfer their credit card balance for a 1% transfer fee and get 0% interest for up to 10 months. That means you don’t have to stress about your balance for almost a full year, and you can take full advantage of that zero-interest window to pay off your balance in its entirety. Transfer up to 50% of your assigned credit limit. If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.

This balance transfer offer is only available at the time of your online application. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.

Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.

Additionally, the first year annual fee will be rebated (regularly $29/year); the rebate will appear as a credit against the annual fee within the first two card statements after activating the account.

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 0% for 10 months 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.

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 $15,000
  • Have a credit score of > 640

How to get the CIBC Select Visa* Card

Are you eligible for and ready to apply for the CIBC Select Visa* Card? Follow this link to the website and click the red ‘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 market 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

Hannah Logan Freelance Contributor

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 or find her on Instagram @hannahlogan21.


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