CIBC Select Visa Review
- Welcome Offer
- Balance transfer offer
- Annual Fee
- $0 annual fee for the first year ($29 thereafter)
- Purchase Interest Rate
- Cash Advance Rate
The CIBC Select Visa offers a low 13.99% interest rate for purchases and cash advances. It also comes with a 0% balance transfer rate so you can save money by moving your outstanding balance over from a high-interest card. The downside of this card is that it comes with relatively few benefits and you won’t earn points or cashback when you spend money.
- Get this card if you’re looking to save money on interest or you want a low introductory balance transfer rate.
- Choose something else if you would like to earn rewards or you’d rather not pay an annual fee.
- This card requires you to make a minimum household income of $15,000.
If you’re looking to get a low interest rate on purchases and balance transfers, then the CIBC Select Visa could be a good fit for you.
- Low interest rate. You’ll only have to pay 13.99% interest for purchases and cash advances (which is about 6% lower than with an average card).
- Low introductory balance rate. You can qualify for a 0% introductory interest rate on balance transfers in your first 10 months (with a 1% transfer fee).
- Common carrier insurance. You’ll be able to take advantage of up to $100,000 in accident coverage when you travel on buses, planes, ferries and trains.
- Free additional cards. You can enjoy up to three extra cards on your account for no annual additional fee.
- First annual fee waiver. Get your first annual fee for this card waived and pay only $29 per year in subsequent years to maintain your card.
- Car rental discounts. Save up to 25% at participating Avis and Budget locations in Canada and the US when you pay for your rental with your CIBC Select Visa.
- Fraud alerts. Get instant notifications if suspicious activity is detected on your account.
- 24/7 support. Call CIBC at any time of day or night to troubleshoot issues with your account.
- Easy to qualify. You’ll only need to make an annual household income of $15,000 and be a resident of Canada over the age of majority in your province to qualify for this card.
- Optional benefits. Pay an additional fee to get travel medical insurance or payment protection added to your plan.
What to watch out for
- Annual fee. You’ll have to pay $29 per year to maintain this card.
- No rewards or cashback. You won’t earn any rewards or cashback when you spend money on your CIBC Select Visa.
- No basic insurance. You won’t get basic insurance such as purchase protection or extended warranty coverage included with this card.
- No extra perks. You won’t get extra benefits such as travel insurance, roadside assistance or mobile device protection when you sign up for the CIBC Select Visa.
- Limits on balance transfers. You can only transfer up to 50% of your assigned credit limit on your CIBC Select Visa when you bring a secondary balance over.
CIBC Select Visa interest rates
|Interest Type||Interest Rate|
|Purchase interest rate||13.99%|
|Cash advance rate||13.99%|
|Standard balance transfer rate||13.99%|
What should I know before I apply?
To apply for a CIBC Select Visa, you will need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
- Have an annual household income of $15,000
You will also need to provide the following documents and information:
- Your name, residential status and contact information
- Your Social Insurance Number (SIN) and date of birth
- Your email address and phone number
How to apply
- Click “Go to Site” on this page to be directed to your CIBC Select Visa application.
- Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
- Review and submit your application.
The CIBC Select Visa is a low-interest card that could be a good fit for you if you want to save money on interest instead of earning rewards. It comes with a 13.99% interest rate and a 0% introductory balance rate. Just be aware that this card offers very few benefits and you’ll have to pay an annual fee of $29 to keep your account active.