CIBC Select Visa* Card review

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2.7

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Welcome Offer

Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate†

0% Pay 0% interest for up to 10 months with a 1% transfer fee.†

13.99%† Purchase APR

13.99%† Balance Transfer Rate

13.99%† Cash Advance APR

$29 Annual Fee First year annual fee rebate† $0 for up to 3 additional cards.†.

2.5% Foreign Transaction Fee 2.5% of the transaction in CDN

Good Recommended Credit Score

$15,000† Required Annual Household Income

2.7

CIBC Select Visa* Card review

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Quick overview

Quick overview of the CIBC Select Visa

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.†.).

Who's it for?

Who can benefit from the CIBC Select Visa credit card?

The CIBC Select Visa isn’t the type of credit card you constantly carry in your wallet. That’s because it doesn’t earn rewards but rather helps you pay down balances at a reduced (and in the case of balance transfers, eliminated for the first several months) interest rate.

The card’s intro APR helps cardholders pay down significant credit card balances and combat the stresses of debt with responsible use. And once the intro APR on transfers ends, the on-going rate is extremely competitive and should help you continue that debt repayment plan at a rate significantly lower than you’d find with the best travel rewards or cash back cards.

Pros and cons

Pros and cons

Pros

Pros

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

  • 13.99%† Purchase Annual Interest Rate

  • A first year annual fee rebate†

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

Cons

Cons

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

  • Few distinguishing benefits beyond its interest rates

Welcome bonus

CIBC Select Visa* balance transfer welcome offeroffer

Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee†.† Here's how it breaks down:

 
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
  • 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.
  • Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card. 
  • 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. 

Regular interest rates

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.

Rewards

How to earn rewards with the CIBC Select Visa

The CIBC Select Visa credit card does not offer rewards at this time.

Key benefits

Key benefits of the CIBC Select

  1. 1.

    Intro APR on transfers: 0% interest for up to 10 months with a 1% transfer fee†.

  2. 2.

    Low everyday APR: Once the intro period on transfers ends you can expect a great low rate everyday. Those rates is 13.99% and it applies to purchases, balance transfers and cash advances.

  3. 3.

    Travel accident insurance: The card lacks almost all insurance coverage but does provide $100,000 in travel accident protection.

Insurance

Insurance coverage of the CIBC Select

Low interest credit cards usually aren’t great for insurance and the CIBC Select is no different. That said, the card does provide some value for cardholders. 

While the CIBC Select Visa lacks pretty much every insurance protection you can think of, it’s not a total write-off when it comes to keeping you safe. The card provides $100,000 in travel accident coverage which is an unexpected perk that can keep you safe while travelling. Not bad for a low APR and balance transfer credit card with a modest annual fee.

Still with the Select you’ll be missing out on some of the basics, like purchase protection, manufacturer extended warranty, and even rental car coverage.

Extra benefits

Extra benefits of the CIBC Select Visa

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.†

How it compares

How does the CIBC Select Visa compare?

CIBC Select Visa vs. MBNA True Line® Mastercard®

MBNA True Line® Mastercard®

Apply now

2.9

0% intro rate

Welcome offer

Good

Suggested credit score

Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.

Apply now

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Eligibility

Recommended Credit Score

Good

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Eligibility

Recommended Credit Score

Good

Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.

0%

This card is made from 100% recycled plastic

100%

Purchase APR

12.99%

Balance Transfer Rate

17.99%

Cash Advance APR

24.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The MBNA True Line is MBNA’s balance transfer offering 0% APR for 12 months on balance transfers completed within 90 days of account opening and a very low, competitive 17.99% APR after that. The True Line is an ideal “just in case” card thanks to that low rate on transfers, plus an even lower 12.99% purchase APR. Combined with no annual fee you have the recipe for a card that offers value when you need it most.

Disclosures:

  • †, ✪, Terms and Conditions apply.

    This offer is not available for residents of Quebec. For residents of Quebec, please click here.

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

CIBC Select Visa vs. Scotiabank Value® Visa*

Scotiabank Value® Visa* Card

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3.0

0% intro rate

Welcome offer

Fair

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • Lengthy introductory APR on balance transfers

  • A great low rate everyday

  • Available to applicants with average credit

Cons

  • No rewards program

  • Insurance coverage is an optional extra

  • Carries an annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$12,000

Pros

  • Lengthy introductory APR on balance transfers

  • A great low rate everyday

  • Available to applicants with average credit

Cons

  • No rewards program

  • Insurance coverage is an optional extra

  • Carries an annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$12,000

Purchase APR

13.99%

Balance Transfer Rate

13.99%

Cash Advance APR

13.99%

Annual Fee

$29

Foreign Transaction Fee

2.5%

The Scotiabank Value Visa is another interesting low APR option to consider. Enjoy a 0% introductory interest rate on balance transfers for the first 10 months (13.99% after that; annual fee $29). Plus no annual fee in the first year, meaning you can pay down your existing balance significantly without fear of additional charges - a major win!

Both cards have similar regular APRs (13.99

%) and annual fees ($29) but, as noted, Scotiabank waives the first year fee, something CIBC does not. 

Disclosures:

  • Conditions Apply. Visit here for the Scotiabank Value® Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

CIBC Select Visa vs. BMO Preferred Rate Mastercard®*

BMO Preferred Rate Mastercard®*

Apply now

3.0

0.99% rate

Welcome offer

Good

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • Low-interest rate: Offers a competitive purchase interest rate

  • Introductory balance transfer offer for the first nine months

  • First-year annual fee waiver

  • BMO PaySmart™ Installment plans: Turn new credit card purchases into small, interest-free monthly payments with a small fee.

  • Additional cardholder: You can add an additional cardholder for free

  • Free extended warranty and purchase protection*

  • Zero Dollar Liability: protects you from unauthorized use of your credit card*

Cons

  • No rewards: Your focus is paying down debt, not collecting miles.

  • Foreign transaction fee: Charges a 2.5% fee on foreign transactions.

  • Balance transfer fee: While normal, it’s a bit painful to have to fork over a 2% fee on balance transfers.

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • Low-interest rate: Offers a competitive purchase interest rate

  • Introductory balance transfer offer for the first nine months

  • First-year annual fee waiver

  • BMO PaySmart™ Installment plans: Turn new credit card purchases into small, interest-free monthly payments with a small fee.

  • Additional cardholder: You can add an additional cardholder for free

  • Free extended warranty and purchase protection*

  • Zero Dollar Liability: protects you from unauthorized use of your credit card*

Cons

  • No rewards: Your focus is paying down debt, not collecting miles.

  • Foreign transaction fee: Charges a 2.5% fee on foreign transactions.

  • Balance transfer fee: While normal, it’s a bit painful to have to fork over a 2% fee on balance transfers.

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and BMO will waive the annual fee on your first anniversary.*

0.99%

Purchase APR

13.99%

Balance Transfer Rate

15.99%

Cash Advance APR

15.99%

Annual Fee

$29

Like the Scotiabank Value Visa, the BMO Preferred Rate Mastercard also comes with an intro balance transfer period and annual fee waiver:

  • Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and BMO will waive the $29 annual fee in your first anniversary*.

Once the introductory period ends, the BMO Preferred offers an on-going balance transfer APR of 15.99% versus the 13.99% fee of the CIBC Select. The BMO card also provides extended warranty and purchase protection - something CIBC does not.

Disclosures:

  • *Terms and conditions apply
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information


Is it worth it?

Is the CIBC Select Visa worth it?

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.

Eligibility

Eligibility requirements 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 Good credit score
How to apply

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.

Disclosures:

  • †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 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 EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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