CIBC Select Visa Card Review
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The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.
CIBC Select Visa Card
- Welcome Offer 0% interest balance transfer with a 1% transfer fee for first 10 months Terms and conditions apply.
- Annual rewards $0 Learn how we calculate this.
- Annual Fee $29 (first year waived)
- Minimum Income Required $15,000 household
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Pros
- Low monthly interest fee
- Save money on previous debts
- Save at the pump
Cons
- Limited perks and rewards
- Annual fee
- Low monthly interest fee
The CIBC Select Visa is a low-interest credit card designed specifically for lower-income Canadians to help pay down their debt. It also offers the ability to transfer old debt to your new card with a 0% interest rate for 10 months (with a 1% transfer fee). Learn more about the card in the review below.
With inflation soaring, Canadians are looking to save money any way they can, especially on their credit card bills. If you often carry a credit card balance and are looking to protect yourself from rising inflation, the CIBC Select Visa may be worth a look.
Below we’ll look at the features of the CIBC Select Visa card to help you determine if it’s the right card for you.
CIBC Select Visa Card: an overview
The primary feature of the CIBC Select Visa is its low interest rate on purchases and cash advances, which can save you a great deal of money over time.
Another facet of the CIBC Select Visa card is debt consolidation.
If you are carrying debt on another credit card, you can take advantage of the CIBC Select Visa transfer plan. If you transfer your balance from another card to the CIBC Select Visa, you can pay 0% interest for the first 10 months, with a low 1% transfer fee.
If you have a balance on a credit card that you have been trying to pay down, then a balance transfer credit card is a very appealing option. With the CIBC Select Visa, you’ll be able to pay that balance down interest-free for nearly a year.
CIBC Select Visa Card rewards
The CIBC Select Visa Card isn’t a rewards credit card, so it doesn’t offer a rewards program. Because the main benefit of the card is a lower interest rate to pay off debt quicker, the focus is less on spending and more on saving.
CIBC Select Visa Card eligibility
To be eligible for the CIBC Select Visa Card, you need to be of legal age in your province or territory, with a minimum annual earnings of $15,000 per household.
This is a much lower threshold than most credit cards, with makes this card an option for students and part-time employees. It also does not require a high credit score.
CIBC Select Visa Card interest rates and fees
Fees
- Annual fee: $29 (first year rebated)
- Foreign transaction fee: 2.5%
- Extra card fee: $0
Interest rates
- Purchases: 13.99%
- Cash advances: 13.99%
The CIBC Select Visa interest rate of 13.99% on purchases and cash advances is much lower than the industry standard interest rates of 18-22%.
CIBC Select Visa Card perks
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Save on gas
Link your CIBC Select Visa with a Journie Rewards card to save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations.
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Accident insurance
Get up to $100,000 in Common Carrier Accident Insurance for you and your immediate family (spouse and children) for some extra peace of mind.
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Save on car rentals
Use your CIBC Select Visa and you can save up to 25% at Budget Car Rental locations, allowing you to stretch your vacation budget a little further.
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Send money abroad
Have friends or family living overseas? With a CIBC Select Visa card, you can send Global Money Transfers with no transfer fee.
Compare CIBC Select Visa alternatives
Our final thoughts
If your main goal is to pay down your credit card debt, the CIBC Select Visa is a good option.
The ability to pay 0% interest for 10 months (with a 1% transfer fee) when you port over a previous card balance will help you bring down that debt load faster. In addition, the 13.99% interest rate will help ensure that future charges don’t skyrocket if you need to carry a balance for a while.
Despite having a low annual fee, many no-fee credit cards have similar benefits.
