CIBC Select Visa Card Review 2022
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, the CIBC Select Visa may be worth a look. While credit cards generally offer interest rates of 18-20%, the CIBC Select Visa rate is just 13.99%, a savings of 6-8%.
Another facet of the CIBC Select Visa card is debt consolidation. The card offers a 10-month period with 0% interest (with a 1% transfer fee) if you port over a balance from another card, allowing you to pay down that debt faster than ever.
Below we’ll look at the features and pros and cons of the CIBC Select Visa card to help you determine if it’s the right card for you.
Table of Contents
CIBC Select Visa Features
Low Interest Rate
The primary feature of the CIBC Select Visa is its low interest rate of 13.99% on purchases and cash advances. That’s a considerable 6-8% lower than most credit cards, which can save you a great deal of money over time.
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 lower 1% transfer fee. If you have a balance on a credit card that you have been trying to pay down, this is a very appealing option that will allow you to pay that balance down interest-free for nearly a year.
While the primary goal of the CIBC Select Visa is its low-interest charges and debt consolidation options, there are still a couple of notable perks to this card, including:
Common Carrier Accident Insurance
If you travel often, this $100,000 travel insurance for your immediate family (spouse and children) will bring you some extra peace of mind.
Save on Car Rentals
Planning a road trip? Use your CIBC Select Visa and you can save up to 25% at AVIS and Budget car rental locations, allowing you to stretch your vacation budget a little further.
Save on Gas With CIBC Select Visa + Journie Rewards
Link up and use your CIBC Select Visa with a Journie Rewards card to save to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations. With gas prices soaring, any savings at the pump is more than welcome.
Send Money Abroad
Have friends or family living overseas? With a CIBC Select Visa card you can send money abroad with no transfer fee.
Free Extra Cards
With your CIBC Select Visa, you can request up to 3 cards for your household free of charge. If other residents of your home have their own credit cards (with higher interest rates), have them make future purchases using the CIBC Select Visa account to help save money for the entire household.
To be eligible for the CIBC Select Visa car 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.
Fees and Interest
The CIBC Select Visa offers an interest rate of 13.99% on purchases and cash advances, which is much lower than the industry standard rates of 18-20%.
In addition to the low interest rate, the card has a promotion that allows you to consolidate debt by transferring the balance of another credit card over to the CIBC Select Visa with 0% interest charges for the first 10 months (and a reduced 1% transfer fee).
This card comes with a $29 annual fee (which is waived for your first year as part of your sing-up bonus).
CIBC Select Visa Pros & Cons
Pros: The Good Stuff
Low Monthly Interest Fee: If you generally carry a balance on your credit card, the interest rate on most cards can quickly cause that amount to swell up after a few months. The CIBC Select Visa features a low interest rate of 13.99%, a full 6-8% lower than most credit cards on the market. With inflation soaring and the prices of goods and services increasing, any extra savings each month is welcome.
Save Money on Previous Debts: If you are stuck paying a balance on a credit card with an interest rate of 18-20%, consolidate your debt with the CIBC Select Visa and you will be able to pay that balance off much faster. With the ability to pay 0% interest for 10 months (along with a lower 1% transfer fee), you can chip away at that previous balance interest-free, allowing you to shed that debt much faster.
Cons: The Not So Good Stuff
Limited Perks: The card doesn't have flashy cash-back, or travel rewards that can come iwth other credit cards
Auunal fee: Despite being low, many credit cards with similar benefits can be found without the annual fee
Is the CIBC Select Visa right for me?
If your main goal is to pay down your 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.
Frequently Asked Questions
The CIBC Select Visa is a low-interest credit card designed specifically for lower-income Canadians to help pay down their debt. It offers a low-interest rate of 13.99%, which is 6-8% lower than most cards. 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), allowing you to pay that debt off faster without increasing your debt load.
If you tend to carry a balance on your credit card, you will want to find the lowest interest rate possible in order to save money and pay down that balance quicker. Some of the lowest credit card interest rates come in at around 12.99%; the CIBC Select Visa is 13.99%, but offers 10 months of interest-free debt transfers, making it an appealing choice if you are carrying debt from a high-interest card.
Yes, you do need a minimum annual income to be eligible for a CBC Select Visa. There is a $15,000 minimum annual income per household required, which means that even if you don’t make that amount, as long as the income in the household exceeds that amount (and you are of legal age) you should be eligible.