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CIBC Select Visa Card Review 2023

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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. 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.

CIBC Select Visa

CIBC Select Visa

Rated 4.2/5 stars.

  • Welcome Offer 0% interest and 1% transfer fee for first 10 months
  • Annual Fee $29 (first year waived)
  • Interest Rates Purchase & Cash Advance: 13.99%
  • Recommended Credit 670+

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.

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 lower 1% transfer fee. If you have a balance on a credit card that you have been trying to pay down, then this balance transfer credit card is a very appealing option that will allow you to pay that balance down interest-free for nearly a year.

Other Perks

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


  • 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.


  • Limited Perks: The card doesn’t have flashy cash-back, or travel rewards that can come iwth other credit cards

  • Annual 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 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. 

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