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.