CIBC Select Visa Card: Low Interest and Management Tools
The CIBC Select Visa Card is a low-interest credit card designed for Canadians prioritizing low financing costs and debt management. Unlike introductory rates that expire, the card provides a consistent low interest rate of 13.99% on all Purchases, Cash Advances, and Balance Transfers.
A major feature of this card is the promotional introductory offer: get 0% interest for up to 10 months on credit card balance transfers of $100 or more, subject to a 1% transfer fee. This award-winning balance transfer program has been recognized by Milesopedia and Rates.ca.
Additionally, cardholders benefit from the Visa Zero Liability Policy and tools like the digital Lock and Unlock feature for enhanced security and peace of mind.
Benefits and Features
The CIBC Select Visa* Card offers a strong set of features that enhance its value as a cost-effective credit management tool.
Key benefits include:
- Low Interest Rate: A permanent 13.99% Annual Interest Rate for Purchases, Cash Advances, and Balance Transfers.
- Balance Transfer Offer: 0% interest for up to 10 months on balance transfers of $100 or more, with a 1% transfer fee.
- Zero-Fee Additional Cards: Request up to 3 additional cards with no annual fee.
- Fuel Savings: Save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations when you link your card with Journie Rewards.
- Zero Transaction Fee Global Money Transfers: Send money abroad with the CIBC Global Money Transfer™ service with no transaction fees and no interest charges if you pay your balance by the due date.
- Security Tools: Instantly Lock and Unlock your card digitally and receive Fraud Alerts via text, email, or phone.
Prerequisites
To qualify for the CIBC Select Visa Card, applicants must meet specific eligibility requirements:
- Minimum Annual Household Income: $15,000.
- Credit Limit: This card has a minimum credit limit.
- Residency: Must be a Canadian resident (implied by CIBC Canada services).
About CIBC
CIBC (Canadian Imperial Bank of Commerce) is a leading Canadian financial institution. The CIBC Select Visa* Card is part of its suite of personal banking products designed to meet diverse financial needs. The card emphasizes security, credit management, and low borrowing costs.
Rewards and Earning Structure
The CIBC Select Visa* Card is primarily a low-interest card and does not have a traditional rewards point or cashback structure for everyday spending. Its rewards are in the form of direct financial savings and lifestyle benefits:
- Fuel Savings: Automatic savings of up to 10 cents per litre when linked to Journie Rewards.
- Interest Savings: Direct savings achieved by the low 13.99% TJA and the potential for a 0% promotional rate on transferred balances
Who is this card for?
The CIBC Select Visa* Card is ideal for Canadians who:
- Prefer a Low Interest Rate: Individuals who occasionally or frequently carry a balance and want to minimize interest payments.
- Need a Balance Transfer: Those looking to consolidate high-interest credit card debt from other institutions.
- Value Simplicity and Security: Users who want a straightforward card with digital management tools and the protection of the Visa Zero Liability Policy.
How to Apply
Applying for the CIBC Select Visa* Card can be done quickly online:
- Visit the CIBC website and select the Select Visa Card product page.
- Click “Apply now” to start the application.
- Fill in your personal and financial information.
- If applicable, select the balance transfer option when filling out your application.
- Receive a response in as little as 60 seconds.
How to Unlock Your Card
Once approved, you can activate your card and manage its security features through digital channels:
- CIBC Mobile App/Online Banking – Easily Activate a new or replacement card and instantly Lock and Unlock your card.
- Choose Your PIN – Easily select or change your PIN online, from anywhere in the world, at any time.
Management and Digital Tools
The CIBC Select Visa* Card provides a full suite of digital tools to manage your account:
- CIBC Mobile Banking App: Activate a new card, set or change your PIN, access the Lock and Unlock feature, and manage your account balance.
- Spending Alerts: Set up alerts to be notified when you have exceeded your customized budget or are nearing your credit limit.
- Authorized User Spending Limits: The primary cardholder can set monthly spending limits for purchases and cash withdrawals for any authorized user.
Pros and Cons
To help you decide if this card is right for you, the table below summarizes the main advantages and disadvantages of the CIBC Select Visa Card. It highlights the core benefits, like the low interest rate, alongside important limitations, such as the immediate interest charges on cash-related transactions.
| Pros | Cons |
|---|---|
| Consistently low 13.99% TJA (Total Annual Interest Rate). | Not a rewards card (does not offer points or cashback for purchases). |
| 0% introductory balance transfer offer for up to 10 months. | Interest begins immediately on Cash Advances, Balance Transfers, and Convenience Cheques. |
| No annual fee for up to 3 authorized users. | The interest rate can increase significantly (to 25.99%/27.99%) if required payments are missed 2 or more times in 12 months. |
| Discounts on gas (up to 10 cents/litre) and car rentals (up to 25%). | Foreign currency transactions incur a 2.5% conversion fee. |
| Digital security features like Lock/Unlock and Fraud Alerts. |
Fees and Rates
Below is a detailed summary of the key fees and interest rates associated with the CIBC Select Visa Card. This table highlights the low standard interest rate and important fees related to managing your account, including annual and transactional charges.
| Feature | Details |
|---|---|
| Annual Fee | $29 (First year rebated) |
| Additional Card Fee | $0 (For up to 3 cards) |
| Purchase Interest Rate | 13.99% |
| Cash Advance Rate | 13.99% |
| Increased Interest Rate (if payments missed) | 25.99%/27.99% |
| Overlimit Fee | $29 (Not applicable to Quebec residents) |
| Foreign Currency Conversion Fee | 2.5% of the converted amount |
| Cash Advance Fee (within Canada) | $5.00 (Not applicable to Quebec residents) |
| Promotional Balance Transfer Fee | Up to 5% of the amount (1% for the introductory offer) |
Customer Service
CIBC provides several support channels for cardholders:
- In Canada and the US (General Inquiries): 1-800-465-4653.
- Elsewhere (General Inquiries): 514-861-4653.
- Lost or Stolen Card (In Canada and the US): 1-800-663-4575.
- CIBC Website: cibc.com.
Conclusion
The CIBC Select Visa* Card stands out as an excellent option among low-interest credit cards in Canada. It provides tremendous financial value through its low 13.99% purchase TJA and a competitive 0% balance transfer offer. Combined with practical everyday benefits like gas savings and robust digital tools for security and spending management, the Select Visa* Card is a powerful, cost-effective solution for a wide range of lifestyles.
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