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Everything about CIBC Select Visa Card

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Are you tired of credit cards with sky-high interest rates that make it nearly impossible to manage your finances effectively? Let me introduce you to the CIBC Select Visa Credit Card, a game-changer in the world of credit cards, especially for those of us in Canada looking for a more affordable way to handle our expenses.

THE BEST LOW INTEREST RATE CREDIT CARD IN CANADA

CIBC Select Visa Credit Card

How to apply

Rates & Fees

Transfer your credit balance

Transfer your credit card balance — get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate.

Welcome Bonus


0% interest for up to 10 statement periods

Annual Fee


$29

Regular APR


13.99%

Credit Score


560 - 659

Rates & Fees

How to apply

Transfer your credit balance​

Transfer your credit card balance — get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate.​

Welcome Bonus


0% interest for up to 10 statement periods

Annual Fee


$29

Regular APR


13.99%

Credit Score


560 - 659

  • Earn 10% cash back for the first four months (on spending up to $2,000).
  • Enjoy no annual fees for the first year as a new primary cardholder.
  • Add up to three authorized users for $30 each (first year rebated).
  • Earn 4% cash back on groceries and gas (capped at $20,000 annually).
  • Earn 2% cash back on dining, recurring bills and transportation services (capped at $20,000 annually, along with gas and groceries).
  • Earn 1% cash back on everything else you buy (applies to all purchases after $80,000 in annual charges).
  • Save up to 10 cents per litre at participating gas stations when you link your CIBC Dividend Visa Infinite Card with Journie Rewards.
  • Receive built-in insurance coverage for mobile devices and purchase protection.
  • Receive built-in travel insurance coverage for emergency travel medical care, common carrier accidents and rental car collisions.
  • Save up to 25% off car rentals at participating Avis and Budget locations.
  • Access hotel benefits, unique dining events and 24-hour complimentary concierge services.
  • Get 0.25% cash back for every $1 spent on CIBC Global Money Transfers.

Provides coverage for an accidental death or dismemberment resulting from riding as a passenger on a common carrier (land, air, or water transport). All insurance coverage is subject to the terms and conditions of their respective master policies. Certain limitations, exclusions and restrictions apply. Please read your Certificate of Insurance carefully.

Why We Recommend the CIBC Select Visa Credit Card

The CIBC Select Visa stands out primarily for its low-interest rate. Imagine the relief of not having to pay exorbitant interest on your purchases and cash advances! This feature alone makes it a go-to choice for anyone looking to consolidate their debt and reduce interest payments. It’s a breath of fresh air for those of us who are juggling multiple high-interest cards and looking for a way to ease the financial strain.

But the benefits don’t stop there. The CIBC Select Visa comes with an enticing welcome offer. Think about transferring your credit card balance to this card and enjoying a staggering 0% interest rate for up to 10 months, with only a 1% transfer fee. Plus, they’ll waive the first year’s annual fee. It’s like they’re giving us a financial head-start!

Moreover, this card is not just about saving money; it’s also about security and convenience. The Visa Zero Liability Policy protects you against unauthorized transactions, which is crucial in today’s digital age. Also, the card includes Common Carrier Accident Insurance, adding an extra layer of security to your travels.

So, if you’re looking for a credit card that helps you manage your finances more effectively while offering peace of mind with security features, the CIBC Select Visa Credit Card is definitely worth considering.

How You Can Use the CIBC Select Visa Credit Card

The CIBC Select Visa isn’t just a credit card; it’s a financial tool that can adapt to various aspects of your life. Whether you’re a savvy spender, a frequent traveler, or someone looking to streamline your finances, this card has something for you.

For starters, the low-interest rate is a godsend for anyone looking to consolidate debt. Transfer balances from your high-interest cards to the CIBC Select Visa and watch as your interest payments dwindle. This feature is a lifesaver for anyone struggling to keep up with mounting credit card debt.

But it’s not just about debt management. Think about the savings at the pump. With the CIBC Select Visa, you can link your card to Journie Rewards and save on every fill-up at participating gas stations. For those of us who drive regularly, these savings can add up quickly.

And let’s talk about sending money abroad. In a world where global transactions are becoming more common, this card steps up. With no transaction fees for CIBC Global Money Transfers and no interest charged if you pay your balance by the due date, it’s an ideal choice for international transactions.

Advantages of the CIBC Select Visa Credit Card

When it comes to choosing a credit card, the CIBC Select Visa stands out with its array of benefits tailored for the savvy spender. First and foremost, its low interest rate on purchases and cash advances is a major draw. This makes it an ideal choice for those looking to manage or consolidate existing credit card debt without the burden of high interest compounding over time.

Additionally, the CIBC Select Visa offers a compelling welcome offer: 0% interest for up to 10 months on balance transfers with a minimal 1% transfer fee. This can be a game-changer for those seeking to move their balances from higher-interest cards. Plus, the annual fee is waived for the first year, which adds to the initial savings.

Security is another significant advantage. The card is equipped with Visa’s Zero Liability Policy, offering protection against unauthorized transactions. This is a crucial feature in an era where digital security is paramount. Furthermore, the inclusion of Common Carrier Accident Insurance provides an extra layer of safety for travelers.

The card also offers practical everyday benefits like discounts on fuel through Journie Rewards at participating gas stations. This makes it an excellent choice for daily commuters or anyone who spends a lot on gas.

How to apply

Disadvantages of the CIBC Select Visa Credit Card

Despite its many advantages, the CIBC Select Visa Credit Card does have a few drawbacks. One notable limitation is the lack of rewards or cash-back programs, which are common in many other credit cards. For those who value earning points or cash back on their purchases, this might be a significant downside.

Additionally, the card’s benefits are primarily focused on interest savings and balance transfers. If you’re someone who doesn’t carry a balance or isn’t concerned about interest rates, the card’s advantages may not align well with your financial needs.

Credit Assessment for the CIBC Select Visa

The credit assessment process for the CIBC Select Visa Credit Card is thorough and designed to evaluate an applicant’s financial stability and creditworthiness. CIBC, like most financial institutions, looks at several key factors during the assessment.

Firstly, they consider your credit score, which is a numerical representation of your credit health. A higher score indicates better credit habits and history, making you a more favorable candidate for approval. However, the exact score required can vary and isn’t publicly disclosed by CIBC.

Income is another critical factor. The CIBC Select Visa requires a minimum annual household income of $15,000. This threshold ensures that applicants have a basic level of financial stability and the means to manage credit effectively.

CIBC also reviews your existing debt and credit utilization ratio, which is the amount of credit you’re using compared to your available credit limits. Lower utilization rates typically indicate responsible credit usage, making you a more

attractive candidate for new credit.

Furthermore, your employment status and history are taken into account. Consistent employment is seen as a sign of financial stability, which is crucial in ensuring you can meet your credit obligations.

During the application process, CIBC may also consider your banking history with them, if applicable. Existing relationships with the bank can be advantageous as they have direct insight into your financial habits and history.

It’s important to note that each application is evaluated on an individual basis. CIBC takes a holistic view of your financial situation, so even if one aspect of your credit profile is not ideal, other factors may still make you eligible for the card.

Is There a Minimum and Maximum Credit Limit for the CIBC Select Visa Card?

When it comes to the CIBC Select Visa Credit Card, the credit limits are tailored to individual financial profiles, ensuring that each cardholder receives a limit that aligns with their financial capacity and creditworthiness. While CIBC does not publicly disclose specific minimum and maximum credit limits, they generally range from modest amounts for those with limited credit history or lower incomes, to significantly higher limits for those with strong credit scores and higher income levels.

This flexibility in credit limits means that the CIBC Select Visa can cater to a wide range of financial needs, from those just starting to build credit to experienced users looking for a higher credit ceiling.

Interested in Applying? Learn How to Get the CIBC Select Visa Credit Card Here

Thinking about getting your hands on the CIBC Select Visa Credit Card? You’re just a click away from starting your journey towards a smarter way of managing your finances. Whether you’re looking to consolidate debt with a lower interest rate, or seeking a reliable credit card with robust security features, the CIBC Select Visa is a fantastic choice. Don’t let this opportunity slip by!

Click the button below to learn more about how you can apply for the CIBC Select Visa Credit Card. It’s a straightforward process, and you could be on your way to enjoying all the benefits this card has to offer in no time. Click below and let’s get started!

How to apply

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