Daniela Hanna
The CIBC Select Visa* Card is a deliberately simple, low-interest credit card built for Canadians who care far more about minimizing borrowing costs than earning rewards. With a permanently reduced purchase interest rate and a very modest annual fee, it’s designed to be a practical financial tool rather than a lifestyle card.
This card shines in situations where you may occasionally carry a balance, need predictable financing, or want a backup card that won’t punish you with standard 20%+ interest rates. It’s not flashy — but it can quietly save you real money over time.
Quick highlights
- 📉 Permanently low interest rate on purchases compared with standard credit cards.
- 💸 Lower interest costs can outweigh rewards for balance carriers.
- 💳 Simple Visa acceptance worldwide.
- 💰 Very low $29 annual fee.
- 🔄 Ideal as a balance-carry or secondary safety-net card.
Why we like the CIBC Select Visa
The CIBC Select Visa exists for a very specific — and very real — use case. Not everyone pays their balance in full every single month, and for those Canadians, interest rate matters far more than rewards. This card recognizes that reality and builds its value proposition around it.
Instead of dangling short-term teaser rates or confusing promotional windows, the Select Visa offers a consistently reduced interest rate year after year. That predictability makes it easier to plan, especially during periods of higher expenses or tighter cash flow.
We also like that the annual fee is kept low enough that the card doesn’t feel punitive. Even modest balances can quickly offset the cost of the fee when compared with standard high-interest cards.
Pros
- Lower ongoing purchase interest rate.
- Low annual fee.
- No promotional gimmicks or rotating offers.
- Simple Visa acceptance worldwide.
- Useful as a secondary or emergency card.
Cons
- No rewards, points, or cash back.
- Not ideal for people who always pay in full.
- Limited insurance coverage.
Why there are no rewards
Rewards don’t come for free. Cards that offer cash back or points typically offset those perks with higher interest rates. The CIBC Select Visa removes rewards entirely and redirects that value toward keeping borrowing costs lower.
If you carry balances even occasionally, the interest savings here can far exceed what you’d earn from most basic rewards cards.
How to use it smartly
- Use it intentionally.
This is not a lifestyle spending card — it’s a financing tool. - Pair it with a rewards card.
Use a rewards card for everyday spend and this card when balances need to carry. - Avoid complacency.
Lower interest helps, but paying down balances should still be a priority.
Insurance & protections
- Basic purchase protection for eligible items.
- Extended warranty coverage.
- Visa Zero Liability protection.
Rates & fees
| Annual fee | $29 |
|---|---|
| Purchase APR | Reduced fixed rate |
| Cash advance APR | Standard rate |
| Foreign transaction fee | Standard FX fees apply |
Best for
- 📉 Canadians who occasionally carry balances.
- 🧾 People prioritizing interest savings over rewards.
- 🔄 A secondary card to complement a rewards card.
Where it falls short
- No upside for disciplined, pay-in-full users.
- Limited perks and benefits.
- Not competitive for travel or lifestyle rewards.
Community insights
Among Canadian cardholders, the CIBC Select Visa is often viewed as a “utility card” — not exciting, but dependable. Many users keep it quietly in their wallet for years, pulling it out when flexibility matters more than perks.
AI review (straight talk)
This card does one thing well: it lowers the cost of borrowing. If you’re honest about occasionally carrying balances, the Select Visa can save you far more money than a basic rewards card ever will.
Alternatives & comparison
| Card | Annual Fee | Focus | Best For |
|---|---|---|---|
| CIBC Select Visa | $29 | Low interest | Balance carriers |
| Promotional balance transfer card | $0–$40 | Short-term low rate | Debt consolidation |
| No-fee rewards card | $0 | Rewards | Pay-in-full users |
FAQ
Does this card earn rewards?
No — the value comes from lower interest rates.
Is the interest rate promotional?
No. The reduced purchase rate is ongoing.
Who should avoid this card?
Anyone who always pays their balance in full and wants rewards.
Final verdict & ratings
Our take The CIBC Select Visa is a practical, disciplined card designed for real-world finances. It won’t impress you at checkout, but it can quietly save you money when life gets expensive.
| Overall | ★★★☆☆ 3.8 / 5 |
|---|---|
| Cost control | 4.5 / 5 |
| Flexibility | 4.0 / 5 |
| Rewards | 1.0 / 5 |
| Long-term usefulness | 4.1 / 5 |
