CIBC Select VISA Card
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The CIBC Select Visa Card is a low-interest credit card with an annual fee of $29, which is waived for the first year. This card is designed for those seeking to minimize interest payments, with a purchase interest rate starting at 13.99%.
Welcome Offer
- 0% interest on balance transfers for up to 10 months with a 1% transfer fee
- First year annual fee rebate
Summary
Rewards
- No rewards program
Benefits
With this credit card, you can save up to 10 cents per litre on gas when you use Journie Rewards, helping you cut down on fuel costs. Additionally, enjoy the benefit of no transaction fees on CIBC Global Money Transfers, making it more affordable to send money internationally.
Insurance
- $100,000 Common Carrier Accident Insurance
- Optional travel and payment protector insurance
Editor’s Review
CIBC Select Visa Card Review
The CIBC Select Visa Card is tailored for individuals looking to save on interest with a low annual fee. It offers a competitive balance transfer option and essential insurance benefits.
Key Features and Benefits
- Interest Rates:
- Purchase Rate: 13.99%
- Cash Advances: 13.99%
- Balance Transfers: 0% for up to 10 months (with a 1% transfer fee)
- Fees:
- Annual Fee: $29 (waived for the first year)
- Benefits:
- Common Carrier Accident Insurance
- Discounts on gas through Journie Rewards
- Security Features:
- Visa Zero Liability Policy
- Fraud alerts
- Digital disputes platform
Pros and Cons
Pros:
- Low interest rates on purchases and cash advances
- First-year annual fee rebate
- Valuable balance transfer offer
- No transaction fees on global money transfers
Cons:
- Limited rewards program
- $15,000 minimum annual household income requirement
Who is this card for?
This card is ideal for those looking to minimize interest payments, particularly individuals who may carry a balance or want to transfer balances from higher-interest cards. It’s suited for those seeking essential security features and basic insurance coverage without the need for extensive rewards.
Comparison Table
| Feature | CIBC Select Visa Card | National Bank Syncro Mastercard | BMO Preferred Rate Mastercard |
|---|---|---|---|
| Annual Fee | $29 (first year waived) | $35 | $20 |
| Purchase APR | 13.99% | Prime Rate + 4% (min 8.9%) | 12.99% |
| Balance Transfer Rate | 0% for 10 months (1% fee) | Prime Rate + 8% (min 12.9%) | 3.99% for 9 months (1% fee) |
| Cashback | N/A | N/A | N/A |
| Purchase Protection | No | 90 days | 90 days |
| Extended Warranty | No | Yes | Yes |
| Travel Insurance | Common Carrier Accident Insurance | No | No |
| Minimum Income Requirement | $15,000 household | None | None |
Final Verdict
The CIBC Select Visa Card scores an 7.9/10. It excels in providing low interest rates and valuable balance transfer options, making it a cost-effective choice for those focused on reducing interest costs. The additional benefits, such as Common Carrier Accident Insurance and no transaction fees on global money transfers, add to its appeal. However, the card lacks a rewards program, which may deter those seeking more robust rewards or cashback options. Overall, it’s ideal for individuals prioritizing low interest rates and basic yet valuable benefits.
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