If you’re in search of the best low-interest credit cards in Canada, the CIBC Select Visa Card is worth exploring.
This CIBC credit card offers a low-interest rate on purchases and cash advances. This makes it a popular choice for those looking to save money.
In this CIBC Select Visa Card review, we’ll examine the card’s benefits and drawbacks to help you determine if it’s right for you. While the card includes standard benefits, it doesn’t offer many perks or rewards.
Keep reading to learn more about the CIBC Select Visa Card and whether it’s the right fit for your financial needs.
Main Highlights
- Offers a competitive interest rate of 13.99% on purchases and cash advances.
- Provides other benefits such as Purchase Protection, Accident Insurance, and Global Money Transfer service with no transaction fees.
- Lacks additional perks, which may be a downside for some customers.
- A good option for people who carry a balance and want to save on interest charges, but there are other credit cards that offer more rewards and benefits.
CIBC Select Visa Card – Summary
The CIBC Select Visa Card has an annual fee of $29 and an interest rate of 13.99% on purchases, balance transfers, and cash advances.
The card also comes with a number of benefits, such as protection for purchases, global money transfers, and insurance in case of an accident while travelling.
Linking this card to the CIBC Journie Rewards Card entitles cardholders to extra perks such as fuel discounts and rewards points.
CIBC Select Visa Card
Rewards: Pay off your balance with a 0% introductory interest rate for 10 months. After that, get a low interest rate of 13.99%.
Welcome offer: Get 0% interest on a transferred balance for up to 10 months with a 1% transfer fee, plus the first year annual fee rebated.
Interest rates: 13.99% for purchases and cash advances.
Annual fee: $29
Recommended credit score:
Very Good to Excellent
On CIBC’s website
Benefits of the CIBC Select Visa Card
The CIBC Select Visa Card offers a number of benefits to cardholders, including:
Fuel Up For Less
Link and use your CIBC Journie Rewards Card to save on every fill-up at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations.
- With the Journie Rewards program, CIBC credit cardholders can earn points for eligible purchases made at participating Journie Rewards gas stations. The number of points earned per dollar spent varies depending on the specific credit card used.
- Linking your card is simple. Log in to your CIBC Online Banking® account or the CIBC Mobile Banking® App. Choose “Link to Journie Rewards” and follow the on-screen instructions.
- In addition to discounts on fuel, users can redeem their points for other rewards, such as gift cards or merchandise, through the Journie Rewards website.
- Users must have a CIBC credit or debit card that is enrolled in the Journie Rewards program to participate. Some cards may charge an annual fee or have other requirements to participate in the program.
Access Valuable Insurance Benefits
Simply charge your fare to your CIBC Select Visa Card. Being the Primary Cardholder, you, your spouse, and dependent children are automatically covered for up to one hundred thousand dollars ($100,000) in Common Carrier Accident Insurance.
Send Money Abroad
With the CIBC Global Money Transfer service, you can easily send money to friends and family abroad without worrying about transaction fees or interest charges. On the condition that you pay your balance by the payment due date.
This service allows you to transfer money to over 80 countries around the world, ensuring that your loved ones receive the funds they need in a timely and secure manner.
Downsides of the CIBC Select Visa Card
While the CIBC Select Visa Card has some great benefits, there are a few downsides to consider, including:
- Annual fee: Although there is a first-year rebate for the annual fee of $29, there are other low-interest cards available with no annual fee whatsoever.
- Limited welcome bonus: Except for the 0% interest on balance transfers for ten months , the card does not offer any other welcome bonus. This may be a drawback for consumers who are looking for a quick way to earn rewards.
How To Apply for the CIBC Select Visa Card
To apply for the CIBC Select Visa Card, you must meet the following eligibility requirements:
- Be a Canadian resident.
- Be the age of majority in the province where you live.
- Have a minimum annual household income of $15,000.
- Ideally have a credit score between 670-739.
You can visit the CIBC website and fill out an online application form. You will need to provide personal, employment , and financial information.
CIBC Select Visa Card Alternatives
If you are considering the CIBC Select Visa Card, you may also want to consider the following alternatives:
Tangerine World Mastercard
Tangerine World Mastercard
Rewards: Earn 2% unlimited cash back in up to 3 spending categories of your choice, plus 0.50% on all other purchases.
Welcome offer: Get 15% cash back on up to $1,000 in the first 2 months ($150 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
Recommended credit score:
Fair to Excellent
On Tangerine’s website
Scotiabank Value Visa Card
Scotiabank Value Visa Card
Rewards: Save on interest with a 12.99% interest rate.
Welcome offer: 0% introductory interest rate on cash advances for the first 6 months, plus get the first annual fee rebated.
Interest rates: 12.99% for purchases, balance transfers, and cash advances.
Annual fee: $29
Recommended credit score:
Good to Excellent
On Scotiabank’s website
Neo Financial Mastercard
Neo Financial Mastercard
Rewards: Earn up to 15% cash back at Neo partners and never fall below 0.5% average cash back.
Welcome offer: Get an extra 15% cash back on your first purchases at many Neo partners.
Interest rates: 19.99% to 26.99% for purchases, 22.99% to 28.99% for cash advances.
Annual fee: $0
Recommended credit score:
Fair to Excellent
On Neo’s website
SimplyCash Card from American Express
SimplyCash Card from American Express
Rewards: Earn up to 2% cash back on gas and groceries and 1.25% cash back on everything else.
Welcome offer: In the first 10 months, earn a $10 statement credit for each month in which you spend $300 (up to $100 in statement credits).
Interest rates: 20.99% for purchases, 21.99% for cash advances.
Annual fee: $0
Recommended credit score:
Good to Excellent
On American Express’s website
| CIBC Select Visa Card | Annual Fee | Cash Advance Interest Rate | Purchase Interest Rate | Rewards |
| CIBC Select Visa Card | $29 | 13.99% | 13.99% | Limited rewards |
| Tangerine World Mastercard | $0 | 19.95% | 19.95% | Earn 2% cash back in 2 Money-Back Categories, 0.50% cash back on everything else, Boingo Wi-Fi for Mastercard, Travel rewards |
| Scotiabank Value Visa Card | $29 | 12.99% | 12.99% | Limited rewards |
| Neo Financial Mastercard | $0 | 22.99%-28.99% | 19.99%-26.99% | Earn an average of 5% cashback at 10,000+ partners across the country. |
| SimplyCash Card from Amex | $0 | 21.99% | 19.99% | Cash back on all purchases, up to 1.25% |
In addition to the cash back rewards and other benefits, the CIBC Select Visa Card is one of the best low-interest credit cards in Canada.
The card’s interest rate on purchases and cash advances of 13.99% is lower than that of many other credit cards. This can help customers save money on interest charges and pay off their balances more quickly.
FAQs
What credit score do you need for CIBC Select Visa Card?
The recommended credit score for applicants is between 670 and 739.
Is there an annual fee for the CIBC Select Visa?
The annual fee is $29, which is waived for the first year.
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