CIBC Select Visa Card Review for 2024

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Written by Enoch Omololu

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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:
760
900

Very Good to Excellent

CIBC Select Visa Card

On CIBC’s website

  • Low introductory balance transfer interest rate of 0% for 10 months with a 1% transfer fee.
  • Low interest rate of 13.99% on purchases and cash advances.
  • Link your Journie Rewards card to save up to 10 cents per litre on gas at participating gas stations.
  • Send money abroad for free with no interest, as long as you pay your balance.
  • $100,000 common carrier accident insurance is included.
  • $15,000 minimum annual household income is required to apply.

Low introductory balance transfer interest rate

Low non-promotional interest rate of 13.99%

Save up to 10 cents per litre on gas

$29 annual fee

No option to earn or redeem points or cash back

No comprehensive insurance included

The CIBC Select Visa Card is perfect for those who want to transfer their balance to a low-interest credit card for minimal fees. Although it doesn’t offer much in terms of travel perks, points, or cash back, you’ll pay no interest on your balance for 10 months.

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.

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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:
600
900

Fair to Excellent

Tangerine World Mastercard

On Tangerine’s website

  • Earn 2% cash back on up to 3 spending categories of your choice with no limits.
  • Earn unlimited 0.5% cash back on all other purchases outside those categories.
  • Cash back is earned daily and paid out monthly.
  • Promotional balance transfer interest rate of 1.95% for 6 months.
  • Stay connected to over 1 million wifi hotspots with Boingo Wi-Fi for Mastercard.
  • Receive a complimentary membership to Mastercard Travel Pass provided by DragonPass.
  • Access on-demand and subscription services as a Tangerine Cardholder.
  • $1,000 mobile device insurance and rental car collision/loss damage insurance are included.
  • Purchase assurance and extended warranty benefits are included.
  • No annual fee.
  • Track and categorize your spending with the Tangerine mobile app.
  • To be eligible, you must make a minimum of $60,000 personal or $100,000 household annual income.

Earn 2% cash back in up to 3 categories

No annual fee

Includes Mastercard travel benefits and mobile device insurance

High income requirement needed to qualify

No physical bank branches

No travel insurance included

The Tangerine World Mastercard requires a higher annual income but comes with more travel benefits and insurance coverage than the Money-Back Credit Card. The Mastercard Travel Rewards, Boingo Wi-Fi for Mastercard, and Mastercard Travel Pass make it worth applying for.

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:
660
900

Good to Excellent

Scotiabank Value Visa Card

On Scotiabank’s website

  • Low 12.99% interest rate on cash advances, purchases, and balance transfers to pay down your balance faster.
  • $500 minimum credit limit.
  • No fees for supplementary cards.
  • Save up to 25% off base rates at participating Avis and Budget rental car locations in Canada and the US.
  • Pay off purchases of $100 or more with Scotia SelectPay
  • No minimum income is required.

Low interest rate of 12.99%

No minimum income requirement

0% introductory rate on cash advances for 6 months

No promotional balance transfer interest rate

No rewards program

No travel, shopping, or other insurance benefits

The Scotiabank Value Visa Card is a great credit card for those who carry a balance and want to pay it off. With a 12.99% interest rate, you can pay off your balance faster than most other credit cards.

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:
600
900

Fair to Excellent

neosecuredmastercard cc-img

On Neo’s website

  • Earn up to 15% cash back on your first purchases at many Neo partners.
  • Get an average of 5% instant cash back at over 8,000 Neo partners.
  • Never fall below 0.5% average cash back – if you do, Neo will top it up.
  • Cash back is instantly rewarded.
  • Use the Neo app to view cash back offers near you and view insights on your spending.
  • Instantly use the digital Neo card after signing up.
  • Optionally subscribe to Bundles for more cash back on certain spending categories.
  • No annual fees or income requirements.

No annual fee or income requirements

Earn up to 15% cash back

Neo mobile app shows you cash back offers near you

Only earn 15% cash back once at each Neo partner

You need to subscribe to Neo Bundles for more cash back

No insurance coverage

The Neo Card is an all-in-one cash back credit card and mobile app that earns you cash back on all purchases. Shop at Neo partners and earn up to 15% cash back, rewarded instantly.

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:
660
900

Good to Excellent

SimplyCash Card from American Express

On American Express’s website

  • Earn 2% cash back on gas and grocery purchases (up to $15,000 annually).
  • Earn 1.25% cash back on everything else with no limits.
  • $100,000 travel accident insurance is included.
  • Refer a friend, and you could earn up to a maximum referral bonus of $750 cash back.
  • Enjoy exclusive access to American Express Experiences.
  • Buyer’s assurance and purchase protection plans are included.
  • Use American Express Travel Online to get deals on select car rental and hotel bookings.
  • No minimum income requirement is needed to apply.

No limits on the 1.25% cash back earn rate

$100,000 travel accident insurance

High referral bonus

The 2% cash back categories are capped at $15,000 annually

Cash back is only redeemable once per year

Cash back can only be redeemed as a statement credit

This no-annual-fee SimplyCash Card has high earn rates on gas and groceries and a flat rate of 1.25% cash back on everything else without limits. It also includes travel accident insurance, which is rare for a no-fee cash back credit card.

CIBC Select Visa CardAnnual FeeCash Advance Interest RatePurchase Interest RateRewards
CIBC Select Visa Card$2913.99%13.99%Limited rewards
Tangerine World Mastercard$019.95%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$2912.99%12.99%Limited rewards
Neo Financial Mastercard$022.99%-28.99%19.99%-26.99%Earn an average of 5% cashback at 10,000+ partners across the country.
SimplyCash Card from Amex$021.99%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.

Related:

Bonuses & Deals for February

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50.

Earn average of 5% unlimited cashback. No annual fees and $25 bonus.

Get a $100 cashback bonus in the first 2 months. No annual fee credit card.

No current offers for this category.

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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  • One of the best savings rates in Canada.
  • Access to free unlimited chequing account with $400 bonus.
*Terms and conditions apply. Limited time offer.