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CIBC Select Visa Card

CIBC Select Visa* Card review

Hannah Logan
Cory Santos

Apr 23, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$0

Get this card if you:

  • want a low-interest rate on purchases and balance transfers
  • want a modest annual fee
  • don't need comprehensive insurance benefits

Scores by category

Low Interest 4.1

Balance Transfer 3.8

At a glance

The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.

Highlights

0% interest

Welcome bonus

$29

Annual fee

First year annual fee rebate† $0 for up to 3 additional cards.†. (terms apply)

Interest Rates

13.99%

Purchase APR

13.99%

Balance transfer APR

13.99%

Cash advance APR

Eligibility

Good

Recommended credit score

$15,000

Required annual household income

Quick overview of the CIBC Select Visa* Card

The CIBC Select Visa* Card offers a standout 0% interest rate on balance transfers for 10 months with just a 1% transfer fee†. Cardholders enjoy a low 13.99% purchase interest rate, making this an excellent debt management tool. The card carries a $29 annual fee (First year annual fee rebate† $0 for up to 3 additional cards.†. (terms apply)).

Who can benefit from the CIBC Select Visa credit card?

  • Canadians looking to pay down existing credit card debt, not as an everyday spending card
  • Canadians currently paying high interest rates on other credit cards
  • Anyone who wants to consolidate multiple card balances into a single, low-interest account
  • Cardholders who prioritize low interest rates over rewards programs

Pros and cons

Pros

Pros

  • 0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†

  • 13.99%† Purchase Annual Interest Rate

  • A first year annual fee rebate†

  • No annual fee for additional cards (up to 3)

Cons

Cons

  • There are other low interest cards available with no annual fee whatsoever

  • Few distinguishing benefits beyond its interest rates

CIBC Select Visa* balance transfer welcome offer

The CIBC Select Visa comes with a pretty great balance transfer offer for new accounts:

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

  • Full CIBC Select Visa welcome bonus details

    +

    Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†

    • Transfer up to 50% of your assigned credit limit†.

    • If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.

    • Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.

    • This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.

    Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.

Regular interest rates

This is an all-around low-interest rate card, so while the promotional balance transfer offer is great, the normal rates outside that period are pretty noteworthy as well.

  • Purchase APR: 13.99%
  • Balance transfer APR: 13.99%
  • Cash advance APR: [[ ribn.prod.cibc-select-visa.cashAdvanceAprMin ]]%

To compare, most credit cards charge 19.99% interest on purchases and balance transfers and 22.99% on cash advances. Even if you end up unable to pay off the entire amount on your card before the promotional interest period ends, you will still end up saving yourself money with this low regular interest rate.

Consider someone with $10,000 spread across multiple high-interest credit cards:

  • $6,000 on a store credit card at 29.99%
  • $4,000 on a rewards card at 19.99%

Without CIBC Select Visa:

  • Monthly interest on store card: $150
  • Monthly interest on rewards card: $67
  • Total monthly interest: $217
  • Annual interest burden: $2,604
  • Making $400 monthly payments: Only $183 goes to principal

Using this example, it would take over 4 years to pay off those balances and would cost almost $5,800 in interest payments.

With CIBC Select Visa:

  • Transfer entire $10,000 to CIBC Select Visa
  • One-time 1% balance transfer fee: $100
  • 0% interest for 10 months
  • $400 monthly payments = $4,000 paid off during promo period
  • Remaining $6,000 at regular 13.99% rate afterward
  • Time to pay off: 22 months total
  • Total interest paid: $546 + $100 fee = $646

Using the CIBC Select Visa, you can repay the same balances in just 22 months. Even better, the total interest paid is just $646.

Total savings: $5,154

Can you earn rewards with the CIBC Select Visa* Card?

The CIBC Select Visa credit card does not offer rewards at this time.

Key benefits of the CIBC Select Visa* Card

  • Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡
  • ransfer up to 50% of your assigned credit limit

Consistently low 13.99% interest rate on:

  • Purchases
  • Transfers
  • Cash advances

The card lacks almost all insurance coverage but does provide $100,000 in travel accident protection. And while the limits of the card's insurance are apparent, having some travel insurance on your trip is always welcome.

CIBC Select Visa Card insurance coverage

Low interest credit cards usually aren’t great for insurance and the CIBC Select is no different. That said, the card does provide some value for cardholders:

Insurance
Coverage amount
Extended warranty
1 year
Purchase protection
90 days
Travel accident insurance
$100,000

While the CIBC Select Visa lacks pretty much every insurance protection you can think of, it’s not a total write-off when it comes to keeping you safe. The card provides $100,000 in travel accident coverage which is an unexpected perk that can keep you safe while travelling. Not bad for a low APR and balance transfer credit card with a modest annual fee.

Extra benefits of the CIBC Select Visa

Aside from the main benefits listed above, the CIBC Select Visa* Card includes $100,000 Common Carrier Accident Insurance†. Cardholders can also elect to pay for CIBC Emergency Travel Medical Insurance and/or CIBC Payment Protector Insurance, which helps reduce your CIBC credit card payments if you are unable to work due to a disability, involuntary unemployment, or in the event of critical illness or death.

Link and use your CIBC Select Visa Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†

What is Journie Rewards?

Journie Rewards is a loyalty program that lets you earn points and save money on gas purchases at more than 1,200+ participating gas stations across Canada, including Pioneer, Fas Gas, Ultramar, Chevron and On the Run.

When you link your eligible CIBC credit card with Journie Rewards, you'll get:

  • Save 10¢ per litre every time you fill up using your linked CIBC card
  • 75 bonus Journie points just for linking your eligible CIBC card
  • 75 more bonus points when you opt in to Journie Rewards emails

How does the CIBC Select Visa compare?

MBNA True Line® Mastercard®

2.9

Winner: Best Balance Transfer

0% intro rate

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.

Learn More Apply Now On MBNA Credit Cards' Secure Site

The MBNA True Line® Mastercard® is MBNA’s balance transfer offering 0% APR for 12 months on balance transfers completed within 90 days of account opening and a very low, competitive 17.99% APR after that. The True Line is an ideal “just in case” card thanks to that low rate on transfers, plus an even lower 12.99% purchase APR. Combined with no annual fee you have the recipe for a card that offers value when you need it most.

Disclosures:

  • †, ✪, Terms and Conditions apply.

    This offer is not available for residents of Quebec. For residents of Quebec, please click here.

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Scotiabank Value® Visa* Card

3.0

Runner-up: Balance Transfer

0.99% intro rate

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: 0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that), plus no annual fee for the first year ($29 value). Expires Oct 31, 2025

Learn More Apply Now On Scotiabank's Secure Site

The Scotiabank Value® Visa* Card is another interesting low APR option to consider. Enjoy a 0.99% introductory rate on balance transfers for the first 9 months, meaning you can pay down your existing balance significantly without fear of additional charges - a major win!

Both cards have similar regular APRs (13.99%) and annual fees ($29) but, as noted, Scotiabank waives the first year fee, something CIBC does not. 

Disclosures:

  • Conditions Apply. Visit here for the Scotiabank Value® Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

0.99% intro rate

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.* Expires Jun 01, 2025

Learn More Apply Now On BMO's Secure Site

Like the Scotiabank Value Visa, the BMO Preferred Rate Mastercard®* also comes with an intro balance transfer period and annual fee waiver:

  • Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.*

Once the introductory period ends, the BMO Preferred offers an on-going balance transfer APR of 15.99% versus the 13.99% fee of the CIBC Select. The BMO card also provides extended warranty and purchase protection - something CIBC does not.

Disclosures:

  • *Terms and conditions apply

  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information

Is the CIBC Select Visa* Card worth it?

The CIBC Select Visa* Card’s 0% interest rate for up to 10 months with a 1% transfer fee† is a pretty great deal for a balance transfer credit card, and its post-promotional rate is quite competitive as well. The annual fee is a bit of a downside, as some other balance transfer cards on the marker are free, but its permanent low interest rates make up for it.  

It’s an ideal fit for those looking to consolidate their credit card debt onto one card while simultaneously paying a low-interest rate on purchases and cash advances.

Eligibility requirements for the CIBC Select Visa* Card?

To be eligible for the CIBC Select Visa* Card you must meet the following 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†
  • Have a Good credit score

Are you eligible for and ready to apply for the CIBC Select Visa* Card? Visit their website and click the ‘apply now’ button.

You will then be given a form with all the important credit card info regarding terms, current rates, etc. which you will need to read through and click ‘agree’ at the bottom to proceed. You’ll be asked to fill out some personal information including your Canadian address, phone number, birth date, etc. Applying takes about five minutes and you’ll get a response in as little as 60 seconds.

If you are already a CIBC customer and use CIBC Online Banking® you can log in and it will automatically populate some of this information for you.

Disclosures:

  • †Terms and Conditions Apply. This offer is not available for residents of Quebec.
  • The information for the CIBC Select Visa* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
Hannah Logan Money.ca writer

Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.

Cory Santos Credit card expert

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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