CIBC Select Visa Card Review

The CIBC Select Visa Card, with its amazing 0% APR offer, can be the key to unlocking a whole new world of possibilities. 

The CIBC Select Visa Card isn’t just another piece of plastic; it’s a strategically designed tool to help you save on interest, especially if you tend to carry a balance. Imagine the relief of knowing you’re paying less interest, month after month, putting more money back into your pocket!

CREDIT CARD

CIBC Select

0% introductory interest rate 1% transfer fee

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Here are some of the fantastic benefits of the CIBC Select Visa Card:

1. Exceptionally Low Interest Rate: Imagine the significant savings you could achieve with a credit card that prioritizes a low interest rate! The CIBC Select Visa Card offers a competitive low annual interest rate on purchases and cash advances, which is a game-changer if you tend to carry a balance from month to month. This means more of your payments go towards reducing your principal debt, helping you save money on interest charges over time and accelerate your path to becoming debt-free.

2. Welcome Offer with 0% Interest on Balance Transfers: Get ready for an incredible opportunity to consolidate and conquer your existing credit card debt! The CIBC Select Visa Card often features a fantastic welcome offer that includes 0% interest on balance transfers for an extended period (e.g., up to 10 months) with a low transfer fee. This allows you to transfer balances from higher-interest cards, giving you a crucial window to pay down your debt more aggressively without accumulating additional interest, saving you a substantial amount of money.

3. First-Year Annual Fee Rebate: Experience the immediate value of this card with an enticing welcome! The CIBC Select Visa Card frequently offers a rebate on its annual fee for the first year. This means you can try out the card’s excellent low interest rate and other benefits without any upfront cost, making it an even more attractive and risk-free option to help manage your finances effectively from day one.

4. Journie Rewards Integration for Gas Savings: Fuel up for less and keep more money in your wallet! When you link your Journie Rewards card to your CIBC Select Visa Card, you can save up to 10 cents off per litre on gas at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations. This fantastic ongoing discount on a common everyday expense provides tangible savings that add up quickly, making every fill-up a rewarding experience.

5. CIBC Global Money Transfer with No Transaction Fees: Stay connected with loved ones across the globe and send money affordably! The CIBC Select Visa Card allows you to send CIBC Global Money Transfers with no transaction fees. This means you can transfer funds internationally without incurring extra charges, providing a valuable and cost-effective way to support family or friends abroad. Plus, you won’t be charged interest on the transfer as long as you pay your balance by the payment due date.

Who Can Apply?

The CIBC Select Visa Card is typically designed for individuals who are looking for a low-interest credit card and are aiming to manage or pay down debt. While CIBC considers various factors, here are the general criteria:

• Credit Score: A good credit score is generally recommended. While it’s a low-interest card, lenders still look for a history of responsible credit use.
• Income: A minimum annual household income of $15,000 is usually required.
• Age: You must be the age of majority in your province or territory (18 or 19 years old, depending on location).
• Residency: You must be a Canadian citizen or a permanent resident of Canada. If you have temporary residence status, your application may take longer to review.
• No Recent Bankruptcy: Generally, you should not have filed for bankruptcy in the past 7 years.
• Other Credit History: CIBC will review your overall credit history, including existing debt, payment history, and credit utilization. A low credit utilization ratio and a history of on-time payments will be beneficial.

How to Apply?

Applying for the CIBC Select Visa Card is a straightforward process, primarily done online:

1. Visit the Official CIBC Website: Go to the CIBC Select Visa Card page on the official CIBC website (cibc.com).
2. Review the Offer: Carefully read through the current welcome offer, interest rates, annual fees, and other terms and conditions to ensure they meet your needs.
3. Click “Apply Now”: Locate and click the “Apply Now” button.
4. Complete the Online Application Form: You will be directed to a secure online application. You’ll need to provide detailed personal and financial information, which typically includes:
   • Full Legal Name and Date of Birth
   • Home Address, Phone Number, and Email Address
   • Social Insurance Number (SIN) (optional, but recommended for faster processing)
   • Current and Previous Employment Details
   • Gross Annual Income
   • Information on other credit cards you hold (especially if you intend to do a balance transfer)
5. Indicate Balance Transfer (If Applicable): If you wish to take advantage of the balance transfer offer, ensure you tick the relevant checkbox and provide the necessary details for the balance you want to transfer.
6. Review and Submit: Carefully review all the information you’ve entered for accuracy before submitting your application.
7. Receive a Decision: CIBC may provide an instant decision, or they may take a few business days to process your application and notify you via mail or email.

Frequently Asked Questions

What is the annual fee for the CIBC Select Visa Card?

The annual fee for the CIBC Select Visa Card is typically $29, but it often comes with a first-year annual fee rebate as a welcome offer.

What is the interest rate on purchases and cash advances?

The CIBC Select Visa Card is known for its low interest rate. For purchases, it’s typically around 13.99%, and for cash advances, it’s usually higher (e.g., 13.99%). Always refer to the current Rates & Fees on the CIBC website for the most accurate and up-to-date information.

Does the CIBC Select Visa Card have a rewards program for everyday spending?

No, the CIBC Select Visa Card is primarily a low-interest card and generally does not offer a points-based or cash back rewards program on everyday purchases. Its main benefit is saving on interest.

CREDIT CARD

CIBC Select

0% introductory interest rate 1% transfer fee

APPLY NOW You will be redirected