As of January 2021, the average credit card debt for Canadians was $3,330.
With the average interest rate on credit cards ranging from 19.99% to 29.99%, each day you have this extra credit card balance is increasing your debt.
What if you could get a break from paying high-interest rates?
If you’re looking for a new credit card and you want a break from those high-interest rates, then you should consider getting the CIBC Select Visa Card. Keep on reading for Insurdinary’s guide on everything you need to know about the features and benefits of the CIBC Select Visa Card.
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CIBC Select Visa* Card
- Annual Fee: $29 (first year rebated†) Each additional card (up to 3): $0
- Eligibility: Canadian resident, age of majority
If you get the CIBC Select Visa Card, you can transfer your credit card balance and get 0% interest for up to 10 months. You only have to pay a 1% transfer fee. You can transfer up to 50% of your credit limit.
After 10 months, you’ll get a low-interest rate of 13.99%.
This card has an annual fee of $29, but as part of the introductory offer, you will also get a rebate for the annual fee paid in the first year.
Features and Benefits
There are many features and benefits that you should be aware of if you’re considering the CIBC Select Visa Card. For more information, take a look at the CIBC benefits guide.
The most noteworthy aspect of this card is the low-interest rate.
Most credit cards charge an interest rate of 19.99% or higher. If you carry a balance on your credit card, this can substantially increase your debt over time. The CIBC Select Visa Card has a low-interest rate of 13.99%.
Their introductory offer of a 0% interest rate on transferred balances makes it an even more appealing credit card. It will give you a little bit of respite to allow you to pay off your balance faster.
Low Annual Fee
The CIBC Select Visa Card has a low annual fee of $29. For this low fee, you also get a lower interest rate compared to other credit cards.
No Annual Fee on Supplementary Cards
If you get the card for additional family members, then you can get no annual fee on those additional cards.
Send Money Abroad
Another appealing feature of this credit card is that it allows you to send a CIBC Global Money Transfer with no transaction fees. When you transfer that money, you won’t be charged interest if you pay the full balance by the payment due date.
With CIBC Global Money Transfer, you can transfer money to 120 countries including India, the Philippines, China, and the U.S.
Common Carrier Accident Insurance
Included in this card is the $100,000 Common Carrier Accident Insurance. This insurance covers accidental bodily injury on a common carrier like a ferry, bus, or train. A common carrier does not include a vehicle for sports, contests, or a cruise.
Make sure to buy your tickets with your CIBC Select Visa Card, and you automatically get this insurance. You can rest assured that your family will be protected.
Optional Features You Can Purchase
You can add optional features like CIBC Payment Protector Insurance for Credit Cards. This means that if you’re not able to work because you lost your job or self-employment, or because of disability, critical illness, or death.
You can also add on the CIBC Emergency Travel Medical Insurance for a fee.
You may also want to compare travel insurance quotes just to help you make your decision. Lucky for you, Insurdinary can provide you with the cheapest and best quote for travel insurance.
Rates and Fees
You can get a low-interest rate of 13.99% for everyday purchases.
You also get a low introductory interest rate of 0% for 10 months on any balance you transfer to your new CIBC Select Visa Card. The interest will go back up to 13.99% after 10 months.
You can also get a low 13.99% rate on cash advances.
The CIBC Select Visa Card has a low annual fee of $29. If you get the CIBC Select Visa Card today, then you can get the annual fee for the first year rebated.
How to Get the CIBC Select Visa Card
You can apply online for the CIBC Select Visa Card. If you don't want to apply online, you can book a meeting with a CIBC representative or call 1-866-525-8622.
The online application only takes 10 minutes to complete. You’ll need your social insurance number and a Canadian address to start. You’ll get a response in less than 60 seconds.
If you’re a CIBC customer, then you can log in to your online banking account and it will automatically populate some of this information for you.
Before you go any further, check if you are eligible for the CIBC Select Visa Card.
To be eligible, you need to be a Canadian resident and you should have reached the age of majority in your province.
You shouldn’t have declared bankruptcy in the past 7 years.
Another important eligibility requirement is that your minimum annual income should be at least $15,000. Students with no income should consider some other card.
How Does It Compare to Others?
Before you make your decision on the right credit card for you, you should compare and consider your choices. When compared to its competitors, the CIBC Select Visa Card and its introductory offer continue to stand out.
CIBC Select Visa Card
- Annual Fee: $29, first-year free
- Annual interest rate: 13.99%
- Welcome offer: 0% interest on all balances transferred for 10 months
- Other Features: Common Carrier Insurance
BMO Preferred Rate Mastercard
- Annual Fee: $20, first-year fee waived
- Annual interest rate: 12.99%
- Welcome offer: 3.99% introductory interest rate on balance transfer for 9 months
- Other Features: N/A
This is a no-frills simple credit card. It doesn’t offer any other benefits except for the low-interest rate. The introductory 3.99% interest is also higher than the CIBC Select Visa Card.
RBC Visa Classic Low Rate Option
- Annual Fee: $20
- Annual interest rate: 12.99%
- Welcome offer: N/A
- Other Features: $0 delivery fees on DoorDash for 3 months
The RBC Visa card has low interest but doesn’t have the benefits of the introductory rate of the CIBC Select Visa Card.
The CIBC Select Visa Card has the best introductory offer at a 0% interest rate for balance transfers when you get the card. This introductory rate will apply for 10 months. The RBC Visa doesn’t offer any introductory offer, and the BMO Mastercard has a 3.99% introductory rate.
To figure out which card is best for you, compare interest rates, fees, and other features and benefits. You can also compare other credit cards through Insurdinary to find the right card for you.
Pros and Cons
We have gone through all of the features and benefits of the CIBC Select Visa card. Below we set out some of the pros and cons for you to review at a glance.
The biggest pro of the CIBC Select Visa Card is the 0% interest rate on balance transfers for 10 months. After the introductory period, the rate is still low at 13.99%. The 13.99% rate applies to everyday purchases.
You also get a low annual fee of $29, with the first year rebated. The annual fee is $0 for any additional cards.
Unlike other similar cards, the CIBC Select Visa Card also has Common Carrier Accident Insurance as an added benefit.
On the other hand, the CIBC Select Visa Card also doesn’t have many other features to keep you interested. The low-interest rate of 13.99% is slightly higher than other competitors that offer 12.99%.
At the end of the day, if you have a credit card balance that you’re paying high-interest rates on, you should take advantage of the introductory rate on the CIBC Select Visa Card.
There are many great reviews of the CIBC Select Visa Card. First, many reviews consider its welcome offer as a pretty great deal. It’s also available to those people with an average credit score, which makes it worth it.
While the annual fee is not seen as positive, the introductory offer and low-interest rate make up for it.
If you have credit card debt, then this is the right card for you. You can take advantage of the 0% interest rate for 10 months and pay down your debt during this time.
The CIBC Select Visa Card is known for being accessible, affordable, and offering competitive low-interest rates.
Get Your Free Credit Score Today
Now you know all the features and benefits of the CIBC Select Visa Card, including its amazing introductory offer and low regular interest rates. If you are someone who carries a balance on their credit card, then this is the card for you.
Before you sign up for the CIBC Select Visa Card, you should check your credit score. A good credit score can help you get approved for a new credit card faster. To check your credit score for free, check out Insurdinary.