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Mr. Loonie
CIBC Select Visa Card

CIBC Select Visa Card

8.2
Very good
Expert Score · 5 reviews How we score
The balance you carry
Less interest than a typical card, each year
$210
About $420 a year here, instead of $630 at 20.99%

Ranked #8 of 176 for low interest. See the list

See how we worked it out
Balance transfers
0% for 10 months
Then 13.99%
Annual fee
$0 first year
Then $29 a year
Apply now on CIBC’s site (opens in a new tab)
Earns no rewards
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from CIBC’s site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? Interest Can I get it? Perks Fees Similar cards
3 quick questions

Is it for me?

Do you carry a balance from month to month?

Do you have a balance on another card you’d like to move?

Do you want to earn rewards on your spending?

Answer the 3 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 0% on moved balances for 10 months A 3% fee to move them.
  • Good: 13.99% on purchases The usual rate is 20.99%.
  • Good: No fee in the first year Then $29 a year.

Watch for

  • Watch for: Earns no rewards If you pay in full each month, a no fee cash back card gives you more.
  • Watch for: $29 a year from year two
  • Watch for: 13.99% after the 10 months Whatever you haven’t paid off by then is charged the regular rate.

Worked out from the card’s rates and fees.

Show your work

What you’d pay in interest

On a balance of $3,000 that you carry for a year.

  • This card $420
    13.99% $3,000 carried all year
  • A typical card $630
    20.99% $3,000 carried all year

If you move a balance here

Moving $3,000 from a card charging 20.99%.

Fee to move it (3%)
$90
Interest here for 10 months
$0
Interest on the old card for 10 months
$525
You keep about
$435
Pay this a month to clear it before the 0% ends
$300
After 10 months, on anything left
13.99%

A late payment can end a promotional rate early. Simple yearly interest on a balance that stays the same. Banks charge interest monthly, so the real cost comes out a little higher.

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Mr. Loonie’s tip A balance transfer only helps if the balance shrinks. Set up an automatic payment so it goes down every month.

What critics say

Other reviewers on this card

8.2
Very good
Expert Score How we score
  • Money.ca (opens in a new tab) Aug 2023
    10

    “The CIBC Select Visa* Card’s 0% interest rate for 10 months (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 market are free, but its welcome offer and 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.”

  • Wealth Rocket (opens in a new tab) Jan 2023
    8.4

    “If your main goal is to pay down your debt, the CIBC Select Visa is a good option. The ability to pay 0% interest for 10 months (with a 1% transfer fee) when you port over a previous card balance will help you bring down that debt load faster. In addition, the 13.99% interest rate will help ensure that future charges don’t skyrocket if you need to carry a balance for a while.”

  • SAVVY New Canadians (opens in a new tab) Jul 2022

    “If you tend to carry a balance each month and are not looking for any rewards or cashback, the CIBC Select Visa may be a good option for you. It is affordable at only $29 a year and has one of the lowest interest rates for a credit card in Canada. If you make a lot more than $15,000 per year, do not carry a large balance each month, or want to earn and redeem points and rewards or get cashback, this card is not your best option.”

  • Reviewlution (opens in a new tab) Mar 2022

    “All things considered, the CIBC low-interest rate credit card is certainly worth considering. Its affordable APR and the 0% introductory balance transfer offer have turned the card into one of the frontrunners of the race. This particular card is a good fit for those of you that are looking to settle your credit card debt and monthly interest payments. Whether or not the lack of extra features is a deal-breaker or not, it’s entirely up to you.”

  • Finder (opens in a new tab) Mar 2021

    “The CIBC Select Visa is a low-interest card that could be a good fit for you if you want to save money on interest instead of earning rewards. It comes with a 13.99% interest rate and a 0% introductory balance rate. Just be aware that this card offers very few benefits and you’ll have to pay an annual fee of $29 to keep your account active.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

Applied and weren’t approved?

Insurance and perks

What comes with it

  • Travel accident Included
  • Save up to 25% at participating AVIS locations and at participating Budget locations in Canada and the U.S.
  • Emergency Card Replacement
  • Mobile wallets Apple Pay, Google Pay, Samsung Pay
Not included

Not listed for this card: travel medical, trip cancellation, trip interruption, flight delay, lost baggage, car rental damage, purchase protection, extended warranty and mobile device.

Fees and interest

What it costs

Annual fee
$0 first year Then $29 a year
Purchase interest
13.99%
Cash advance interest
13.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Fee waivers
First year: $29 off (First-year annual fee rebate)
Cash advance fee
$5.00
Balance transfer fee
3%, Maximum
Over-limit fee
$29
Late payment fee
None

Interest rates

Balance transfer interest
13.99%
Intro rate: balance transfers
0% for 10 months

Province differences

Quebec
Over-limit fee: none.

Read the card terms and conditions for the full terms.

Before you decide

Similar cards

Purchase interest on each card. This card: 13.99%.

See all cards ranked by interest

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

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

$0 the first year, then $29 a year.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

13.99% on purchases. Cash advances are 13.99%.

Does it have a balance transfer offer?

Yes, 0% for 10 months. The transfer fee is 3%, Maximum. After that, the rate is 13.99%.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$210
less interest a year
Apply now on CIBC’s site (opens in a new tab)
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