CIBC Select Visa
The CIBC Select Visa Card is one of Canada’s most accessible and affordable low-interest credit cards, designed for people who want to save on interest, consolidate debt, or carry a balance more affordably. With a competitive ongoing interest rate, a low annual fee, and an attractive balance transfer offer, it’s ideal for Canadians looking for simple, low-cost credit management.
✅ Low interest rate of 13.99% for purchases and cash advances.
✅ Annual fee of $29 is rebated for the first year.
✅ 0% interest on balance transfers for up to ten months.
Key Features
Understanding the key features of the CIBC Select Visa Card is essential for evaluating its suitability for your financial needs. Here are some of the highlights:
- Low Interest Rate: The card offers a purchase and cash advance interest rate of 13.99%, making it a competitive option for those who may carry a balance.
- Annual Fee: The annual fee is $29, but it is rebated for the first year and also for up to three additional cardholders, making it a cost-effective option for families or couples.
- Balance Transfer Offer: New cardholders can transfer their existing credit card balances and enjoy 0% interest for up to ten months, with a one percent transfer fee. This feature is particularly beneficial for those looking to consolidate debt.
Who Is It For?
The CIBC Select Visa Card is ideally suited for individuals or families looking to maintain a budget while having access to credit. It’s particularly beneficial for:
- Those who want to transfer existing credit card balances to save on interest payments.
- Individuals who travel frequently and would benefit from insurance coverage.
- Drivers looking to save on fuel costs through the Journie Rewards program.
Additional Benefits and Considerations
Beyond its low interest rate and competitive balance transfer offer, the CIBC Select Visa Card includes added perks that can make everyday spending more rewarding and secure. One of the highlights is its integration with the Journie Rewards program, which allows cardholders to save up to 10 cents per litre on fuel at participating gas stations after linking their card. This makes it especially appealing for commuters and frequent drivers.
Cardholders also benefit from basic insurance coverage, including common carrier accident insurance, which provides some peace of mind when traveling. While it doesn’t include premium travel perks or extensive reward programs, its simplicity and affordability make it an excellent choice for those prioritizing financial control over luxury benefits.
It’s also worth noting that the eligibility criteria are accessible. With a minimum annual income requirement of just $15,000, the card is within reach for a broad range of applicants — from students and young professionals to retirees.
Final Thoughts and Recommendations
The CIBC Select Visa Card stands out as a practical and cost-effective option for Canadians who prioritize low interest rates and debt management tools over premium perks. Its 0% balance transfer promotion, low annual fee, and accessible income requirement make it a strong contender for those looking to simplify their finances or pay off existing balances faster.
If you’re someone who tends to carry a balance or wants to avoid high interest fees, this card can offer real value. It’s especially recommended for budget-conscious individuals, students starting to build credit, or families wanting to reduce the cost of everyday purchases.
However, if you’re seeking travel rewards, cashback, or extensive insurance coverage, you might want to explore other credit cards better suited to those needs. Always assess your financial goals and spending habits before applying — and if saving on interest is your priority, the CIBC Select Visa Card could be the right fit for 2025.
