CIBC Select Visa* Card Review

Balance Transfer Intro Rate
up to 10 statements†
Balance Transfer Intro Rate Duration
10 Months
Annual Fee
First year annual fee rebate†
Regular Balance Transfer Rate
Cash Advance Interest Rate
Purchase APR
Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate

About the CIBC Select Visa* Card

The CIBC Select Visa* Card is a low interest rate credit card with an enticing welcome bonus: New customers can take advantage of 0% interest for 10 months on balance transfers, with only a 1% transfer fee. Cardholders will also enjoy a low Purchase Annual Interest Rate of 13.99%. This card has an annual fee of $29, however, new customers will have that annual fee rebated for the first year.


  • 0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee
  • 13.99% Purchase Annual Interest Rate
  • First year annual fee rebate ($29 value)
  • No annual fee for additional cards (up to 3)


  • There are other low interest cards available with no annual fee whatsoever
  • Few distinguishing benefits beyond its interest rates

Welcome Offer

New cardholders will be able to transfer their credit card balance for a 1% transfer fee and get 0% interest for up to 10 months. That means you don’t have to stress about your balance for almost a full year, and you can take full advantage of that zero-interest window to pay off your balance in its entirety.

Additionally, the first year annual fee will be rebated (regularly $29/year); the rebate will appear as a credit against the annual fee within the first two card statements after activating the account.

Apply Now

Regular Interest Rates

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

There is a 13.99% Purchase Annual Interest Rate. The Cash Advance Annual Interest Rate is 13.99% and the Balance Transfer Annual Interest Rate is 13.99%. 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 0% for 10 months interest period ends, you will still end up saving yourself money with this low regular interest rate.

Additional Perks and Features

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.

Am I Eligible 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 credit score between 670-739

How to Get the CIBC Select Visa* Card

Are you eligible for and ready to apply for the CIBC Select Visa* Card? Follow this link to the website and click the red ‘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.

What’s Our Take?

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.

Apply Now

† Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

Author Bio

Hannah Logan
Hannah Logan is a freelance finance and travel writer/blogger based in Ottawa. Her stories have appeared on Fodor’s Travel, Livestrong, World Nomads, Intrepid Travel, and more. You can keep up with her at or follow her on Twitter and Instagram: hannahlogan21.

Article comments

Ron L. says:

That interest payment is a computer error. I had the same issue and I just called them and they refunded me.

Daniel from GreedyRates says:

Hi Ron,
Thanks for sharing; glad that you were able to get the situation sorted out.

Khalid Khan says:

I don’t understand why they keep saying that there is zero interest for up to 10 months. I got this CIBC Select Visa in October 2020 and as per their sayings, there was supposed to be no interest until August 2021. But they charged me for $21 interest in February, and again $26 in March. I don’t understand if they don’t know their job or don’t keep their words. I’m done with them now. I paid all the balance and will call them soon to cancel it. Don’t need this headache anymore.

Aaron Broverman says:

Hi Khalid,
You might find an explanation for it in your terms of service or the benefits guide for the card. Otherwise, if you had a late payment or something, sometimes it breaks the 10 months and you begin to get charged. if that’s not it. You should call and ask before you cancel it, just to satisfy your curiosity.

Brent Saunders says:

Check the some conditions apply part also, have not seen them yet.
Just received a new card, was told by CIBC that I qualify for zero dollars allowed to be balance transferred over at 0 percent interest. So my mistake is not reading every single last word in the offer and the words not in the offer or l did not hunt long enough to find them, not my style.

Aaron Broverman says:

Hi Brent,
Unfortunately everyone should go over the cardholder and insurance benefit agreement before applying for credit cards. They are usually available online from the card issuer as a .PDF, so they are easily accessible. It’s just due diligence to make it part of your routine before you apply for a given card because, as you found out, the fine print may not work for you in the end.

Jean-Luc says:

You can made a balance transfer once and totalize HALF of your max limit

Aaron Broverman says:

Hi Jean-Luc,
I can’t understand your comment or question. What do you mean by totalize?

Uam says:

You may want to add this one on the article. You can only transfer your o balance up to 50% of your approved credit limit. So if your approved credit limit is $5,000, you can only transfer up to $2,500 on the CIBC Select Visa.

Daniel from GreedyRates says:

Hi Uam,
Sounds like this comes from experience. Thanks for the inside scoop.

Suze Dawson says:

The qualifications for this card are misleading and, quite frankly, false. Do not apply if you’ve been hit by the pandemic and are on EI. Your credit score will take a hit when they run a credit check. They do not accept people who are currently on EI, even if you meet all of their qualifications, have a good credit score and are able to make the payments.