If you are looking for a new credit card with a low balance transfer fee, then you should consider getting the CIBC Select Visa Card.
Its low-income requirement and low annual fee make it very accessible and ideal for those with credit card debt. Like many low-interest cards, the CIBC Select Visa Card has limited rewards. However, travelers looking to save money will benefit from the accident coverage on common carriers and the discounts on rental cars.
Keep on reading for a complete review of the CIBC Select Visa Card.
CIBC Select Visa Card At A Glance
- 0% interest on balance transfers for up to 10 months with a 1% transfer fee
- $15,000 minimum household income requirement
- $29 annual fee (first-year annual fee rebate)
- 13.99% purchase interest and cash advance
- Save on gas with CIBC and Journie Rewards
Key Card Benefits
CIBC Select Visa Card has several benefits. Among them are:
1. Exciting welcome offer
CIBC Select Visa offers 0% interest on balance transfers for up to 10 months and a 1% transfer fee from an existing credit card. If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
2. Low-interest rates
The annual interest rate on most rewards credit cards is 19.99%. The CIBC Select Visa is one of Canada’s best low-interest credit cards, charging only 13.99%.
The CIBC Select Visa has another great feature: it has a fixed interest rate, which will not change regardless of your credit rating.
3. Low annual fee
The CIBC Select Visa offers one of the most competitive interest rate in Canada. The low interest rate comes with an affordable annual fee of $29.
Also, you will not have to pay an annual fee if you get the card for additional family members.
4. Save on gas with CIBC and Journie Rewards.
By linking your CIBC Select Visa* card to Journie Rewards, you can save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations.
5. Flexibility
The CIBC Select Visa is one of Canada’s best and easiest-to-obtain low-interest credit cards. Almost anyone can use it to manage their monthly interest payments and credit card debt.
Drawbacks of the CIBC Select Visa Card
This card has limited perks, which is a big drawback. Additionally, it has stiff competition from the Scotiabank Value Visa Card, with an APR of 12.99% and a $29 annual fee.
Fees and eligibility requirements
The annual fee for this card is only $29 (rebated the first year). The good news is that you can add up to three authorized users at no additional cost.
Your household must earn a minimum income of $15,000 annually to qualify for the card. Applicants with an excellent credit score above 600 are more likely to be approved. Those with fair or poor credit ratings may want to consider a secured credit card instead.
In conclusion
With CIBC Select Visa, you receive a decent interest rate of 13.99% on purchases and cash advances. The CIBC select visa card also offers a 0% introductory balance transfer offer, making it an ideal fit for Canadians who want to consolidate their credit card debt into one card while paying a low-interest rate on purchases and cash advances.