The CIBC Select Visa is a low-interest credit card from CIBC with a purchase rate of 13.99% and a $29 annual fee. It earns no rewards and offers no travel perks — its purpose is reducing interest costs for CIBC clients who carry a monthly credit card balance. At 13.99%, it is slightly more expensive than the 12.99% offered by the BMO Preferred Rate Mastercard and Scotiabank Value Visa, but it integrates into the CIBC banking ecosystem and may offer periodic balance transfer promotions.
Quick Verdict
Best for: CIBC banking clients who consistently carry a credit card balance and want to reduce interest costs within the CIBC product ecosystem.
Not ideal for: Those who pay their balance in full each month (a CIBC rewards card is far more valuable), or balance carriers who prioritize the absolute lowest rate (the BMO Preferred Rate at 12.99% / $20 annual fee has a lower rate and lower fee).
Key Card Details
| Feature | Detail |
|---|---|
| Annual fee | $29 |
| Additional cardholder fee | Verify at cibc.com |
| Purchase interest rate | 13.99% |
| Cash advance rate | Verify at cibc.com (typically higher) |
| Foreign transaction fee | 2.5% |
| Income requirement | None stated |
| Network | Visa |
| Rewards | None |
Card terms and interest rates are subject to change. Verify all current details at cibc.com before applying.
Interest Savings at 13.99%
The CIBC Select Visa’s value is the gap between 13.99% and the standard 20.99% rate on most CIBC rewards cards — a difference of approximately 7 percentage points.
| Average Monthly Balance | Standard 20.99% Rate | Select Visa 13.99% | Annual Savings | After $29 Fee |
|---|---|---|---|---|
| $420 | $88.16/yr | $58.76/yr | $29.40/yr | $0.40 net |
| $600 | $125.94/yr | $83.94/yr | $42/yr | $13/yr net |
| $1,000 | $209.90/yr | $139.90/yr | $70/yr | $41/yr net |
| $2,000 | $419.80/yr | $279.80/yr | $140/yr | $111/yr net |
| $5,000 | $1,049.50/yr | $699.50/yr | $350/yr | $321/yr net |
Approximate simple interest calculations. The breakeven monthly balance is approximately $420.
Note on rate comparison: The Select Visa at 13.99% is 1 percentage point higher than the 12.99% cards from BMO and Scotiabank. On a $2,000 average balance, that 1% difference costs approximately $20/year in extra interest — partially offsetting the $29 fee advantage but not eliminating the Select Visa’s overall savings versus a standard CIBC rewards card.
Balance Transfer Option
CIBC periodically offers promotional balance transfer rates for the Select Visa, allowing cardholders to move high-interest balances from other cards at a reduced rate for a limited time.
How to evaluate a balance transfer offer:
- Compare the promotional rate (e.g., 0% for 6 months) versus your current card rate (e.g., 20.99%)
- Factor in the balance transfer fee (typically 1–3% of the transferred amount)
- Know the rate that applies after the promotion ends (13.99%)
- Have a repayment plan to eliminate the balance before or during the promotional period
Example savings: A $5,000 balance transferred at 0% for 10 months (with a 2% transfer fee = $100):
- Interest saved: $5,000 × 20.99% × 10/12 ≈ $875
- Less transfer fee: $100
- Net savings in 10 months: approximately $775
Verify any current balance transfer promotion at cibc.com.
Fees and Rates
| Fee | Amount |
|---|---|
| Annual fee | $29 |
| Purchase interest rate | 13.99% |
| Cash advance rate | Verify at cibc.com |
| Foreign transaction fee | 2.5% |
Benefits
The CIBC Select Visa is a utility card. Benefits are minimal:
- Visa Zero Liability: Standard protection against unauthorised purchases
- Basic purchase security: Verify at cibc.com
- No rewards, no travel insurance, no Aventura points, no lounge access
CIBC Select Visa vs. Other Low-Interest Cards
| Card | Annual Fee | Purchase Rate | Notes |
|---|---|---|---|
| CIBC Select Visa | $29 | 13.99% | CIBC ecosystem |
| BMO Preferred Rate Mastercard | $20 | 12.99% | Lower fee and lower rate |
| Scotiabank Value Visa | $29 | 12.99% | Same fee, lower rate |
| MBNA True Line Mastercard | $39 | 12.99% | Higher fee, same rate as BMO/Scotia |
| TD Emerald Flex Rate Visa | $25 | Variable | Variable rate; may be lower |
The CIBC Select Visa is the least competitive among the major-bank low-interest cards on both rate and fee-adjusted basis. The BMO Preferred Rate Mastercard offers a lower rate (12.99%) at a lower annual fee ($20). The Scotiabank Value Visa offers the same $29 fee with a lower 12.99% rate. For CIBC banking clients who want to keep all products at CIBC, the Select Visa is the right choice — but the objective comparison favours BMO’s Preferred Rate card.
CIBC Select Visa vs. CIBC Dividend Visa: Choosing the Right CIBC Card
| Scenario | Best CIBC Card |
|---|---|
| Pay full balance monthly | CIBC Dividend Visa Infinite (4% on grocery/gas, $120/year) |
| Carry $500+/month balance | CIBC Select Visa (saves $42+/year net after fee) |
| Carry small balance + want rewards | CIBC Dividend Visa ($0 fee, some cash back, standard rate) |
| Want lowest rate, cost secondary | CIBC Select Visa |
Who Is the CIBC Select Visa Best For?
Ideal cardholders:
- CIBC banking clients who consistently carry a $500+ monthly credit card balance
- Those who have already committed to staying within the CIBC product ecosystem and need a low-interest option
- Canadians in a transitional financial period (short-term income reduction, large planned purchase, etc.) who need a low-cost card for carrying a balance temporarily
- Anyone considering a CIBC balance transfer promotion to consolidate high-interest debt
Less suitable if:
- You pay your full balance monthly — use a CIBC rewards card
- You want the lowest possible rate at the lowest possible fee — BMO’s Preferred Rate Mastercard (12.99%, $20) is better on both metrics
- You want any form of rewards or cash back
Alternatives
| Card | Annual Fee | Rate | Why Consider It |
|---|---|---|---|
| BMO Preferred Rate Mastercard | $20 | 12.99% | Lower fee and better rate |
| Scotiabank Value Visa | $29 | 12.99% | Same fee, better rate |
| CIBC Dividend Visa | $0 | 20.99% | No fee; use only if you pay in full |
| MBNA True Line Mastercard | $39 | 12.99% | TD ecosystem, same rate |
Bottom Line
The CIBC Select Visa fills the role of low-interest card within the CIBC product lineup. For CIBC clients who carry a monthly balance, it reduces interest costs considerably versus CIBC’s standard rewards cards. However, it is not the most competitive low-interest option in Canada — the BMO Preferred Rate Mastercard offers a lower rate (12.99%) at a lower fee ($20). Choose the Select Visa if you bank with CIBC and want to keep your credit products at one institution.
Card terms, interest rates, and fees are subject to change. Verify all current details at cibc.com before applying.