If you constantly carry large balances on your cards each month, then you should consider adding the CIBC Select Visa Credit Card to your wallet. It offers a low-interest rate and is designed to help you consolidate your debts, so you can be in a position to pay them down.
This card also comes with a 0% promotional interest rate so that you can clear up any debts you might be carrying within that period of time. Additionally, cardholders will enjoy a rebate on the annual fee for the first year.
Therefore, this card is ideal for people that have an existing credit card debt, and people who occasionally end up having too much on their plate and are unable to clear their credit card balances at the end of the year.
CIBC Select Visa Credit Card Features
Debt Consolidation
This card is ideal for Canadians who wish to consolidate their debt from other credit cards and pay at a low-interest rate for a period of 10 months. It also offers a low purchase interest rate, which is what makes it quite affordable for most people.
Passenger Protection
Common carrier accident insurance is included for eligible travel paid on the account. Coverage adds financial protection during flights, trains, or similar transport. Review activation requirements so benefits apply to your itinerary.
This accident insurance is equivalent to $100,000, and you can also choose to use the CIBC emergency travel medical insurance or the CIBC payment protector insurance. This helps you reduce your card payments in case you cannot pay due to unemployment, disability, or in case of critical illness.
Fuel Rewards
Cardholders can connect their Journie Rewards accounts and receive up to 10 cents off per litre at participating stations. This will benefit you if you fill up at Chevron, Fas Gas, Pioneer, and Ultramar.
Also read: RBC Avion Visa Credit Card – How to Order the Visa Infinite Online
Pros and Cons of the CIBC Select Visa Credit Card
Pros
Headline advantages include 0% interest for the first ten months, a strong balance-transfer promotion, and $100,000 in listed accident coverage. Debt payoff becomes more predictable under these terms. Ensure transfers post within any stated window to secure promo benefits.
Cons
Trade-offs include no cashback rewards and an annual fee. The design prioritizes lower borrowing costs over ongoing earn. Compare expected interest savings against the fee to verify net value.
CIBC Select Visa Credit Card Fees
Before applying for a credit card, you should always look into the fees and rates associated with it. Below is a list of fees that come with the CIBC Select Visa Credit Card
- Annual fee – charged at $29
- Purchase rate – 13.99%
- Cash advance rate – 13.99%
- Extra card fee - $0
Also read: How to Apply for a Tangerine Credit Card Today – World MasterCard
CIBC Select Visa Credit Card Eligibility
To qualify for this card, you must be a Canadian resident. You need to be over the age of 18 if you live in MB, AB, PE, ON, SK, and QC, and over the age of 19 if you live in other provinces.
Your credit score needs to be between 670 and 739, and you need a minimum household income of around $15,000.
Also read: MBNA Credit Card – How to Order the True Line MasterCard
How to Apply for the CIBC Select Visa Credit Card
If you have checked the eligibility criteria and you qualify, the next step would be to log in to the company website and click on the “Apply Now,” button.
You will be provided with a form that must be filled in with the correct information about yourself such as your name, address, telephone number, income information, date of birth, and employment details.
This process takes around five minutes to complete, and you will receive a response within 60 seconds. If you are interested in applying, you can go to the CIBC Bank Website to fill out an application.
CIBC Bank Address and Contact Information
To find out more about the CIBC Select Visa Credit Card, it is advisable to contact the bank directly. CIBC Bank can be contacted using the following details.
Address: 199 Bay Street, Commerce Court. Toronto Ontario. CA, M5L 1A2.
Phone: 1-800-385-2582.
Also read: Find Out How to Apply for a Triangle Credit Card – Triangle MasterCard
Conclusion
For Canadians, this card can help them get out of credit card debt that has been weighing on them heavily with high-interest rates. The 10-month period given is the main attraction of this card and gives you the freedom to clear your debt. Check out the company website for more information on the card.
Note: Consider the risks involved in using credit products before applying by consulting the issuing institution’s terms and conditions.
