CIBC Select Visa* Card Review

(Editor Rating)



If you tend to carry a balance every month, the CIBC Select Visa* Card is a credit card to consider adding to your wallet. It offers an interest rate of 13.99% on purchases†, which is much lower than the standard 20% or more on most credit cards. Plus, you’ll get a first-year annual fee rebate. With a low minimum income threshold and an affordable annual fee, this card is extremely accessible and ideal for those with existing credit card debt or occasionally need to carry a balance.

Visit Site

Interest Rate


Annual Fee


Welcome Offer


Cardholder Perks


Best for:


  • Low interest rate on purchases and cash advances
  • Affordable annual fee
  • Includes Common Carrier Accident Insurance

Editors note: Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their Web site.

About the CIBC Select Visa* Card

The CIBC Select Visa* Card is a low-interest credit card designed to help Canadians consolidate and pay down debt. The card’s main selling point is its regular purchase interest rate of 13.99%†, which is around 6-8% lower than most credit cards. For those carrying a debt load, this could translate into saving hundreds of dollars per year in interest. The availability of up to three additional cards issued for free means that applicants can share the savings with family at no additional cost. The regular annual fee of $29 (rebated for the 1st year) and the low minimum household income of $15,000 make this a very accessible card.

Like many low-interest credit cards, the CIBC Select Visa* Card has limited perks, but the common carrier accident protection and discounts on rental cars will be valuable for travellers looking to keep their costs down.  Plus, you’ll get a first-year annual fee rebate.

CIBC Select Visa* Card: At A Glance
Welcome Offer: First year annual fee rebateMinimum income eligibility requirement: Minimum annual income of $15,000 (household)
Annual Fee: $29Recommended Credit Score: Good
Purchase Interest Rate: 13.99%†Interest on Cash Advances: 13.99%†
Rewards: None 

Card Features & Benefits

The CIBC Select Visa* Card is a low-interest credit card and like others in this category, the interest rate is the top benefit. But here are the card’s stand out features:

  • Enjoy a low 13.99% interest rate on purchases† and cash advances†
  • Receive a first-year annual fee rebate

Learn more about the CIBC Select Visa* Card.

Other Perks

Like many low-interest credit cards, the CIBC Select Visa* Card  has limited perks but these included benefits are definitely nice-to-haves:

  • Free additional cards: Get your family members saving on interest with up to three additional cards.
  • $100,000 Common Carrier Accident Insurance: This coverage protects you, your spouse, and your children when you travel.
  • Car rental discounts: Save up to 25% at participating AVIS and Budget Rent A Car locations.

Pros and Cons


  • Affordable annual fee — $29/year, first year rebated
  • Great low interest rate — An everyday purchase interest rate of 13.99%†
  • Includes $100,000 in common carrier accident insurance


  • Limited perks

The Verdict

The CIBC Select Visa* Card is affordable, accessible, and offers a decent 13.99% interest rate on purchases† and cash advances†. Combined with the first-year annual fee rebate, this card will attract Canadians who are looking to consolidate debt onto a low-interest card.

Thrifty travellers might be able to put the common carrier accident insurance to good use along with the car rental discounts, but there aren’t many perks to attract reward-seekers. If you’re looking for premium perks, check out the best travel credit cards in Canada or our best cash back credit cards roundup.

Whether or not this card is right for you may well depend on whether a rock bottom interest rate is your prime concern. Compare Canada’s best low interest credit cards  to see for yourself. Lastly, if you’ve got a lot of high-interest debt, you may want to consider a debt consolidation loan instead. Read more about finding the best option for debt consolidation loans.

† Conditions Apply

Article comments