The CIBC Select Visa Card is one of the best low-interest credit cards in Canada.
At a set interest rate of only 13.99%, this credit card is great for those who tend to carry a balance each month or have some credit card debt.
It has a low annual household income requirement, making it very accessible for almost anyone to apply.
This CIBC Select Visa Card review covers the benefits, a few disadvantages, how to apply, and a few alternative credit cards.
CIBC Select Visa Card – At a Glance
CIBC Select Visa Card
CIBC low-interest credit card
Annual fee: $29
Rewards: Access insurance benefits plus savings on gas and transaction fees.
Interest rates: 13.99% on purchases and cash advances.
Minimum income requirement: A minimum annual household income of $15,000.
Recommended credit score:
Good
On CIBC’s website
CIBC Select Visa Card Benefits
The CIBC Select Visa Card is a basic low-fee and low-interest credit card with an interest rate of 13.99% on purchases, cash advances, and balance transfers.
You only need a household income of $15,000 and a credit score of at least 760 to qualify.
You can send a CIBC Global Money Transfer with no transaction fees, and if you pay your balance by the due date every month, you won’t be charged interest.
Your card comes with $100,000 Common Carrier Accident Insurance, and you have the option to add emergency travel medical insurance and CIBC Payment Protector Insurance for your cards.
Downsides of the CIBC Select Visa Card
This is a very basic CIBC credit card with no opportunity for earning or redeeming points on anything.
Depending on your need, you may be better off with a card that offers an opportunity to earn cashback, travel rewards, points, and more.
How To Apply for the CIBC Select Visa Card
To apply for the CIBC Select Visa Card, click here. You can also book a meeting with a representative or call them.
To be eligible, you must:
- Be a Canadian resident and have reached the age of majority in your province or territory
- Have a minimum annual household income of $15,000
- Have not declared bankruptcy in the past 7 years
It is recommended to have a credit score of at least 700 to qualify.
Alternatives to the CIBC Select Visa Card
Below are a few alternatives to the CIBC Select Visa Card. These credit cards allow you to earn and redeem points or get cashback.
CIBC Select Visa Card vs Tangerine World Mastercard
The Tangerine World Mastercard is a $0 annual fee credit card with a 19.95% interest rate.
You can earn 2% Money-Back rewards in two 2% Money-Back Categories and 0.50% Money-Back Rewards on all other purchases.
You can transfer your balances from other high-interest credit cards to the Tangerine World Mastercard for six months with only a 1.95% balance transfer.
Other benefits of this card include rental collision/loss damage insurance, mobile device insurance, and extended warranty and purchase protection.
View a full review of the Tangerine World Mastercard here.
Tangerine World Mastercard
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
CIBC Select Visa Card vs Neo Financial Mastercard
The Neo Financial Mastercard is a no-fee cashback credit card.
This credit card is one of the best cashback cards in Canada. Neo is entirely digital with a mobile app, but they send you a physical credit card in the mail.
This card has a 19.99%-26.99% interest rate on purchases and a 22.99%-28.99% interest rate on cash advances.
See my full review of the Neo Financial Mastercard here.
Neo Credit card
Rewards: Average of 5% cash back at 12,000+ partners.
Welcome offer: $25 welcome cash bonus.
Interest rates: 19.99% – 29.99% on purchases; 22.99% – 31.99% for cash advances.
Annual fee: $0 to $4.99 monthly
CIBC Select Visa Card vs Walmart Rewards Mastercard
The Walmart Rewards Mastercard is a no annual fee cashback credit card. The interest rate is 19.89% for purchases and 21.49% for cash advances.
You can earn 1.25% cashback at Walmart and 1% cashback everywhere else.
There is no insurance coverage, and you must make a purchase at Walmart to redeem your cashback.
View my full review of this card here.
Is the CIBC Select Visa Card For You?
If you tend to carry a balance each month and are not looking for any rewards or cashback, the CIBC Select Visa may be a good option for you.
It is affordable at only $29 a year and has one of the lowest interest rates for a credit card in Canada.
If you make a lot more than $15,000 per year, do not carry a large balance each month, or want to earn and redeem points and rewards or get cashback, this card is not your best option.
Instead, you can consider one of the above alternative credit cards for earning cashback.
