What the Card Offers
CIBC markets the Select Visa as its low-interest card: 13.99% on purchases and cash, a 0% balance transfer for up to 10 months with a 1% fee, and a first-year annual fee rebate.
- 13.99%
Low interest rate1
13.99% on purchases, cash advances and balance transfers.
- 0%
Balance transfer for 10 months2
0% on balance transfers of $100 or more made at application, for up to 10 statement periods, with a 1% transfer fee.
- $29
Low annual fee3
$29 a year, rebated for the first year; no fee for up to 3 additional cards.
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- 50%
Transfer up to half your limit3
Balance transfers can be up to 50% of your assigned credit limit.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (3)
- CIBC Credit Card Summary of Annual Interest Rates and Fees 11995-2026/10
- CIBC Select Visa product page, footnote "select-visa-welcome-offer" (retrieved 2026-10-18)
- CIBC Select Visa product page (retrieved 2026-10-18)
The Fine Print Report
Moderate fine print. A useful low rate that's easy to lose.
2 missed payments: 13.99% becomes 25.99%Impact level: High
Two missed payments in 12 months raise your rates from 13.99% to 25.99% on purchases and 27.99% on cash for at least a year
If CIBC doesn't receive your Required Payment on time twice in any 12-month period, your rates rise to 25.99% on purchases and 27.99% on cash advances, balance transfers and convenience cheques. The higher rates apply for at least 12 months, starting the next statement period.
Why it matters: The low rate is the reason to hold this card. Two late payments in a year cost you that rate for at least 12 months, so set up automatic minimum payments.
Promo balance: new purchases accrue interestImpact level: High
While a promotional balance remains, new purchases accrue interest unless you pay the whole balance
After a balance transfer, you lose the interest-free grace period on new purchases unless you pay your entire balance, including the promotional balance, in full each month. Payments above the minimum are split proportionally across balances at different rates, so they don't go first to the 13.99% purchases.
Why it matters: Avoid using the card for new purchases until the transferred balance is paid off, or they'll accrue 13.99% from the day you buy.
0% ends after 2 missed payments in a rowImpact level: Medium
The 0% offer ends early after two consecutive missed payments, and only applies at application
The 0% rate applies only to transfers of $100 or more requested in your application, and only up to your approved limit. If you miss two consecutive Required Payments during the promotion, the remaining transferred balance moves to the cash advance rate. Transfers under $100 accrue the cash rate from day one.
Why it matters: Set up automatic minimum payments for the whole promotion.
2.5% FX fee, also charged on refundsImpact level: Medium
Foreign currency purchases cost 2.5% extra, and refunds are converted at a new rate
Purchases in a foreign currency are converted to Canadian dollars at the rate CIBC pays, plus a fee of 2.5% of the converted amount. The fee applies to both debits and credits, and a refund is converted at the rate on the day it's applied, which may differ from the original purchase.
Why it matters: Every $1,000 spent in a foreign currency costs about $25 in fees, and a refunded foreign purchase can still leave you out of pocket.
Default: CIBC can debit your depositsImpact level: Medium
If your account isn't in good standing, CIBC can take the balance from your CIBC deposit accounts and term deposits
When the account isn't in Good Standing, CIBC can demand the full balance and collect it by debiting any deposit account you have with it, or by redeeming fixed-term deposits, whether or not they've matured. It can also suspend or cancel the account without notice, for that or any other reason.
Why it matters: If you bank at CIBC, a missed payment can lead to withdrawals you didn't schedule and to a GIC being cashed early.
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No rewards or insuranceImpact level: Low
No rewards and no insurance
The card earns no points or cash back and includes no travel or purchase insurance.
Why it matters: It's a tool for carrying a balance at a lower rate, not an everyday spending card.
Who This Card Is For
Great fit if you...
- Carry a balance from month to month
- Want to transfer a balance at 0%
- Make payments reliably on time
Consider alternatives if you...
- Pay in full every month
- Want rewards or insurance
- Plan to keep using the card for purchases during the promo
The Verdict
The Select Visa's 13.99% rate is about 8 points below CIBC's standard rates, and the 0% balance transfer can cut interest costs for 10 months.
Two late payments in a year cost you the low rate for at least 12 months, and new purchases accrue interest while a promotional balance remains.
The Recommendation: Good for paying down existing debt if you stop using it for new purchases and never miss a payment.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer