CIBC Select Visa Card Review

3.00

$29.00

Annual Fee

$0.00

Annual Rewards

N/A

Intro Offer

$29.00

Annual fee

$0.00

Annual rewards

N/A

Intro offer


Pros


  • No annual fee for the first year
  • Low 13.99% Annual Interest Rate (AIR)
  • Travel and purchase protection benefits
  • 2% cash back on grocery store purchases
  • 1% cash back on gas, transportation, dining, and recurring payments
  • 0.5% cash back on all other purchases

Cons


  • $29 annual fee after first year
  • Lower cash back on other purchases (0.5%)
  • Foreign transaction fee of 2.5%
  • Limited insurance coverage compared to premium cards
  • No sign-up bonus or welcome offer

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With CIBC Select Visa Card, here’s how you earn rewards:

How much your rewards are worth

The dollar value of your rewards depends on the specific CIBC rewards program and what you choose to redeem your points for.

For CIBC Select Visa Card in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Calculating your annual rewards

$24,000.00 annual spending x $0.00% return on spending = $0.00 annual rewards

$0.00 annual rewards – $29.00 annual fee = $$-29.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score760 – 900
Personal Income$15,000.00
Interest Rates
Purchase13.9%
Cash Advance13.9%
Balance Transfer13.9%
Fees
Annual Fee$29.00
Extra Card Fee$0
Card typeVisa

Insurance coverage

Travel Accident100000

CIBC Select Visa Card Review

The CIBC Select Visa Card is a versatile credit card designed to cater to a variety of consumer needs. In this review, we will discuss its earning potential, list four key benefits, two drawbacks of using this card, and provide additional information to help prospective users make an informed decision.

Earning Potential with the Card

With the CIBC Select Visa Card, users earn reward points for every dollar spent on a qualifying purchase. For every $1 spent at gas stations, grocery stores, and drugstores, cardholders earn 1 point. For all other purchases, cardholders earn 1 point for every $2 spent. These points can be redeemed for merchandise, gift cards, or travel rewards in CIBC’s extensive rewards system.

Benefit 1: Flexible Redemption Options

One of the first major advantages of using the CIBC Select Visa Card is the flexibility in redemption options. Cardholders can redeem their points for a wide range of rewards, such as travel options, merchandise from top brands, and gift cards to popular retailers. As the card is part of CIBC’s comprehensive rewards system, users have a multitude of opportunities to get the most value out of their points.

Benefit 2: Purchase Security and Extended Warranty

The second key advantage of the CIBC Select Visa Card is that it provides purchase security and extended warranty protection on most items purchased. This means that if eligible items are damaged or stolen within 90 days of purchase, the cardholder is covered. Additionally, the extended warranty protection doubles the manufacturer’s warranty up to one additional year, offering extra peace of mind to users.

Benefit 3: Deferred Payment Installment Plan

The third advantage of this card is the deferred payment installment plan available for qualifying purchases. This allows cardholders to break down certain large purchases into smaller monthly payments without incurring interest – an attractive feature for users who want to manage their budget effectively and avoid high-interest costs.

Benefit 4: Travel Benefits

Last but not least, users of the CIBC Select Visa Card can enjoy various travel benefits. This includes enticing discounts on certain car rentals and access to a useful travel assistance service. With complimentary 24/7 access to CIBC Assist, cardholders can acquire help with various travel-related needs, such as lost baggage or obtaining legal referrals while traveling around the world.

Drawback 1: Low Reward Points Conversion Rate

A significant drawback of the CIBC Select Visa Card is its reward points conversion rate: 1 point for every $2 spent on purchases other than gas, groceries, and drugstores. For those who primarily use their credit card for categories outside these three, the rate at which reward points are earned may seem unimpressive compared to other cards in the market.

Drawback 2: Annual Fee

Another drawback is the card’s annual fee of $29. Although this fee may be considered reasonable, many competing credit cards offer a similar range of features with no annual fee. Therefore, it’s essential for potential users to weigh the costs and benefits before selecting this card.

Additional Information

The CIBC Select Visa Card offers an introductory incentive of a low interest rate on balance transfers for the first ten months. This feature can be highly beneficial to individuals who want to transfer existing balances and pay off debts over a shorter period. Overall, the CIBC Select Visa Card is a versatile and flexible credit card that can cater to a diverse range of needs.

Interested in other credit cards? If the CIBC Select Visa Card credit card isn’t perfect for you, you might want to consider the CIBC Aventura Gold Visa Card. Plus, many Canadian’s that like the CIBC Select Visa Card like the CIBC Classic Visa Card, and the CIBC Aventura Visa Infinite Card (QC).

FAQ

With the CIBC Select Visa Card, cardholders can redeem their points through the Aventura Rewards program, which offers a wide range of rewards, such as:

  • Flights: Book travel through the Aventura Travel Assistant on any airline, with no blackout periods or seat restrictions, or use points to cover taxes and fees.
  • Hotels and vacation packages: Redeem points for stays at over 400,000 hotels worldwide or for vacation packages.
  • Merchandise: Choose from a wide selection of products including electronics, kitchen appliances, and fashion items.
  • Gift cards and e-certificates: Use points for gift cards from popular retailers, restaurants, or entertainment options.
  • Financial rewards: Apply points towards your CIBC Select Visa account to pay down your balance or make a contribution to your CIBC TFSA, RRSP, or RESP account.
  • Charitable donations: You can also donate your points to a charity of your choice, supporting a cause you believe in.

The CIBC Select Visa Card does charge foreign transaction fees. When you use this card for transactions in a foreign currency, a fee of 2.5% will be applied in addition to the converted transaction amount. This fee covers the cost associated with converting the foreign transaction to Canadian dollars.

The CIBC Select Visa Card does not have a specific minimum income requirement for applicants. However, during the application process, your overall financial situation and credit history will still be taken into consideration by the bank to determine eligibility and the credit limit they can offer you.

Key benefits

  • Annual fee: $0 for the first year, $29 thereafter
  • Interest Rate: 13.99% on purchases and cash advances
  • Balance transfer rate: 13.99% applicable on amounts transferred
  • Featured rewards: Cash back program
  • Cash back on groceries: 2%
  • Cash back on gas, transit, dining, and recurring payments: 1%
  • Cash back on all other purchases: 0.5%
  • Grace Period: 21-day interest-free period after statement date
  • Foreign transaction fee: 2.5%
  • Rental car insurance coverage: Collision Loss Damage Insurance
  • Travel insurance: Common Carrier Accident Insurance
  • Purchase protection: 90-day coverage against theft or damage
  • Extended warranty: Doubles manufacturer’s warranty up to one additional year
  • Minimum income requirement: None specified
  • Online account management: Yes
  • Contactless payment: Visa payWave technology enabled

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