CIBC Select Visa Card Review

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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The CIBC Select Visa Card has earned a 3.71 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the CIBC Select Visa Card are interest and fees.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the CIBC Select Visa Card the most important factors for scoring this card are its interest and fees.

Rewards

With the CIBC Select Visa Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending $2,000 per month with the CIBC Select Visa Card would earn $0 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Our study investigating the value found that each dollar spent on the CIBC Select Visa Card is worth up to $0.00, depending on how you redeem.

This $0 in rewards value puts the CIBC Select Visa Card in the bottom 20% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the CIBC Select Visa Card earns $0 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

For an annual spend of $24,000, we estimated annual rewards value at up to $0.

That’s equivalent to a 0.00% return on spending.

The CIBC Select Visa Card has an annual fee of $29. After deducting this, we predicted net annual rewards of $-29.

This puts it in the bottom 10% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The CIBC Select Visa Card has a $29 annual fee.

The average card charges $85. So, the CIBC Select Visa Card is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The CIBC Select Visa Card scored a 0.2 out of 5 for perks, putting it in the bottom 10% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of 19.99% and so the CIBC Select Visa Card charges 6% less than the average.

For cash advances it costs 13.99% compared to the average of 19.96%.

Testing the CIBC Select Visa Card with a $2,000 starting balance, you can see in the graph how the 6% less in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 2.1 out of 5 for insurance.

It offers 1 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the CIBC Select Visa Card, while the average card requires 652 to qualify.

This puts it in the top top 10% of cards by approval difficulty.

The personal income requirements are $15,000, while the average card requires $23,896.

This puts it in the top 30% of cards by the income required to qualify.

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.

Benefits

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.
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.
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.
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.

Drawbacks

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.
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

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