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Are you looking for a smart way to reduce your credit card interest charges? A balance transfer offer can help you potentially save hundreds of dollars in interest while giving you more time to pay off your debt. The CIBC Select Visa* Card is one of the best options available in Canada for this type of strategy, offering 0% interest on balance transfers of at least $100 for up to 10 months, as well as an annual fee rebate for the first two years.
The CIBC Select Visa Card* is one of the best Visa credit cards in Canada for balance transfers.
With this exclusive digital offer for this CIBC balance transfer credit card, you get:
You only pay a 1% balance transfer fee when transferring a balance from another credit card (balance transfer fees do not apply to Quebec residents). Once the promotional period ends, the card’s standard interest rate of 13.99% applies to any remaining balance. This interest rate is lower than those charged by many other credit cards.
For example, you could make large purchases on another credit card (such as renovations or furniture and appliance purchases) and then transfer the balance to the CIBC Select Visa Card to benefit from its 0% interest rate on balance transfers for 10 months.
CIBC Select Visa Card* cardholders can also save on gas through the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating gas stations.
The CIBC Select Visa Card* has a $29 annual fee (refunded for the first two years) and requires a minimum household income of $15,000 to qualify. With CIBC mobile banking and online banking services, you can easily track your credit limit and balance transfers from your phone or by signing in online.
Making a balance transfer is simple and allows you to move your credit card balance to a new card offering a promotional rate, which is often more advantageous. With the CIBC Select Visa* Card, you can:
Choose the amount of your credit card balance to transfer (minimum $100).
Make the transfer directly online or via CIBC mobile banking services, or by logging in to the card’s website.
Check transfer fees, which are 1% for most provinces (except Quebec).
Start repaying the transferred balance at 0% interest during the promotional period, then at the standard interest rate thereafter.
This process helps you better manage your credit limit and reduce your interest charges, while fully enjoying the benefits of your card.
Important reminder: travel should never put you in debt. However, if you are paying high interest each month on your credit card balance due to a high standard interest rate, take advantage of a beneficial balance transfer offer like this one to reduce your costs.
Then plan a strategy to pay off the balance and better manage your credit card debt:
Do not make any new purchases on this new credit card: gradually pay off the credit card balance you have transferred by setting a schedule, ideally for the next 6 months, to fully benefit from the promotional rate.
Make your current purchases on your old credit card and pay it in full each month, without carrying a balance as you may have done previously.
If you are unable to do so, make an appointment with your bank advisor to establish a more solid strategy (with a line of credit, for example, or a personal loan whose rate will often be much lower (4% to 5% instead of the 12% to 20% credit card interest rates).
These steps will help you control your credit card debt while fully enjoying the benefits of a credit card balance transfer.
Consult the best balance transfer offers for credit cards, including this CIBC Select Visa* Card.
While the CIBC Select Visa* Card is an excellent option for balance transfers, it is not the only card to offer attractive benefits. Depending on your financial situation, credit limit, and repayment goals, other cards may offer longer promotional rates, annual fee rebates, or different conditions for transferring your credit card balance.
Comparing these options can help you choose the card that will allow you to pay off your credit card balance faster while minimizing interest charges. Some cards also offer rewards programs or additional benefits that may be useful depending on your spending habits.
These examples illustrate that there are several ways to optimize your credit card transfer, whether with an extended promotion or specific conditions depending on your financial goals.
To see more compared offers (0% rate duration, fees, benefits, etc.) and choose the best balance transfer card for your situation, consult this page.
To make a balance transfer, you move your credit card balance to a new card offering a promotional rate. This is generally done online, via the bank’s mobile app, or directly when applying for the new card. Check transfer fees and the minimum required amount before proceeding.
A balance transfer consists of moving your debt from one credit card to another, often to take advantage of a lower interest rate. This allows you to reduce the interest paid and accelerate debt repayment while keeping your budget under control.
The main advantage is the ability to reduce your interest charges. You can better manage your credit card debt, consolidate your balances onto a single card, and pay off the transferred balance more quickly, especially if you take advantage of a limited-time promotional rate.
Some cards may apply transfer fees or set a minimum or maximum amount to transfer. Additionally, after the promotional period, the standard interest rate applies to the remaining balance. It is therefore important to plan your payments to avoid paying high interest.
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