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Are you looking for a smart and effective way to reduce the interest charged on your credit card balance? A CIBC balance transfer can be an ideal solution. It allows you to potentially save hundreds of dollars in interest while giving you time to repay your debt more strategically. This approach is especially useful if you carry balances on multiple credit cards or want to better organize your monthly finances and simplify your repayment plan.
The CIBC Select Visa* Card stands out as one of the strongest CIBC balance transfer credit card options available in Canada. It offers 0% interest on balance transfers of $100 or more for up to 10 months, along with a rebate of the annual fee for the first two years. This combination makes it an especially attractive choice for managing your finances more efficiently and reducing your credit card balance faster.
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.
Completing a credit card balance transfer is simple and allows you to move your credit card balance to a new card offering a promotional rate that is often much lower. With the CIBC Select Visa Card, you can:
Choose the amount of your credit card balance you want to transfer, with a minimum transfer amount of $100 to qualify for the promotional rate.
Complete the balance transfer directly through CIBC online banking, via the CIBC mobile banking app, or by opening a session on the card’s website.
Verify the balance transfer fee, which is 1% in most provinces, except Quebec.
Start repaying the transferred balance at 0% interest during the promotional period, then at the standard purchase interest rate once the promotional rate ends.
This process helps you better manage your credit limit and reduce interest charged, while fully benefiting from the advantages of your card.
Important reminder: travel should never put you into debt. However, if you are paying high interest each month on your credit card balance because of a high standard purchase interest rate, taking advantage of a CIBC balance transfer offer like this one can help reduce your interest costs.
Then plan a strategy to repay the balance and better manage your credit card debt:
Do not make any new purchases on this new credit card. Gradually repay the credit card balance you transferred by setting a repayment schedule, ideally over the next six months, so you can 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 find that you are unable to repay the balance as planned, schedule a meeting with your banking advisor to establish a stronger strategy, such as using a line of credit or a personal loan, which often carries a much lower interest rate, around 4% to 5% instead of the typical 12% to 20% credit card interest rates.
These steps will help you take control of your credit card debt while fully benefiting from the advantages of a 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 that offers competitive benefits. Depending on your financial situation, your credit limit, and your repayment goals, other cards may provide longer promotional rates, annual fee rebates, or different terms for transferring your credit card balance.
Comparing these options can help you choose the card that will allow you to repay your credit card balance more quickly while minimizing interest costs. Some cards also offer rewards programs or additional benefits that may be useful depending on your spending habits.
These examples show that there are several ways to optimize your credit card balance transfer, whether through a longer promotional rate or specific conditions that align with your financial goals.
To compare additional offers, including promotional rate duration, balance transfer fees, and key benefits, and to choose the best balance transfer credit card for your situation, consult this page.
A balance transfer involves moving the unpaid balance from one credit card to another, usually to take advantage of a lower promotional interest rate, such as 0% or a reduced rate for a set period of time.
Steps to complete a balance transfer:
A balance transfer consists of moving all or part of the unpaid balance from one credit card to another, generally to take advantage of a lower interest rate or a promotional offer, such as 0% interest for several months.
The main objective is to reduce the cost of the interest you pay on your debt. By transferring your balance to a card with a lower interest rate, you can repay your debt more quickly, since a larger portion of your monthly payments will go toward reducing the principal rather than paying interest charged.
A balance transfer can be completed online, through your bank’s mobile banking app, or during the application for a new card. Before proceeding, it is important to verify the balance transfer fee, the minimum transfer amount required, and the duration of the promotional rate, as these factors can affect the savings you achieve.
A balance transfer means moving all or part of the unpaid balance from one credit card to another, often to benefit from a lower interest rate or a promotional offer. This can help reduce interest costs, better manage your debt, and repay the transferred balance more quickly. The transfer can be completed online, through your bank’s mobile banking app, or during the application for a new card. Before proceeding, it is important to verify the balance transfer fee, the minimum transfer amount required, and the duration of the promotional rate.
The main advantage of a balance transfer is reducing interest costs. By moving your debt to a card offering a lower promotional rate, often 0% for several months, you pay less interest and can repay your balance more quickly.
Another advantage is simplified debt management. If you have multiple credit cards with different balances, a balance transfer allows you to consolidate your debt onto a single card, making it easier to track payments and reducing the risk of missing a due date.
A balance transfer can also give you more flexibility in your budget. With less interest to pay each month, you can allocate more money toward repaying the principal or other financial priorities.
Finally, taking advantage of a time-limited promotional rate can help you get out of debt more quickly, provided you plan your payments before the promotional period ends.
Some cards may apply a balance transfer fee or set a minimum or maximum transfer amount. In addition, after the promotional rate period ends, the standard purchase interest rate applies to any remaining balance. It is therefore important to plan your payments carefully to avoid paying high interest.
The maximum amount you can transfer depends on your approved credit limit for the CIBC Select Visa Card. In general, you can transfer any balance up to a portion of your total credit limit, but a minimum of $100 is required to benefit from the 0% interest offer for 10 months. It is important to verify your available credit limit and confirm the authorized transfer amount at the time of the request, as some promotional offers may set a specific cap.
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