0% Balance Transfer offer for 10 months + 2 year annual fee rebate

Credit Cards CIBC Balance Transfer: 0% Interest for 10 Months and No Annual Fee for 2 Years

To the point Discover one of the best balance transfer credit card options in Canada and Quebec. Take advantage of 0% interest for 10 months and get your annual fee rebated for the first two years.

Milesopedia recommends this card from CIBC

CIBC Select Visa* Card

Get 0% interest on balance transfers of $100 or more for your first 10 months^†

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Looking for a smart, effective way to cut your credit card interest charges? A balance transfer can be an ideal solution: it can not only potentially save you hundreds of dollars in interest, but also give you time to pay off your debt stress-free.

This strategy is especially useful if you have multiple credit cards with high balances or if you want to better organize your monthly finances.

The CIBC Select Visa* Card stands out as one of the strongest 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.

CIBC Select Visa* Card

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:

a 0% interest rate on balance transfers of at least $100, for up to 10 months
a refund of the annual fee for two years^†

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.

How to Do a CIBC Balance Transfer

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.

Our Advice on Using a CIBC Balance Transfer

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.

Alternative Cards for a Balance Transfer

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.

TD Low Rate Visa Card: This card offers 0% interest on purchases for 6 months†, as well as an annual interest rate of 12.90% on balance transfers. It is an attractive option for those who want to benefit from a lower interest rate over the long term to better manage paying down their balance.
BMO Preferred Rate Mastercard: This card offers a promotional rate on balance transfers, often around 0.99% for several months, with a balance transfer fee generally close to 2%. It may be a good option if you want a relatively low rate after the promotional period or prefer specific terms to manage your debt over the medium term.

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.

FAQ – CIBC Visa Select Cards

How to make a balance transfer on a credit card?

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:

Choose a card with a promotional offer
- Look for a card that offers a favourable rate on balance transfers. Check the length of the promotion (e.g., 6, 10, or 12 months).

Apply
- When applying for a new credit card, you can often indicate that you would like to complete a balance transfer.
If you already have the card, the transfer can generally be completed through your online banking account or the mobile banking app.

Provide the required information
You will need to provide:
- The name of your current financial institution
The card number
The amount to transfer

Wait for processing

The transfer can take a few days to a few weeks. Continue making the minimum payments on the old card until you receive confirmation that the transfer is complete.

What does “balance transfer” mean?

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.

what is a transfer balance on credit card?

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.

What are the advantages of a balance transfer?

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.

Are there any fees or limits to be aware of?

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.

How much credit can i get from cibc balance transfer?

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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Jean-Maximilien Voisine

Jean-Maximilien Voisine is the President and Founder of Milesopedia and a leading expert in rewards programs, credit cards, and travel across Canada, France, and the U.S.A. Now 40 years old and a father of two, he has explored more than 100 countries—many of them alongside his wife Audrey and their children. Specializing in loyalty programs such as Aeroplan, Flying Blue, American Express Membership Rewards, and Marriott Bonvoy, Jean-Maximilien helps travellers unlock the full potential of their points and benefits. His mission: empower others to travel better and smarter across North America and Europe.

All posts by Jean-Maximilien Voisine

How to Do a CIBC Balance Transfer

Our Advice on Using a CIBC Balance Transfer

Alternative Cards for a Balance Transfer

FAQ – CIBC Visa Select Cards

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