cibc select

CIBC: Earn 0% interest for 10 months on balance transfers

To the point Here is the best balance transfer credit card offer in Canada and Quebec: 0% interest for 10 months.
Milesopedia recommends this card from CIBC

Balance transfer offer

The CIBC Select Visa* Card is one of the best balance transfer Visa credit cards in Canada.

With this CIBC Credit Card with a balance transfer option, you earn 0% interest on balance transfers for up to 10 months. You’ll only have to pay a 1% fee when you transfer your balance from another card. Once this promotional period ends, the standard card interest rate of 13.99% will apply to any remaining balance. This interest rate is lower than the rates charged by many other credit cards.

For example, you could pay for major purchases on another credit card (such as renovations, furniture or appliances) and transfer your balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for ten months.

CIBC Select Visa* Card users can also save on gas thanks to the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating service stations.

The CIBC Select Visa* Card has an annual fee of $29 (rebated in the first year) and requires a $15,000 annual household income. Despite its lack of additional benefits, the CIBC Select Visa* Card comes with up to $100,000 in Common Carrier Accident Insurance and allows users to add up to three authorized users at no additional cost.

Our advice on credit card balance transfer

We remind you: travel should not be done through debt. However, if you are paying high-interest charges on a credit card balance every month, don’t hesitate to take advantage of a credit card balance transfer offer like this one.

Then plan a strategy to pay off your credit card debt:

  • Do not make any new purchases on the new credit card: pay off the credit card balance you transferred gradually by setting a schedule, ideally for the next 6 months
  • Make your regular expenses on your old credit card and pay it in full each month without carrying a balance as you may have done previously
  • If you can’t make it, make an appointment with your bank advisor to establish a more solid strategy (with a mortgage 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% of credit card interest rates)

Check out the best credit card balance transfer offers.

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Jean-Maximilien is an expert in Canada and France about Loyalty programs, Credit cards and Travel. He is the Founding President of Milesopedia.

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