CIBC Select VISA credit card reviews
CIBC Select VISA credit card details
and credit card application link.
With a minimum credit limit of $500, the CIBC Select Visa
is intended for persons with a household income of no less than $15,000. You will be surprised by the annual fee – it is just $29! The current interest rate is another pleasant surprise, just 11.9 percent. Select Visa holders are eligible to receive three additional credit cards
for free. This financial product is an excellent choice for all individuals who pay off their credit card on a monthly basis but would prefer to maintain a balance at a lower rate. This low-rate card, in turn, allows them to carry a higher balance for more expensive purchases. The interest rate of 11.5 percent per year is a great deal, considering that the average rate on credit cards is 18 percent and may reach a whopping 28 - 30 percent on the majority of department store credit cards.
Some benefits of the Select Visa
include 20 percent off on car rental at AVIS participating stores, $100,000 carrier accident insurance, emergency replacement if the card is lost or stolen, cash advances reaching $1,000 per day, acceptance at more than 24 million locations globally, free convenience checks, and insurance on personal items that have been lost, damaged or stolen within 90 days of the purchase, but only if the full cost of the items has been charged to the card. Finally, you can also take advantage of extended protection insurance, which is double the term of the original Canadian or United States warranty.
Back to the excellent interest rate – you can calculate how much you save if you opt for the Select Visa over conventional cards with a higher average annual interest rate. With a balance of $3,000, you pay $540 in interest at 18 percent and $345 at 11.5 percent. You thus save $195 in one year. With a balance of $1000 you save $65 in a year while with a balance of $5,000, it amounts to $325, and so on. The possibilities are endless.
The interest rate charged on the Select Visa may change, but if this occurs, you will be notified at least one month in advance.
Select Visa extras include payment protection, trip cancellation and/ or trip interruption insurance, emergency travel medical insurance, and online spending reports. As far as spending reports are concerned, transactions must first be registered at your account before a spending alert is sent. This may take up to 24 hours. Regarding AVIS discounts, residents of Quebec are exempt from the requirement to charge the purchase to the card provided that they present it when they pay by using other means.
If you are still not convinced in the benefits of Select Visa, shop around for other low interest credit cards
. MBNA Program Premium MasterCard Credit Card
, for example, comes with an interest rate of just 9.99 percent on cash advances, purchases, and balance transfers. A fee of 1 percent applies to cash advances and balance transfers. Going with no annual fee, this card has a credit limit of up to $100,000. On the down side, Travel Accident Insurance, Flight Delay Insurance, Baggage Insurance, or Travel Medical Insurance should be purchased separately. Card holders have online access to their accounts and enjoy a 24/7 customer service. The card comes with a round-the-clock fraud protection, and lost and stolen cards are replaced within 48 hours.
|Credit Card Details|
|Name||CIBC Select VISA Apply Now|
|Auto and Gas||No|
|No Annual Fee||No|