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    • Regular cash advance interest rate applies

      • Your regular cash advance interest rate applies to this Balance Transfer request. Interest applies from the date the transfer is posted to your CIBC credit card account. If you convert to a different CIBC credit card, the regular cash interest rate of the new CIBC Credit Card applies.
      www.cibconline.cibc.com/ebm-resources/public/service-requests/content/common/pdf/BalanceTransfer-TAC-EN-20161019-V3_1.pdf
  1. A balance transfer lets you use a credit card to pay the balance from another credit card. This could save you money if you’re moving the balance to a card with a much lower interest rate such as the CIBC Select Visa* Card or the CIBC bizline® Visa* Card .

  2. Transfer your credit card balance — get 0% interest for up to 10 months with a 1% transfer fee † and a first year annual fee rebate ‡. Show more offer details. Apply now. $15,000 minimum annual household income. Fees and interest rates. Annual fee. $29 — first year rebated ‡. $0 for up to 3 additional cards. Purchase interest rate 1.

  3. If you have done a cash advance, balance transfer or used a convenience cheque, you will be charged interest from the day the transaction is posted to your credit card account. Most cards have different interest rates for different types of transactions, such as purchases and cash advances.

    • Credit Card Comparison Tool
    • The Best Balance Transfer Cards, in Detail
    • What Is A Balance Transfer?
    • How Does A Balance Transfer Work?
    • How to Do A Credit Card Balance Transfer?
    • Do You Earn Cash Back on Balance Transfers?
    • How Does A Balance Transfer Credit Card Impact My Credit Score?

    Compare your options with our interactive tool and get a sense of how much you could save on interest depending on the size of your balance.

    MBNA True Line Mastercard

    At a glance: With a 0% balance transfer rate for a full year, the MBNA True Line Mastercard offers a lot of runway to bring down your debt. This card doesn’t charge an annual fee, which is another advantage if you’re working to pay off an existing balance.

    CIBC Select Visa Card

    At a glance: The CIBC Select Visa Card offers an attractive 13.99% interest rate, even on cash advances, and it has a 10-month balance transfer offer of 0% interest and a low 1% balance transfer fee. A handful of other perks, like common carrier accident insurance and discounts on gas, round out the package.

    Scotiabank Value Visa

    At a glance: For those who bank with Scotiabank, the Scotiabank Value Visa offers an enticing balance transfer option. The annual fee is a manageable $29, and the fee is waived for the first year or waived altogether if you have Scotia’s Preferred or Ultimate banking package. The 13.99% interest rate is among the lowest around, making it suitable for consolidating your debt.

    A balance transfer is the transfer of debt from one credit card to another. Although a cardholder can transfer their debt for a variety of reasons, the goal is usually to cut down on the amount of interest charged and to pay off the loan faster. As most everyday-use credit cards command an interest rate of around 20%, your principal debt load can b...

    A balance transfer can help you save on interest charges by moving your credit card balance to another card with a lower interest rate. To demonstrate how credit card balance transfers work, let’s compare the interest charged on an outstanding credit card balance over time. Let’s say you have a credit card with a balance of $4,000 and a 20.99% annu...

    Balance transfers can be an effective way to consolidate and address debt. There are seven things to consider before you apply for a balance transfer card. 1. Shop around for the rate, timing and terms that suit you best If you’re trying to eliminate credit card debt, your best bet might be a balance transfer credit card. These cards come with prom...

    Like cash advances or purchases of money orders, balance transfers are not considered to be purchases, so in general, they’re not eligible for cash back rewards. There may be some rare exceptions with certain promotional offers, but these are few and far between. That said, the interest saved by moving your debt to a card with a lower interest rate...

    When you apply for any credit card, you receive a hard credit inquiry that can temporarily bring your credit score down a few points. This includes balance transfer cards. However, this is not a reason to avoid applying. If you’re looking into a balance transfer credit card, it’s likely because you’ve got some outstanding credit card debt. Moving t...

  4. Oct 19, 2016 · Your regular cash advance interest rate applies to this Balance Transfer request. Interest applies from the date the transfer is posted to your CIBC credit card account. If you convert to a different CIBC credit card, the regular cash interest rate of the new CIBC Credit Card applies.

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  5. Jun 16, 2021 · Most credit cards have an interest rate of around 20% but balance transfer cards offer a lower interest rate. For example, the CIBC Select Visa * has an APR of 13.99%, with an...

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  7. Apr 19, 2023 · A credit card balance transfer is when you move an outstanding balance from one or more credit cards to another credit card (typically with a lower interest rate). This is often done as a...

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  2. cardcritics.com has been visited by 100K+ users in the past month

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