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CIBC Select Visa BT

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  • Apr 13th, 2021 4:54 pm
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[OP]
Newbie
Jul 30, 2018
70 posts
42 upvotes

CIBC Select Visa BT

Hi all,

I have a question for anyone who has applied and been approved for this card. I applied today to use it as a balance transfer from two of my other cards, the application states you can only transfer balances during the application itself. So I entered the two cards along with their information and balances. I was approved but there was no other information provided other than approval. Seeing how I want to use this card specifically for BT offer, Im only interested in keeping it if they approve for the amount required to cover the BTs. Is it possible they approve you even for a limit lower than requested for the BTs? How would they decide which of the 2 cards to allocate the transfer to? TIA.
3 replies
Sr. Member
User avatar
Jan 18, 2015
834 posts
553 upvotes
Cornwall, ON
If you have your application/reference/confirmation number, call them and find out what your limit is and specifically your cash advance limit. Often cards have 2 different limits. I have a CIBC card and it let me BT half of the regular CL, but YMMV. I wouldn't risk them deciding for you, and would just call and get your BT limit. Usually they are good about BT within a certain period of time after application.

Also, another important datapoint! CIBC is the only credit card I've sent BT to that charged interest separately on the BT Fees! This created a situation where I got a 0% interest BT, and still had(have) interest for the duration since payments go to the BT first, and the fees last. This was not the case with MBNA, National Bank, etc. It's such a marginal amount of interest, but it's interest I wouldn't have if I sent my BT elsewhere.
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2: 3% (Grocery) BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3: 2% Tang 2/3 categories AND/OR 2% Desjardins Remises/CB (Specific Categories)
SLOT4: 1.25% (OTHER) Amex SC
[OP]
Newbie
Jul 30, 2018
70 posts
42 upvotes
CouponBaron wrote: If you have your application/reference/confirmation number, call them and find out what your limit is and specifically your cash advance limit. Often cards have 2 different limits. I have a CIBC card and it let me BT half of the regular CL, but YMMV. I wouldn't risk them deciding for you, and would just call and get your BT limit. Usually they are good about BT within a certain period of time after application.

Also, another important datapoint! CIBC is the only credit card I've sent BT to that charged interest separately on the BT Fees! This created a situation where I got a 0% interest BT, and still had(have) interest for the duration since payments go to the BT first, and the fees last. This was not the case with MBNA, National Bank, etc. It's such a marginal amount of interest, but it's interest I wouldn't have if I sent my BT elsewhere.
This IS quite interesting, so even though a minimal amount of interest, you continue to pay on the transfer fee itself until the BT amount is paid off? They always get you somehow.

ALSO, I called them, I got my credit limit confirmed. It was decent but not high enough to cover the BT amount requested. I then asked them since the given CL was not high enough to cover the two requested transfers, how will you decide which card to allocate the available amount from? They could not answer my question but just said there was no information regarding any BT on my credit card account. Hoping when the card arrives I can decide where it goes.

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