Which card offers the best balance transfer offer?

It depends on how long you need. The MBNA True Line Mastercard offers 0% for 12 months with a 3% transfer fee. The CIBC Select Visa Card offers 0% for 10 months with a fee of only 1%. On a $10,000 transfer, MBNA charges $300 in fees versus $100 for CIBC. If you repay within 10 months, CIBC saves you $200. If you need the extra 2 months, MBNA remains the right choice despite the higher fees.

What are the interest rates after the promotion?

At the end of the promotional period, the MBNA True Line returns to 17.99% APR, while the CIBC Select charges only 13.99% APR, one of the lowest standard rates in Canada. If you may carry a balance after the promotion, CIBC’s 4-percentage-point gap makes a real difference: on a remaining balance of $5,000, the savings reach $200 per year, which more than offsets the CIBC Select’s $29 annual fee.

Are the $29 annual fees really reimbursed?

Yes, but temporarily. CIBC is currently reimbursing the $29 annual fee for the first 2 years as part of its promotional offer. After the 2nd year, the $29 returns unless you downgrade or cancel. The MBNA True Line is permanently at $0 annual fee. To minimize long-term cost, MBNA wins. For a debt repayment plan over 1 to 2 years, CIBC remains more advantageous thanks to its lower interest rate.

Do these cards earn rewards on purchases?

No, these cards are designed for debt management, not rewards. The MBNA True Line offers a recycled-plastic card and basic discounts on car rentals. The CIBC Select Visa adds more tangible perks: up to 10¢/L in savings with Journie Rewards (gas), optional travel and balance insurance, and enhanced car rental discounts (up to 25%). Neither card earns points or cash back on purchases; pair them with a rewards card for your everyday spending.