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The financial institutions MBNA and CIBC each offer a credit card with 0% interest balance transfer offers:
But which of these cards is the better deal with such an attractive rate?
**Please note that the MBNA True Line Mastercard credit card is not available in Quebec.
Both credit cards offer a welcome bonus.
When you apply for theMBNA True Line® Mastercard® (Outside Quebec), you get the following for balance transfers:
With the CIBC Select Visa* Card, you will get the following for balance transfers:
Both cards offer a 0% interest rate.
However, the CIBC Select Visa* Card has a 1% transfer fee, which is lower than its competitor’s 3%.
Thanks to certain partners, credit cards offer more points or useful discounts for everyday purchases.
TheMBNA True Line® Mastercard® (Outside Quebec) is very straightforward.
The CIBC Select Visa* Card offers the same Visa Infinite benefits as its competitor.
For everyday benefits, the CIBC Select Visa* Card wins this round.
Outside the 0% promotional interest rate, theMBNA True Line® Mastercard® (Outside Quebec) and the CIBC Select Visa* Card have a standard interest rate.
The standard interest rate on theMBNA True Line® Mastercard® (Outside Quebec) is 17.99%.
The standard interest rate on the CIBC Select Visa* Card is 13.99%.
The standard interest rate on the CIBC Select Visa* Card is the better of the two, as it is lower.
Let’s see which card costs less.
TheMBNA True Line® Mastercard® (Outside Quebec) has a $0 annual fee. Easy to remember!
The CIBC Select Visa* Card has a $29 annual fee.
However, this card often comes with a promotion that reimburses this fee. Right now, the fee is fully reimbursed for 2 years.
With a $0 annual fee at all times, it is an obvious choice.
Both credit cards offer some insurance… or not!
TheMBNA True Line® Mastercard® (Outside Quebec) has no insurance coverage.
The CIBC Select Visa* Card offers something similar in terms of insurance. View the insurance summary here:
For a card with little to no annual fee, it is difficult for a financial institution to offer strong insurance coverage.
Even so, the CIBC Select Visa* Card is slightly better. For an additional cost, certain coverages can be added, and it provides coverage if there is an issue with public transportation abroad.
TheMBNA True Line® Mastercard® (Outside Quebec) requires:
To get a CIBC Select Visa* Card, you must meet the following easy criterion:
The MBNA True Line® Mastercard® (Outside Quebec) stands out because it requires no minimum personal income or minimum household income, unlike the CIBC Select Visa* Card, which requires a minimum household annual income of $15,000.
So? Which Card is the winner?
The CIBC Select Visa* Card has a slight edge thanks to:
Whereas the MBNA True Line® Mastercard® (Outside Quebec) offers conveniences such as:
Here are frequently asked questions in the milesopedia community about this card.
Savings this way:
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