Which card has the better balance transfer offer overall?

It depends on how long you need. The MBNA TrueLine Mastercard offers 0% interest for 12 months with a 3% transfer fee, while the CIBC Select Visa offers 0% for 10 months with a much lower 1% fee. On a $10,000 transfer, MBNA charges $300 in fees vs $100 with CIBC. If you can pay off the balance in 10 months, CIBC saves you $200. If you need the extra 2 months of breathing room, MBNA is worth the higher fee.

What are the standard interest rates after the promo ends?

Once the introductory period ends, the MBNA TrueLine reverts to 17.99% APR, while the CIBC Select Visa charges only 13.99% APR, one of the lowest standard rates in Canada. If there is any chance you will carry a balance after the promo period, CIBC's 4 percentage point lower rate makes a meaningful difference. On a $5,000 lingering balance, the gap is $200 in interest per year, which more than offsets CIBC's $29 annual fee.

Is the $29 annual fee on the CIBC Select really waived?

Yes, but only temporarily. CIBC currently rebates the $29 primary annual fee for the first 2 years as part of an ongoing promotional offer. After year 2, the $29 fee returns unless you downgrade or cancel. The MBNA TrueLine, by contrast, is permanently $0 annual fee. For pure long-term cost minimization, MBNA wins. If you only need the card during a planned debt paydown of 1 to 2 years, CIBC's lower interest rate makes it the better total-cost choice.

Do either of these cards offer rewards or perks?

Both cards are designed for debt management, not rewards. MBNA TrueLine offers a recycled-plastic card and basic car rental discounts only. CIBC Select Visa includes more practical extras: up to 10 cents per litre savings at Journie Rewards gas stations, optional travel and balance protection insurance, and stronger car rental discounts (up to 25% off). Neither card earns points or cash back on purchases, so use them for the balance transfer and pair with a separate rewards card for everyday spend.