Absolutely DO NOT use WD-40!
I have three oils that I use: Choji oil, mineral oil, and
Birchwood Casey Barricade. I originally got the mineral oil as a low-cost alternative to choji oil, but I don't like to use it much because it's too thick. Being too thick doesn't make it unusable, but it means I have to put more work into wiping off the excess and it will bead up more than choji oil.
The Birchwood Casey Barricade (previously called Birchwood Casey Sheath) came highly recommended by Dr. T, a longtime member of this forum. Barricade goes on much thinner than choji oil and is supposedly much better at rust protection.
My swords are only for display. I don't do Iaido or a similar art. I oil my swords once a month, alternating between choji oil and Barricade. This way I will at least have remnants of Barricade on the swords providing superior rust protection, but I still get the occasional pleasure of using choji oil.