When comparing the CIBC Costco Mastercard vs CIBC Costco World Mastercard, you'll note that they're quite similar, but the World Mastercard has a few more valuable features that set it apart. It's still not our choice for the best card to use at Costco, but it's slightly better than its sibling.
We'll walk you through the subtle differences between Costco's credit cards and highlight some alternatives, so you can decide whether a warehouse-branded card is actually your best option.
Key Takeaways
- They're similar cards, but the CIBC Costco World Mastercard has several World Mastercard benefits that give it an edge over its more basic sibling.
- The CIBC Costco Mastercard and the CIBC Costco World Mastercard have the same interest rates, benefits, and earn rates.
- If you meet the higher income qualifications, you’ll automatically get the CIBC Costco World Mastercard instead of the CIBC Costco Mastercard.
- You must be a Costco member and meet income requirements to be eligible for CIBC’s Costco-branded Mastercard.
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CIBC Costco Mastercard vs. CIBC Costco World Mastercard at a glance
As you can probably guess, there are a lot of similarities between the 2 CIBC Costco Mastercards – they're almost identical cards. Here's a quick overview of their features:
| Feature | CIBC Costco Mastercard | CIBC Costco World Mastercard |
|---|---|---|
| Annual Fee | $0 | $0 |
| Income Requirements | $0 personal or $15,000 household | $50,000 personal or $80,000 household |
| Executive Offer | $65 if purchasing an Executive membership on the same day | $65 if purchasing an Executive membership on the same day |
| Maximum Rewards | 3% back (on up to $5,000 spend) | 3% back (on up to $5,000 spend) |
| Highest Earning Categories | Restaurants and Costco gas | Restaurants and Costco gas |
| Types of Insurance | * Extended warranty * Purchase protection * Mobile device * Optional CIBC Payment Protector Insurance | * Extended warranty * Purchase protection * Mobile device * Optional CIBC Payment Protector Insurance |
| Special Feature | Steady cash back earn rate | World Mastercard benefits |
| Best for… | People looking for high earning rates without an annual fee | People who meet the higher income requirements and want additional benefits |
| Get Started | Apply now | Must apply for CIBC Costco Mastercard |
You must have an active Costco membership to apply for a Costco credit card. If you have the Costco credit card but don't renew your Costco membership, you won't get the cash back at the end of the rewards period.
Your CIBC Costco Mastercard also acts as your Costco card, so there's 1 less card you have to carry around in your wallet.
What we love about the CIBC Costco Mastercard
The CIBC Costco Mastercard is the basic Costco credit card. It doubles as your membership card and earns you cash back on all purchases:
- 3% cash back on restaurants and Costco gas
- 2% cash back at other gas stations, EV charging, and at Costco.ca
- 1% cash back on all other purchases
The biggest disappointment here is that you won't get a boosted earn rate on your Costco purchases.
To qualify for the CIBC Costco Mastercard, you'll need a good credit score and an income of at least $0.
Pros:
- Up to 3% cash back on select purchases
- Free to add up to 3 supplemental cardholders
- Includes rare mobile device insurance coverage
Cons:
- Unavailable for non-Costco members
- Cash back only paid out once per year (in January)
What we love about the CIBC Costco World Mastercard
The main difference when applying for the 2 cards is the income requirement. If you apply for a Costco Mastercard and meet the CIBC Costco World Mastercard's $50,000 personal or $80,000 household income requirement, you'll receive the World version instead.
World Mastercard perks include:
- FlexiRoam: Get a complimentary FlexiRoam eSIM with 1GB of global data once each calendar year, plus 15% off future global data roaming plans.
- Airport lounge access: Get access to 1,400+ airport lounges in over 140 countries through Mastercard Travel Pass.
- Cirque du Soleil: Get discounts on shows, preferred seating, and Mastercard VIP Experiences in Canada and in Las Vegas.
- Sports benefits: Get access to exclusive tickets, concession discounts, and retail offers at select sports events.
- Unique experiences: Get access to experiences in dining, culture, sports and entertainment in destinations around the world.
Pros:
- Up to 3% cash back on select purchases
- Free to add up to 3 supplemental cardholders
- No annual fee
Cons:
- Limited insurance
- No special earn rates for Costco warehouse shopping
How do the CIBC Costco Mastercard and CIBC Costco World Mastercard compare?
Because these cards are practically identical, you'll see a lot of ties on the following list – but we'll also highlight the couple of things that set the cards apart.
Best benefits: CIBC Costco World Mastercard
The CIBC Costco World Mastercard comes with a broader set of benefits than the standard Mastercard. That includes perks like airport lounge access, travel and entertainment offers, discounts, and experiences through Mastercard's World program.
But keep in mind that having a card with airport lounge access doesn't mean you can visit airport lounges for free – this card simply grants you membership to the Mastercard Travel Pass, where you can purchase passes for Dragonpass lounges. If you're looking for free lounge passes, check out Canada's best lounge access credit cards.
Depending on which benefits you use, these extras can still make the CIBC Costco World Mastercard quite a bit more valuable than the CIBC Costco Mastercard.
Best insurance: Tie
Since both cards come with the same coverage types and limits, this category is a tie.
We'll be honest: these cards don't offer much in the way of insurance coverage. You'll get mobile device insurance with coverage up to $1,000, purchase protection for up to 90 days after purchase, and an extended warranty of 1 additional year after a manufacturer's warranty ends.\
We'll admit that mobile device coverage is a rare inclusion, but overall, the insurance package is pretty disappointing.
Best rewards: Tie
While you might think you'd earn rewards faster with the World Mastercard, this isn't the case. Both cards earn identical rewards, despite the World's higher income requirement.
Highest acceptance: Tie
As Mastercards, you won't have any difficulty finding merchants that accept your card.
Highest welcome bonus: Tie
If you're already a Costco member or just want a basic membership when you apply for your CIBC card, you won't receive a welcome bonus.
If you're purchasing an Executive membership when you apply for your CIBC Costco card, you may qualify for a $65 welcome bonus as a statement credit. To get it, you'll need to make at least $65 in qualifying purchases within 120 days of opening your account.
Interest fees: Tie
Both Costco cards offer interest rates that are typical of other credit cards:
| CIBC Costco Mastercard | CIBC Costco World Mastercard | |
|---|---|---|
| Purchases | 21.75% | 21.75% |
| Cash Advances | 22.49% (21.99% for Québec residents) | 22.49% (21.99% for Québec residents) |
| Balance Transfers | 22.49% (21.99% for Québec residents) | 22.49% (21.99% for Québec residents) |
Lowest annual fee: Tie
Neither of these cards has an annual fee, so the cash back you earn is simply money in your pocket.
Lowest eligibility requirements: CIBC Costco Mastercard
The basic Mastercard wins this one. It's got a much lower requirement of only $15,000 household income.
For the World card, you'll need at least $50,000 of personal income each year or $80,000 annual income for your household.
The winner: CIBC Costco World Mastercard
It's a close competition only because these cards are practically the same. If you qualify for the CIBC Costco World Mastercard, it edges out the basic card solely because of the World Mastercard benefits that come with it.
That said, this card won't give you the most rewards on your purchases, so we recommend shopping around for the right credit card for you.
Top alternative credit cards
Just because Costco offers a few co-branded credit cards doesn't mean they're your best credit card options. Take a look at a few of these excellent credit cards to use at Costco.
Rogers Red World Elite Mastercard
Our top alternative is the Rogers Red World Elite Mastercard. It has no annual fee, and you'll earn 1.5% cash back everywhere, including Costco. If you have a Rogers service, you'll earn an additional 0.5% – and if you redeem your cash back towards a Rogers service, you'll get an additional 1%. Combined, you're looking at a potential 3% return on your purchases.
And, as a World Elite Mastercard, you'll get more extensive insurance coverage, including emergency medical, emergency medical over age 65, trip insurance, rental car coverage, and more. Frequent travellers will also appreciate the included Mastercard Travel Pass membership.
Pros:
- Mastercard Travel Pass
- More robust insurance coverage
- Cash back on demand
Cons:
- High income requirements: $80,000 personal or $150,000 household
MBNA Rewards Platinum Plus Mastercard
×1 Award winner 
Here's another no-fee Mastercard you can use on your next warehouse haul: the MBNA Rewards Platinum Plus Mastercard. This card starts off with a welcome bonus worth up to $100 and gives you a 10% birthday bonus every year. For everyday spending, you'll get 2 points per $1 spent on restaurants, groceries, and select recurring bills, while all other purchases give you 1 point per $1 spent.
The MBNA Rewards Platinum Plus Mastercard doesn't have any income requirements. It's a great option if you're building credit or looking for your first credit card.
Pros:
- Annual birthday bonus
- Mobile device coverage
- Flexible redemption options
Cons:
- Annual caps on bonus categories
FAQ
What is the difference between the CIBC Costco World Mastercard and regular Mastercard?
The cards are essentially identical, but for a few differences. The World Mastercard requires $50,000 personal or $80,000 household. while the regular Mastercard only asks for $0. Plus, the World card includes some World Mastercard benefits.
How do I choose between the CIBC Costco World Mastercard vs. CIBC Costco Mastercard?
You don't really have to choose. Just apply for the basic CIBC Costco Mastercard. If you meet the higher income requirements of the World card, CIBC will automatically approve you for the higher-tier card. So, if in doubt, just apply!
What are the CIBC Costco World Mastercard advantages?
You won't earn rewards at an accelerated rate with the World Mastercard, but you'll get access to World Mastercard perks like travel offers and exclusive experiences. Just keep in mind that free airport lounge passes aren't included with this particular card.
Which Mastercard is best for Costco?
The best Mastercard for Costco is the Rogers Red World Elite Mastercard. There's no annual fee, and you can earn more on your next warehouse haul than you can with Costco's branded cards. Instead of 1%, you'll get 1.5% – or 2% if you have eligible Rogers services. The card also includes travel and purchase insurance coverage and Mastercard Travel Pass.
Does the CIBC Costco World Mastercard have lounge access?
Unfortunately, neither of the co-branded Costco credit cards gives you free airport lounge access. But the CIBC Costco World Mastercard gives you access to Mastercard Travel Pass, where you can access Dragonpass lounges for a fee, among other travel benefits. But CIBC does have a low-fee card with 4 free passes: the CIBC Aventura Gold Visa Card.
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