The CIBC Costco Mastercard and CIBC Costco World Mastercard are products of Costco's partnership with CIBC and are valuable choices for loyal warehouse shoppers. These cards earn a basic 1% back on your Costco haul, with a few opportunities to earn a little more.
While they don't quite make the best Costco credit cards list, they're still popular, worthy candidates for Costco lovers.
This article compares the two cards head-to-head, highlighting their similarities, differences, and what sets them apart from the alternatives.
Key Takeaways
- You must be a Costco member and meet income requirements to be eligible for a CIBC Costco Mastercard.
- Both cards 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.
- The CIBC Costco World Mastercard’s only distinguishing feature is its access to World Mastercard benefits.
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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 two 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 |
| Welcome bonus | $60 if purchasing an Executive membership on the same day | $60 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 |
| Insurance types included | * Extended warranty * Purchase protection * Mobile device * CIBC Payment Protector optional insurance | * Extended warranty * Purchase protection * Mobile device * CIBC Payment Protector optional 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 to CIBC Costco Mastercard |
You must have an active Costco membership to apply for a Costco credit card. If you’re a member and earn rewards but fail to 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 one less card you have to carry around in your wallet.
What we love about the CIBC Costco Mastercard
Pros:
- Up to 3% cash back on select purchases
- No annual fee
Cons:
- Limited insurance coverage
- Cash back only paid out once per year (in January)
- Only 1 way to redeem points
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 should be clear: you won’t get a boosted earn rate for your Costco purchases.
To qualify for this card, you’ll need a good credit score and an income of at least $15,000 per year, making it accessible for most Canadians.
What we love about the CIBC Costco World Mastercard
The only differences between the World Mastercard and the basic Mastercard are the income requirements and World MC perks. If you apply and are approved for a Costco Mastercard and meet the income requirements of $50,000 personal or $80,000 household, you’ll receive the World version instead.
World Mastercard perks include:
- Mastercard Travel & Lifestyle Services: Get help with planning trips, making event reservations, securing hotel upgrades, and more.
- Priceless Experiences: Unlock access to over 2,000 global experiences by booking events through Priceless.com.
- Discounts and memberships: Enjoy discounts or statement credits if you have accounts with Booking.com, FlexiRoam, Fubo, H&R Block, and select streaming services.
- Cirque du Soleil offers: Get discounts and select seating options for Canadian and Las Vegas shows.
- Sports tickets: Get discounts on concessions and retailers at sporting events, along with exclusive ticket access.
How do the CIBC Costco Mastercard and 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 World Mastercard handily beats the standard Mastercard since it includes the expanded World Mastercard benefits. You’ll get personalized services that can make it easier to book events or get nice upgrades when you travel. Plus, you’ll save money with discounts on select memberships and get exclusive access to sports events (and Cirque du Soleil shows).
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 up to 90 days after buying something, and an extended warranty of 1 additional year after a manufacturer’s warranty ends.
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 might qualify for a small welcome bonus of $60 (as a statement credit) if you make at least $60 in qualifying purchases within 120 days of opening the 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% | 20.75% |
| 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 income requirement of only $15,000 personal compared to the World’s $50,000 personal or $80,000 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 purchase so we recommend shopping around for the right credit card for you..
Top alternative credit cards
If you’re looking at the co-branded credit cards, you’re probably a big Costco shopper. We compared dozens of other cards to find the best alternative credit cards for Costco.
Our top pick 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% back on your purchases.
Here are some other great options:
| Category | Credit card | Current offer | Annual fee | Rewards |
|---|---|---|---|---|
| Best for Air Miles | BMO AIR MILES World Elite Mastercard |  $150 GeniusCash + Up to 9,000 bonus miles, first year free (terms) | $120 (waived for the first year) | * 1 Mile for every $12 spent * 3x the Miles for every $12 at participating Air Miles partners * 2x the Miles for every $12 spent at any eligible grocery, liquor, and wholesale stores |
| Best for rewards | MBNA Rewards World Elite Mastercard | $150 GC Boost + 30,000 bonus points (terms) | $120 | * 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases |
| Best for Quebeckers | National Bank World Elite Mastercard | None | $150 | * 5 points per $1 spent on groceries and restaurants * 2 points per $1 spent on gas, electric vehicle charging, recurring bills, and travel booked through À La Carte Rewards * 1 point per $1 spent on all other purchases |
| Best for low interest rates | MBNA True Line Gold Mastercard | None | $39 |
Awards are given out once a year but rating and rankings can shift throughout the year. The #1 card for 2025 is pinned to the top.
FAQ
What is the difference between Mastercard and World Mastercard?
World Mastercard is Mastercard’s mid-tier range of credit cards. These cards include everything you get with Standard Mastercards, plus World benefits like money-saving opportunities, Mastercard Travel Pass, Priceless Experiences, and more. Benefits vary depending on the card.
What are the disadvantages of the Costco Mastercard?
While the CIBC Costco Mastercard is fairly easy to qualify for, it doesn’t offer a great earn rate – and you won’t earn any extra rewards on your Costco warehouse purchases. The card is also lacking in extra perks, like insurance coverage or travel benefits.
How do I know if my Mastercard is eligible for lounge access?
To check if your Mastercard offers lounge access, you can review your benefits booklet or call the number on the back of your card to ask. Unfortunately, neither Costco credit card includes lounge access.
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