The CIBC Costco Mastercard has replaced the Capital One Costco Mastercard as the store credit card for Costco shoppers. Those who had the Capital One card were automatically switched over to the new CIBC card, and the new card does provide nearly identical rates as the old one.
However, this doesn’t mean it’s the best choice for shopping at Costco. And not being given the opportunity to accept or decline the card change once Costco changed partners has been a bit of a sore spot with some faithful shoppers.
Even though this transition happened a while ago, some cardholders still aren’t sure what the newer CIBC Costco Mastercard offers them, especially in relation to non-Costco partner cards. We’ve compiled all the necessary details here, so you can be fully informed and decide whether to keep this card or move on to something better.
Key Takeaways
Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. Join 50,000 other Canadians who receive our weekly newsletter – learn more.
The CIBC Costco Mastercard
It’s been more than a year since the official switch was made from the Capital One Costco card to the CIBC Costco Mastercard, but understanding the differences between them is still important. So let’s start at the beginning.
The earn rates on rewards is arguably the most important feature of any credit card. Here’s what the CIBC Costco Mastercard has to offer:
- 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
What do you get for rewards? It’s essentially the same as before. You’ll get a gift certificate that you can bring in and use at any Costco Warehouse. You’ll get a digital version you can show on your phone or you’ll be able to log into your CIBC online banking and print it.
There are a few other features. It comes with some basic insurance, including extended warranty and purchase protection. But the biggest insurance coverage to note is mobile device insurance. This is very valuable to have, especially considering that most new phones will cost close to $1,000.
CIBC Costco Mastercard Please review your insurance certificate for details, exclusions and limitations of your coverage.Extended Warranty 1 year Purchase Protection 90 days Mobile Device $1,000
If you meet the requirements, there’s also a World Mastercard you can get, which is the same card, but just includes standard World Mastercard benefits. The typical income requirements of a World Mastercard are $60,000 personal or $100,000 household.
Finally, just like the Capital One Costco card before it, there’s no annual fee for you to worry about. Oh, and the credit card doubles as your membership too, so that’s one less piece of plastic to weigh down your wallet.
When can I apply for the CIBC Costco Mastercard?
You can apply for the CIBC Costco Mastercard at any time, either online or at a Costco warehouse location. Costco’s website offers information about the card, but the “apply” link will take you to the CIBC site.
However, you do have to be a current Costco member to apply for this card. This means that even though the card itself doesn’t require an annual fee, you will have to cough up the either $60 or $120 per year for your Costco membership.
Remember, the Costco Capital One card isn’t available at all anymore. Those who had this card should have received a replacement CIBC Costco Mastercard long ago.
Other credit cards to use for Costco
Surprisingly, the CIBC Costco Mastercard doesn’t offer the best rewards for shopping at Costco, particularly because there’s no Costco warehouse-specific earn rate.
But there is a world of other credit card options out there – Mastercards, in particular, since those are all that Costco accept. In fact, we have a page dedicated to the best Costco Mastercards to make it a bit easier for you to find the card that’s best for you. We’ve got you covered.
As a brief overview, here are the basic details of a few cards we think are especially well suited for Costco shoppers.
| Credit Card | Welcome Bonus | Earn Rate At Costco | Annual Fee, Income Requirements | Apply Now |
|---|---|---|---|---|
| Brim World Elite Mastercard | None | 2% cash back | * $89 * $80K personal/$150K household |
Apply Now |
| WestJet RBC World Elite Mastercard | 45,000 WestJet points (terms) | 1.5% back in WestJet dollars | * $119 * $80K personal/$150K household |
Apply Now |
| RBC Cash Back Preferred World Elite Mastercard | None | 1.5% cash back | * $99 * $80K personal/$150K household |
Apply Now |
Some of these cards are also running a GeniusCash offer. Simply use our links to apply, and you’ll earn some bonus cash from us just for being approved. Just keep an eye out for the green GeniusCash logo anywhere on our site and know you could be getting up to $125 in cash.
Without further ado, here are the quick details on each card.
The best cash back credit card for Costco
With a sweet earn rate of 2% cash back on your first $25,000 in annual purchases (1% afterwards), the
It also offers bonus rewards when shopping with Brim retail partners, no foreign exchange fees and 12 types of insurance, for an annual fee of $89, which is waived in the first year.
Love to travel? Check out this credit card with an annual companion voucher
If you love Westjet, you’ll love the 1.5% back on all purchases provided by the
Plus, you’ll get access to an annual companion voucher, where you can bring someone else with you starting at $99 plus taxes and fees. Travel alone? You can also trade this companion voucher for 4 lounge vouchers.
One more cash back option for your new Costco credit card
The annual fee is only $99 and you’ll earn 1.5% cash back on the first $25,000 spent annually, 1% cash back after $25,000 spent annually with the
It offers the standard RBC benefits of saving 3 cents per litre on fuel at Petro-Canada and earning 50 Be Well when shopping at Rexall. However, there’s not much else this card provides in terms of benefits.
How these Costco credit cards compare for rewards
Comparing these Costco credit cards side-by-side makes it a bit easier to see the value of each one and see how the rewards stack up. We’ve created the following charts to show you how the best Costco Mastercards look alongside the CIBC Costco Mastercard.
And here’s how those values translate into annual rewards, based on a typical $2,000 monthly spend.
Even though these other cards have annual fees, you’re still earning much more in rewards, plus you’re getting a credit with plenty of other benefits.
How are you liking the CIBC Costco Mastercard?
Even though the Capital One Costco card has been gone for a while now, understanding what the CIBC Costco Mastercard replacement offers you is important. After all, you didn’t have a choice about the swap, so you’ll want to be fully informed on what this and/or other Mastercards can offer you on Costco purchases.
What are your thoughts on the CIBC Costco Mastercard? Is it still the best choice for you and your Costco spending, or will you consider a different card?
We’d love to hear your thoughts and opinions, so feel free to share with us in the comments section below.
FAQ
What is the difference between the Capital One Costco Mastercard and the CIBC Costco Credit Card?
Other than the name, not a lot. The earn rates are a little different with the new CIBC Costco Mastercard. Namely, you will earn 3% on Costco gas, 2% on costco.ca, and 1% everywhere else. Previously, you’d earn 3% at restaurants, 2% on gas, and 1% on purchases outside these categories.
What is the best cash back credit card for Costco?
Since the earn rate is only 1% at Costco with the new CIBC Costco Mastercard, your best option for cash back is the Brim World Elite Mastercard as you’ll get double the return (up to a limit of $25,000).
Is the CIBC Costco Mastercard any good?
Yes, the CIBC Costco Mastercard can still provide valuable rewards, especially if you’re a frequent visitor at the Costco gas bar or you make frequent purchases from Costco online. Otherwise, this card is overshadowed by other Mastercards with higher annual rewards.
creditcardGenius is the only tool that compares 126+ features of 229 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 229 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.
Showing 135 comments