It’s been a long and winding road ever since Capital One and Costco announced their split in November of 2020.
In September 2021, it was announced that CIBC was taking Capital One’s place, and every Capital One Costco Mastercard cardholder would automatically transfer over when the new card was available. However, details on the new card weren’t available until November 2021.
The transfer for Capital One cardholders happened in March 2022. But anyone who wanted to apply for the card still had to wait…
Until today.
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CIBC Costco Mastercard – now available to everyone
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However, there is still one condition – you need to be a Costco member to get it. If you don’t have a Costco Membership Card, you can sign-up for one right here.
But other than that, this card can now be applied for through CIBC.
What the CIBC Costco Mastercard has to offer
In case you missed it, here’s what the CIBC Costco Mastercard has to offer.
First, here are the rewards you’ll earn on your 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
For a card with no annual fee, those benefits are pretty good, especially the costco.ca rewards number.
There’s one area we’re disappointed in – the earn rate at Costco Warehouses. It’s disappointing there’s no extra bonus when shopping at Costco Warehouses.
The insurance is also minimal, with only 3 types included. However, one of those is mobile device coverage, which is rare and highly coveted coverage.
Other Mastercards to use at Costco
There are plenty of other top Mastercards to use at Costco Warehouses if you’re looking to earn more when shopping at their physical locations.
Here, we detail 5 best alternatives to the CIBC Costco Mastercard.
Here are a few of those cards, along with a couple more to look at:
Brim World Elite Mastercard Brim Mastercard RBC Cash Back Preferred World Elite Mastercard National Bank World Elite Mastercard BMO AIR MILES®† World Elite®* Mastercard®*
Most of these cards have an annual fee, but with them you’ll earn far more than you would with the Costco Mastercard. Some of them have excellent cash back benefits, others are perfect for travel. If you feel the CIBC Costco credit card isn’t 100% for you, one of these may be what you’ve been looking for.
Your turn
Costco’s long and winding journey of over a year to get a new credit card issuer is finally at an end.
Will you get the CIBC Costco Mastercard or something else?
Let us know in the comments below.
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