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CIBC Costco Mastercard review
Costco members can earn cashback and enjoy a decent insurance package with the fee-free CIBC Costco Mastercard.
Earn 3% cashback on restaurant purchases and Costco gas, 2% at other gas stations and at Costco.ca, and 1% on all other purchases (including in-store Costco purchases).
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Welcome Offer
Up to 3% cash back
Rewards
Please note: All information about CIBC Costco Mastercard has been collected independently by Finder and this card is not available through this site.
You need to have a Costco membership to apply for this card. This credit card doubles as your Costco membership. Every January, you’ll receive a cashback coupon with your earnings from the previous year, which you can redeem for cash or almost anything else at Costco.
30-second take
- Get this card if you have a membership at Costco and want to earn 1% cashback on your in-store Costco purchases for no annual fee.
- Choose something else if you want a higher return at Costco or on daily purchases such as groceries and bill payments.
- You need a minimum annual income of $15,000 to qualify for this card or $60,000 to upgrade to the no-fee CIBC Costco World Mastercard.
The basics
- No annual fee. You won’t pay an annual fee for this card, which doubles as your Costco membership (but you’ll have to pay for your Costco membership each year).
- Cashback. Earn 3% cashback at restaurants and Costco gas bars, 2% at non-Costco gas stations and at Costco.ca, and 1% at Costco stores and on all other purchases.
- Purchase protection. Get 90-day purchase protection and extended warranty coverage for consumer goods you buy on your card.
- Mobile device insurance. Get up to $1,000 to repair or replace an eligible phone that you purchase in full or finance on your card.
The perks
- Optional payment protection insurance. Pay an optional fee to help cover your credit card payments if you can’t work due to disability, job loss, critical illness or death.
- Anti-fraud protection. Safeguard your account from fraudulent activities with Mastercard’s Zero Liability Protection.
- Customize your alerts. Set up fraud alerts, credit report alerts and spending alerts, and get notifications when payments are due.
- Mobile wallet. Make quick and secure payments using Apple Pay, Google Pay and Samsung Pay when you add your new card to your mobile wallet.
- Special financing. Pay minimal interest when you make large purchases at Costco under the CIBC Pace It Installment Plan. Rates range from 4.99% to 6.99%.
- Card upgrades. Qualify for the CIBC Costco World Mastercard if you make over $60,000 in income per year (or $100,000 household income).
What to watch out for
- Low daily purchases rewards. You’ll only earn 1% cashback on daily expenses such as groceries, pharmacy purchases and bill payments.
- Annual rewards. CIBC will only release your cashback coupon once every January. Your Costco membership and credit card will need to be active for this to happen.
- Membership required. You and any of your authorized cardholders will need to have a Costco membership to shop with this card.
- Cashback limits. You can only earn 3% cashback up to $5,000 on Costco gas bar purchases and 2% on purchases up to $8,000 at Costco.ca. These limits will reset to zero each year on January 1.
- No travel insurance. Unlike the previous iteration of this card, the CIBC Costco Mastercard doesn’t come with travel insurance.
CIBC Costco Mastercard interest rates
| Interest Type | Interest Rate |
|---|---|
| Purchase interest rate | 19.75% |
| Cash advance rate | 21.49% |
| Standard balance transfer rate | 19.75% |
What should I know before I apply
How to apply
- You can apply online via the CIBC website by clicking on the CIBC Costco Mastercard “Apply now” button.
- Read through eligibility criteria, and click “Let’s go” if you think you qualify.
- Review the terms and conditions of the credit card, including info on applicable interest rates, fees and minimum payments.
- Complete the application with details such as your name, email address, Social Insurance Number, income information and birth date.
- Upload ID documents, then review and submit your application.
Compare other credit cards
Bottom line
- Apply for the CIBC Costco Mastercard if you want to earn cashback and get a decent level of insurance for no annual fee.
- This card comes with purchase and warranty coverage, mobile device protection and a welcome offer. It also doubles as your Costco membership.
- Choose something else if you want a higher cashback return at Costco or you’d like to cash your rewards in throughout the year.