Estimated reading time: 9 minutes
As of March 4, 2022, the Capital One Costco Mastercard became the CIBC Costco Mastercard.
What did that mean for Costco Canada members who own a Costco credit card?
Currently, two things are wrong: your Capital One Costco Mastercard will no longer allow you access to the mobile app or online website.
If you own a CIBC Costco Mastercard, you will receive a new credit card in the mail by August.
You can use your credit card until then, as nothing has changed.
The new credit card also doubles up as your Costco membership card, as it does with the Capital One Mastercard.
Update: CIBC completed the transition on August 31, 2022, when all cardholders received their new credit card.
Once your card arrives and you activate it, the Capital One Mastercard will no longer work.
I’ve also included many links in this post where you can find updated information about the switch Costo has made with their credit card.
I want to review changes to the new CIBC Costco MasterCard since my first review of the Capital One MasterCard for Costco Canada.
Read The Fine Print- CIBC Costco Mastercard
Below is what you will find online or on your credit card statement about the CIBC Costco MasterCard in Canada.
The fine print is part of any credit card that cardholders often skip because they don’t care or don’t think to read the credit card provisions.
Capital One Costco Mastercard vs. CIBC Costco Mastercard
I want to compare each credit card to see if the agreement terms are identical.
You can read my full review of the Capital One Costco Mastercard from Sept 2020.
Related: Is the Captial One Costco Mastercard Worth It?
Capital One Costco Mastercard
You’ll earn Costco Credit Card Rewards as cashback on everyday purchases.
- 3% on restaurant purchases
- Gas purchases 2%
- Earn 1% on all other purchases, including Costco.
- Annual Fee $0
Annual Rates Capital One Costco Membership
- Standard Rate for Purchases 20.75%
- Balance Transfers Standard Rate 19.75%
- Standard Rate for Cash Advances 22.49%
- Cash Back Up to 3%
Benefits Of The Capital One Costco Mastercard
- Price Protection Service
- Purchase Assurance
- Extended Warranty
Send Money Abroad
“Get 0.25% cashback for every $1 spent on a CIBC Global Money Transfer™,†, 6. There are no transaction fees, and you won’t be charged interest, as long as you pay your balance by the payment due date.7.“
I have a bank account in the UK, so it’s nice to read that CIBC gives cash back for every one dollar spent on a Global Money Transfer with no fees.
Below, I will highlight the important part of this message on the CIBC website.
What You Get With The CIBC Costco Mastercard
With this new Costco Mastercard, some thresholds reduce the percentage you earn back if and when you meet them.
For example, once you spend $5000 fewer returns at the gas station or purchases, the 3% cashback reduces to 1%.
When using Costco.ca online, the first $8000 in purchases and fewer returns earn the cardholder 2% and reduces to 1% afterward.
At the end of the year, when the primary cardholder receives a cheque from Costco, the money can only be used by the primary cardholder at Costco.
Annual Fee and Interest Rates – CIBC Costco Mastercard
- Annual Fee $0
- Purchase Interest Rate 20.75%
- Cash Back Interest Rate 22.49%
Fine Print Reading For The CIBC Costco Credit Card
Earn 3% on purchases (less returns) at merchants classified in the credit card network as Costco gas stations within Canada and 2% on purchases (less returns) at merchants classified in the credit card network as gas merchants on the first $5,000 net annual card purchases in this category on your account.
After that, net card purchases at all gas merchants, including Costco, will earn 1% in Cash Back Rewards.
Earn 2% on purchases (less returns) classified in the credit card network as Costco.ca purchases on the first $8,000 net annual card purchases in this category on your account.
After that, net card purchases at Costco.ca will earn 1% in Cash Back Rewards.
Purchases at merchants classified in the credit card network as restaurants will earn 3% and all other qualifying purchases will earn 1% in Cash Back Rewards.
The $5,000 and $8,000 limit will reset to zero annually on January 1.
Cash Back Rewards will be provided in the form of a Cash Back Gift Certificate issued in Canadian dollars to an eligible Primary Cardholder once per calendar year in January for the cash back earned in the prior calendar year.
Cash Back Gift Certificate can only be redeemed for purchases at any Canadian Costco Wholesale warehouse location.
Authorized Users on the Account are not issued and cannot redeem Cash Back Gift Certificates.
For the full Rewards Program terms and conditions, please see the Benefits Guide (PDF, 1.2 MB).
You’ll find the 16 page pdf about the credit card to be long however it’s tells you exactly everything you need to know about owning one.
Source: CIBC Costco Mastercard
How To Apply For The CIBC Costco Mastercard
You can apply for the CIBC Costco Mastercard with a Costco warehouse membership.
Costco Membership Fees and Interest Rates 2024
The cost for an Executive and Gold Star membership is as follows.
Executive Membership: $120 per year (plus applicable taxes), including a FREE Household card. Use the discount code Costco60 when you sign up and get a voucher for $60 off a $200 online order.
Gold Star Membership: $60 per year (plus applicable taxes), including a FREE Household card. Use discount code Costco30 when you sign up for a $30 voucher off a $100 online order.
If you plan to add someone to the credit card account, they have a Costco membership in good standing before applying and adding to the credit card account.
The primary cardholder must be in good standing and have a Costco membership on December 31 to be eligible for the cashback cheque.
We just received our cashback cheque, which will purchase a new executive member for Costco.
The more you spend, the more you earn, which the cardholder can apply to their yearly Costco membership.
Interest rates with most credit cards will increase; the same goes for the CIBC Costco Mastercard.
They will inform the primary cardholder 30 days in advance if an interest rate increases.
CIBC MasterCard Pace It Installment Plan
The CIBC Costco Mastercard also has a Pace It Installment Plan for those who might have a large purchase they want to pay in installments.
We bought a fireproof safe in our shopping cart, the most significant purchase at Costco.
You can get a low-interest, fixed-term repayment plan with the CIBC Costco Mastercard Pace It Installment Plan.
- 5.99% for 6 months
- 6.99% for 12 months
- 7.99% for 24 months
Interesting fact:
CIBC Pace It Installment Plans are only available: (a) on Accounts in good standing; and (b) for certain eligible Accounts and eligible Transactions.
For complete Terms and Conditions, visit cibc.com/paceit.
Source: CIBC Online
CIBC Costco Mastercard Insurance Coverage
CIBC Costco Mastercard holders can find the available insurance coverage online at the CIBC Insurance Centre.
See page 5 of the pdf linked above for more information on the CIBC insurance center.
I found this insurance perk I’ve never read about; see below.
Mobile Device Insurance
Repair or replacement coverage up to $1,000 for your mobile devices, such as your cell phone, smartphone, or tablet, in the event of loss, theft, or accidental damage (drops, cracks, or spills) for up to two years following purchase.
It would be best to qualify for the provisions I linked above in the pdf.
At the CIBC insurance centre, you will learn to submit, track and manage your claim.
When you receive your new CIBC Costco Mastercard with all other claims and availability, read the insurance certificate that comes with your card.
Again, statements like those above may be found in small print and are essential to understand.
Never assume you are covered or eligible for something unless you know.
CIBC Payment Protector Plan
This plan you pay for provides insurance that will cover your credit card in the event of critical illness, disability, job loss, or death.
Purchase of this insurance is optional and isn’t required to obtain any CIBC product or service.
You can read more about the insurance.
Mobile Device Insurance
Get up to $1,000 of repair or replacement coverage when you fully charge or finance the purchase price of an eligible mobile device to your card.
Purchase Security and Extended Warranty
“Enjoy added security and protection on your purchases. Your CIBC Costco credit card comes with Purchase Security at no additional cost.
When you charge eligible purchases to your card, you can enjoy Purchase Security Insurance.
Plus, with Extended Warranty Insurance, extend the original manufacturer’s warranty period up to one additional year on most purchases charged to your card.
This means that most new items of personal property purchased with your card can be replaced, repaired, or reimbursed if they are lost, stolen, or damaged within 90 days of purchase.
You will find this purchase security on almost all credit cards.
The extended one-year warranty is excellent; many people don’t know about it.
Fraud Alerts
We monitor fraud trends and debit and credit card activity. When we detect various factors that indicate a transaction may be fraudulent, we’ll notify you by text, email or phone to authenticate the transaction.
Zero Liability Protection
If your card, card number or other card details are stolen, you will not be held responsible for fraudulent purchases processed through the Mastercard network as long as you meet your obligations and use reasonable care to safeguard your card and PIN.
How To Contact CIBC
For questions about your new CIBC Costco Mastercard, call us at 1-866-346-2999
Capital One will also be giving your personal information to CIBC to transfer and maintain your account.
You can also find Costco Changes on the Capital One website for more information.
Overall Thoughts Of The New CIBC Costco Mastercard
For now, we will stick with the CIBC Costco Mastercard as it pays for our yearly membership, and the perks aren’t so bad.
The other reason is that we’ve never paid a cent in interest rates before, so it has never been a problem.
Going to work is easy to drive through and grab petrol for my truck, which is always the lowest price in town.
For those who can use the Pace It Program, I think it’s great to have but also to consider saving the cash first if you NEED to make a purchase,
Discussion: Would you sign up for the new CIBC Costco Mastercard?
Thanks for reading,
Mr.CBB
CIBC Costco Credit Card Disclaimer
This post has no affiliate links about the switch, as it’s merely just helping get the word out.
Just a quick disclaimer that the bank may have updated the CIBC Costco Credit card rates and provisions since the writing of this blog post.
There may also be a misunderstanding of information, so visiting the CIBC Costco Credit Card website or mobile app for up-to-date information is wise.
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Paid the costco capital one credit card on March 5/22. will this payment show up on the CIBC costco credit card. All in all not a very organized rollout by CIBC. No information sent to clients and as usual trying to contact CIBC is nearly impossible as the lines are plugged and no doubt CIBC will blame it on covid as every other business does.
Hi Rod,
I did the same thing because at the time there was no CIBC Costco Mastercard so I paid the bill as I typically do. I guess we will find out but I”m sure they are expecting hiccups. Let me know what happens on your end.
Thanks,
Mr.CBB
Horrible customer service (long wait)
I try to change my PIN on my new Costco CIBC card but failed mane time on phone (2-3h each). I give up after a month trying. Now I try to cancel my card but have to go thru customer wait x2 (the first agent can’t do it, waited for 4h) and to get hang up by the second agent after 3h wait and only 2 minutes in cancel process to get hang up. .. Now I still trying… I will give bad review where I can till I my card get cancelled.
COSTCO WHAT ARE YOU DOING?????
VK
Hi VK,
I’m sorry that you are going through this. Are you able to change the pin at Costco? That’s where we signed up for our card. Let me know what happens.