Best Costco Canada Credit Cards | 2023 | Milesopedia
TD Offer: Up to 145,000 points + First-Year Annual Fee Rebate
See offer
Costco Warehouse

Costco Canada’s Best Credit Cards – April 2023

Costco Canada’s Best Credit Cards – April 2023

The Best Credit cards For Costco

These credit cards are among the best Mastercard credit cards for Costco in Canada!

Here is a table summarizing the different offers. For more details, read on or click on the name of a card.

National Bank's World Elite Mastercard®

The National Bank’s World Elite Mastercard® is the Best National Bank Mastercard credit card.

With this exclusive welcome offer for Milesopedia readers, you can get up to 70,000 points, and the first year’s annual fee is waived for the primary cardholder.

Here’s how:

  • 30,000 points after $5,000 in Card purchases within the first 3 months of account opening
  • 30,000 points if $12,000 or more in net purchases are charged to the credit card within 12 months of account opening
  • 10,000 points if you sign up for Credit Card Payment Protection for a minimum of 3 months

With this card, you earn up to 5 points per dollar on your purchases:

  • 5 points per dollar on grocery and restaurant purchases
  • 2 points per dollar on gas and electric recharge purchases
  • 2 points per dollar on recurring bills
  • 2 points per dollar on À la carte Travel
  • 1 point per dollar on all other purchases

And since it’s a National Bank Mastercard credit card, you can use it at Costco. With this card, you have access to a $150 annual travel credit that you can use in any of these categories:

  • Airport parking
  • Baggage fees
  • Seat selection
  • Access to airport lounges
  • Flight upgrades

In addition, you can enjoy access to DragonPass airport lounges and free Wi-Fi with Boingo. And unlimited access to the National Bank Lounge at Montreal-Trudeau.

Finally, Milesopedia voted the National Bank’s World Elite Mastercard® as the Best Travel Credit Card and Best Credit Card for Insurance in 2023.

This promotion is intended for individuals who do not have a National Bank Mastercard credit card and have not held a National Bank credit card within the last 24 months.

KOHO Premium Mastercard Prepaid Card

Special Offer:

  • Enter the code MILESOPEDIA when you apply for your card
  • Get $20 in your KOHO account after the first purchase within the first 30 days

The features of the KOHO Extra Mastercard Prepaid Card (formerly known as the KOHO Premium Mastercard Prepaid Card) are as follows:

  • 2% cash back on groceries (including Costco and Walmart), dining and transportation
  • 0.5% cash back on all other purchases†
  • Accepted at Costco
  • No FX fees
  • 1 free international ATM withdrawal per month
  • Monthly fee of $9 (or $84 per year) with a 30-day free trial

HSBC World Elite® Mastercard®

The HSBC World Elite Mastercard is an excellent no-conversion-fee credit card for foreign currency purchases, especially for your travel purchases.

For a limited time, you can get:

  • Up to 110,000 points* (a $550 value in travel rewards) if you live in Quebec and with no minimum purchase!
  • Up to 80,000 points* (a $400 value in travel rewards) and first-year annual fee waiver if you live outside Quebec

With the HSBC World Elite® Mastercard®, you can earn:

  • 6 points per dollar for travel purchases (flights, hotels, Airbnb, all-inclusive, etc.)
  • 4 points per dollar for grocery, gas or drugstore purchases
  • 2 points per dollar for all other purchases (including Costco)

This means a 1 to 3% return, depending on your purchases!

You can easily redeem your points on any travel purchase made with the HSBC World Elite Mastercard (flights, hotels, Airbnb, all-inclusive, etc). But you can also transfer your points to three airline loyalty programs: British Airways Executive Club, Asia Miles and Singapore Airlines Krisflyer.

In addition, the HSBC World Elite Mastercard comes with:

  • $100 Annual Travel Credit (for airport lounges, for example)
  • Access to Boingo WiFi hotspots around the world
  • 10% discount for hotel bookings on Expedia or Agoda
  • Premium insurance for your travels and purchases

Finally, the HSBC World Elite Mastercard does not charge any conversion fees for foreign exchange transactions: you save 2.5% for each transaction.

National Bank Platinum Mastercard

Unlike the other two National Bank travel rewards cards, the National Bank Platinum Mastercard does not require a minimum income.

With this exclusive welcome offer for Milesopedia readers, you can get up to 25,000 points and the first-year annual fee is waived for the primary cardholder.

Here’s how:

  • 10,000 points after $2,500 in Card purchases within the first 3 months of account opening
  • 5,000 points if $6,000 or more in net purchases are charged to the credit card within 12 months of account opening
  • 10,000 points if you sign up for Credit Card Payment Protection for a minimum of 3 months

You can earn 2 points per dollar on grocery store and restaurant purchases, and 1.5 points per dollar on gas, electric vehicle recharges, recurring bills and À la Carte Travel. And since it’s a National Bank Mastercard credit card, you can use it at Costco.

In addition, you get premium insurance usually dedicated for high-end credit cards:

  • 180-day Purchase protection in the event of theft or damage
  • Possibility of tripling the manufacturer’s warranty (up to 2 additional years)
  • Trip Cancellation Insurance
  • Trip Interruption Insurance
  • Out-of-province hospital insurance
  • Flight delay insurance
  • Baggage insurance in case of delay, theft or loss
  • Car rental insurance
  • Mobile Device Insurance

This promotion is intended for individuals who do not have a National Bank Mastercard credit card and have not held a National Bank credit card within the last 24 months.

BMO® CashBack® World Elite®* Mastercard®*

The BMO® CashBack® World Elite®* Mastercard®* is one of the best cash back Mastercard credit card in Canada.

For a limited time, you will earn up to 10% cash back on select purchases for the first 3 months (that’s up to $260 cash back). Besides, the annual fee is waived in the first year!

With the BMO® CashBack® World Elite®* Mastercard®*, you earn between 2% and 5% cash back on many spending categories:

  • 5% on grocery purchases (on the first $500 you spend monthly)
  • 4% on transit (on the first $300 you spend monthly)
  • 3% on gas and electric vehicle charging (on the first $300 you spend monthly)
  • 2% on recurring bill payments (on the first $500 you spend monthly)

Everywhere else, you’ll earn 1% cash back, including at Costco.

Finally, it is one of the only credit cards in its category to offer an extended warranty of 2 additional years.

BMO Ascend World Elite Mastercard

The BMO Ascend World Elite Mastercard is one of the best travel points World Elite Mastercard credit cards in Canada. With our exclusive offer, you can get up to 70,000 Welcome Bonus Points:

  • 40,000 points when you spend $3,000 in the first 3 months
  • 2,500 points per month after $2,000 in monthly purchases from the 4th to the 15th month, up to 30,000 points

Plus, the annual fee is waived in the first year for both the primary cardholder and authorized users.

With the BMO Ascend World Elite Mastercard, a premium credit card from BMO, you get the following:

  • 5 points per dollar on travel purchases
  • 3 points per dollar on dining purchases
  • 3 points per dollar for entertainment purchases
  • 3 points per dollar on recurring bill payments

And 1 point for every $1 spent everywhere else, including at Costco. You can use your points for travel purchases on the BMO Rewards website (flights, hotels, car rentals, all-inclusive).

The BMO Ascend World Elite Mastercard also offers:

  • Four annual complimentary passes to airport VIP lounges
  • Excellent Premium insurance for your travels or purchases
  • a premium concierge service

BMO® AIR MILES® World Elite®* Mastercard®*

With this exclusive offer for the BMO® AIR MILES® World Elite®* Mastercard®*, you can earn 3,000 AIR MILES Bonus Miles after $3,000 in Card purchases; that’s a $310 cash value. Besides, the annual fee is waived in the first year!

With this card, you earn 3 miles for every $12 spent at participating AIR MILES Partners. Everywhere else, you’ll earn 1 Mile for every $12 spent, including at Costco and Walmart. And it’s the only AIR MILES credit card in Canada to offer a 15% discount on AIR MILES flights within North America with no blackout periods.

The BMO® AIR MILES® World Elite®* Mastercard®* card also offers:

  • Premium insurance for your travels or purchases
  • Double the miles for car rentals with National or Alamo
  • Concierge services

Frequent Asked Questions about credit cards

Here are frequently asked questions in the milesopedia community about credit cards in Canada.

What are the three best World Elite Mastercard credit cards for Costco?

Here are the top 3 World Elite Mastercard credit cards for Costco:

Which credit cards are accepted at Costco?

In Canada, only Mastercard credit cards are accepted at Costco warehouses. However, on the Costco.ca website, you can pay with a Mastercard or Visa credit card.

How to buy at Costco without being a member?

To buy at Costco, you need to be a Costco member. However, there are some exceptions to this rule in some countries. Here are some of the options for shopping at Costco without being a member:

  1. Buy online: In some countries, such as Canada, buying on the Costco website is possible without being a member. However, some restrictions may apply, such as additional fees for non-members.
  2. Buy with a gift card: If you have a Costco gift card, you can use it to shop at Costco without being a member. However, it is essential to note that gift cards have a limited value and you will not be able to purchase items that exceed the value of the gift card.

How much does a Costco card cost?

The cost of a Costco card depends on the type of card you choose. Basic membership cards are available for an annual fee, while premium membership cards may have a higher cost. Typical costs for basic membership cards in different countries are as follows:

  • In the U.S.: The basic annual Costco membership card costs $60 USD.
  • In Canada: The basic annual Costco membership card costs $60 CAD. Executive membership costs $120.
  • In France: the basic annual Costco membership card costs 36 €.
  • In the UK: The basic annual Costco membership card costs £33.60.

It is important to note that costs may vary depending on the region and the type of membership card you choose. Additional fees may also apply for premium membership cards. Before purchasing a Costco card, it is recommended that you check the specific costs and benefits for your area.

Who can have a Costco card?

In general, anyone can apply for a Costco Membership Card, provided they meet the eligibility requirements. However, eligibility requirements may vary by country or region. Here are some of the common eligibility requirements to purchase a Costco membership card:

  1. Be at least 18 years old: In most countries, you must be at least 18 years old to purchase a Costco Membership Card.
  2. Have a valid address: A valid mailing address is generally required to purchase a Costco Membership Card.
  3. Pay the membership fee: An annual membership fee is required to gain access to Costco stores and membership benefits.
  4. Follow store rules: Cardholders must follow Costco rules and policies, such as purchase quantity limits and return rules.

How do I pay for a CIBC Costco Card?

To pay for your CIBC Costco Card, you can use any of the following payment methods:

  1. Online Payment: Log in to your CIBC Costco Credit Card online account and select the “Make a Payment” option. You can then enter the amount you wish to pay and choose your bank account to make the payment.
  2. Automatic Payment: You can set up an automatic payment for your CIBC Costco Credit Card by selecting the “Automatic Payment” option in your online account. You can then select a monthly payment amount or your total credit card balance to be automatically withdrawn from your bank account each month.
  3. Pay by Phone: You can make a payment by phone by calling your CIBC Costco Credit Card customer service number and following the instructions for making a payment by phone.
  4. Paying in person: You can make a payment in person at any CIBC branch

What is the best prepaid card for Costco?

The best-prepaid card for Costco is the KOHO Extra Mastercard. With this prepaid card, you can earn 2% cash back on your Costco purchases.

Read all about the KOHO Mastercard prepaid card.