Costco members have been waiting for this news for a long time: CIBC will be the issuer of Costco credit cards starting in 2022.
Given the large number of Costco members in Canada, this announcement was highly anticipated. CIBC will become the exclusive issuer of Costco Mastercard credit cards in Canada and acquires the Canadian Costco credit cards portfolio from Capital One (approximately $3 billion in balances).
The new CIBC Costco Mastercard will offer great rewards for purchases at all Costco stores in Canada and on Costco.ca and will also serve as a Costco membership card . It can also be used anywhere in the world at merchants who accept Mastercard credit cards.
What to do if you have a Capital One® Mastercard
Capital One Costco Mastercard cardholders can continue to use their current card until they receive their new Costco CIBC Mastercard , which is likely to be early in the 2022 calendar year. More information on the card and transition will be released in the coming months.
How do I apply for the new Costco credit card ?
The agreement is expected to be finalized by early 2022. It is therefore not yet possible to apply for this new Costco Mastercard credit card.