The New Costco Credit Card
What to do if you have a Capital One® Mastercard
If you currently have the Capital One Costco Mastercard, you may continue to use it until you receive your new CIBC Costco Mastercard, no later than August 31, 2022. You will continue to earn cash back.
Your 16-digit credit card number, expiry date, CVV code, PIN and credit limit will be transferred to CIBC. This information does not change during the transfer. Also, your credit history for your card will be kept.
Upon receipt of the CIBC Costco card , it must be activated and then it can be used without delay. It will also serve as a Costco membership card , like the one at Capital One.
Effective March 4, 2022, your Capital One Costco Mastercard account automatically became a CIBC Costco Mastercard account. There will be no need to complete a new application and no credit check.
Also, as of that date, you will receive your credit card statement from CIBC.
And as of March 7, 2022, you can sign up for CIBC Online Banking. You will be able to access your statement online.
For those who have this option, automatic renewal of the Costco membership will occur on the new CIBC Costco card at the next renewal date.
Eventually, this new CIBC Mastercard will be available on Apple Pay and Google Pay in late May 2022.
$20 CIBC Welcome Bonus
When you get your new CIBC Costco card by August 31, 2022, you can receive a $20 credit.
You will need to do the following 2 actions (in any order) before December 31, 2022:
- Make a purchase with the newly activated CIBC Costco card
- Register in the CIBC Mobile Banking app or on the CIBC Online Banking website
This is only for those who already had the Capital One Costco card , as a thank you for transferring to CIBC. The $20 credit will be deposited 8 to 12 weeks after December 31, 2022.
Insurance coverage and price protection service
As the credit card account is being transferred from Capital One to CIBC, the terms and conditions of CIBC no longer apply.
Therefore, all Capital One® Mastercard® insurance coverage and price protection service will end on March 03, 2022 at 11:59 PM.
If the date of a claim (such as for car rental) or the date of purchase of an item (for extended warranty) is on or before March 03, 2022, call 1-888-324-2363 to make a claim.
If a claim occurs after March 04 or you purchase an item to have an extended warranty on or after March 04, coverage does not apply. No claims can be made.
How to pay for the new CIBC Costco card
Until March 3, 2022, you could make payments on your credit card to Capital One. But as of March 4, 2022, you have to change the way you make your payments.
Also, if you had a pre-authorized payment service with Capital One to automatically pay your credit card each month, this will end. Another order will have to be created with the CIBC.
On your financial institution’s website (AccèsD, EasyWeb, etc.):
- Add CIBC Costco Mastercard to your list of payees (otherwise, try “CIBC Mastercard” or any other combination)
- Enter your credit card numbers
- Make the payment as usual to this card
Note: It is normal that you cannot add the beneficiary “CIBC Costco Mastercard” to your financial institution at this time. Please wait a few days.
*** Late evening update 08 March: CIBC has confirmed that all Capital One card have been transferred to CIBC. CIBC Banking is now available to all card . If you have a problem, call CIBC Customer Care, but it can take a long time: 1-866-346-2999.
CIBC Costco Mastercard Features
The new CIBC Costco Mastercard will have no annual fee.
As of March 4, 2022, this new Costco Credit Card offers cash back on all your purchases:
- 3% cash back on restaurant and gas purchases at Costco
- 2% cash back at other gas stations and at Costco.ca
- 1% cash back on all other purchases, including those made at Costco
You get 1% cash back on your first dollar of purchases. This is an improvement over the card issued by Capital One, as it only offered 0.5% on the first $3,000 of purchases. That was a disguised $15 annual fee.
Also, it’s interesting to see that this Costco credit card offers 3% for gas at Costco, which is high (considering that Costco often offers the best rates on gas). And 2% at other gas stations. Please note that there is an annual limit of $5,000 in purchases in this category (beyond that you will get 1%).
Similarly, there is a significant improvement of 2% for purchases made on Costco.ca. If you shop often on the online Costco website, this is a card to have in your wallet. Again, there is an annual limit of $8,000 for Costco.ca purchases (beyond that, you’ll get 1%).
Finally, the CIBC Costco Mastercard provides mobile device insurance.
Also, it appears that a CIBC Costco World Mastercard will be offered, but details are not yet available.
How does cash back work?
The cash back balance has been posted on CIBC Banking since March 11, 2022.
In January 2023, CIBC Costco card cardholders will receive the amount they have earned during the year 2022.
This will be calculated as follows:
- January 1, 2022 to March 03, 2022: based on Capital One Costco Masterd card accrual rates (3% at restaurants, 2% on gas, 1% on everything else)
- March 04, 2022 to December 31, 2022: based on CIBC Costco Mastercard card earning rates (3% on restaurants and gas purchases at Costco, 2% at other gas stations and Costco.ca, 1% on everything else, including Costco warehouse purchases)
If you still have an unexpired Capital One coupon, it can be redeemed as usual at Costco warehouses.
Other credit cards to use at Costco
With this card, you can earn up to 2 points per dollar (i.e. 2%) on your Costco purchases. And you get the best insurance for your purchases and travel.