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Following the October 2020 announcement that the partnership between Capital One and Costco was ending, CIBC is now the new issuer. Here are the features of this new CIBC Costco Mastercard credit card.
The CIBC Costco Mastercard has no annual fee.
Since March 4, 2022, this new Costco credit card has offered cash back on all eligible purchases, such as:
You therefore earn 1% cash back from the very first dollar spent. That is an improvement over the card issued by Capital One, which paid only 0.5% on the first $3,000 of purchases. That worked out to a disguised $15 fee.
As usual, you receive your cash back in the form of a Costco gift certificate.
It is also worth noting that this Costco credit card offers 3% on gas at Costco, which is high (given that Costco often has the best gas prices). And 2% at other gas stations.
Be careful, there is an annual cap of $5,000 of purchases in this category (past $5,001 of purchases you will earn 1%). So if you buy $100 of gas per week, you will drop to 1% cash back in the last 2 weeks of your year.
Another significant improvement: 2% on purchases made on Costco.ca. If you often shop on Costco’s online store, this is a card to keep in your wallet. Here again, there is an annual cap of $8,000 of purchases on Costco.ca (past $8,001 of purchases, you will earn 1%).
For example, if you spend $200 per week at Costco, you will drop to 1% cash back starting in the 11th month. You will therefore miss out on 2 months of cash back at 2%.
A CIBC Costco Business Mastercard is also offered to business owners.
As another benefit, the CIBC Costco Mastercard gives you mobile device insurance and extended warranty coverage. That is normal for a card with no annual fee.
That is fine, but… you could get more back with other credit cards.
*** This section is no longer current, but we are keeping it as an archive.
If you currently hold the Capital One Costco Mastercard, you can keep using it until you receive your CIBC Costco card, no later than August 31, 2022. You will continue to earn cash back.
Your 16-digit credit card number, the expiry date, the CVV code, the PIN and the credit limit are transferred to CIBC. This information does not change during the transfer. Your credit history for the card is also kept.
When the CIBC Costco Mastercard arrives, it must be activated, and then it can be used right away. It also serves as your Costco membership card, just like the Capital One one did.
Since March 4, 2022, your Capital One Costco Mastercard account has automatically become a CIBC Costco Mastercard account. There is no new application to fill out and no credit check.
Since that date, you also receive your account statement from CIBC.
And since March 7, 2022, you can register for CIBC Online Banking. That gives you access to your statement online.
For anyone who has that option, automatic renewal of the Costco membership will be charged to the new CIBC Costco Mastercard on the next renewal date.
This new CIBC card works with Apple Pay and Google Pay.
In your CIBC Online Banking profile, in the My Accounts section on the left, click View eStatements.
Select your CIBC Costco card account and the month you want.
Because the credit card account has been transferred from Capital One to CIBC, Capital One’s terms no longer apply.
So all the insurance coverage on the Capital One® Mastercard® and the price protection service ended on March 3, 2022 at 11:59 p.m.
If the date of a loss (a car rental, for example) or the purchase date of an item (for the extended warranty) is March 3, 2022 at the latest, call 1-888-324-2363 to file a claim.
If a loss happens after March 4, or if you buy an item and want extended warranty coverage as of March 4, the coverage does not apply. No claim can be filed.
Until March 3, 2022, you could make payments on your credit card with Capital One. But since 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 pay your credit card automatically every month, it has ended. You will need to set up a new order with CIBC.
On your financial institution’s website (AccèsD, BanqueNet, etc.):
Note: CIBC Online Banking is now available to all cardholders. If you run into a problem, contact CIBC customer service: 1 866 346-2999.
The cash back balance has been shown in CIBC Online Banking since March 11, 2022.
In January 2023, CIBC Costco Mastercard holders will receive the amount they accumulated during 2022.
It will be calculated as follows:
If you still have a gift certificate issued by Capital One that has not expired, it can be redeemed as usual, without any trouble, in Costco warehouses.
You can cancel a CIBC Costco World Mastercard or a CIBC Costco Mastercard by contacting CIBC customer service at 1 866 346-2999.
To make sure you have the right credit card to use at Costco, the one that pays you the most, see our credit card comparison tool.
For any question or problem with the CIBC Costco Mastercard , contact CIBC customer service at 1 866 346-2999.
Of course, you can always use other credit cards on the Mastercard network at Costco. The best credit cards for Costco can be found in this ranking.
Do you have AIR MILES? Here is our tip for getting a free Costco membership with your miles!
There are other ways to save at Costco with other credit cards, starting with the National Bank World Elite® Mastercard®.
With this card, you get the best insurance for your purchases and your trips, an annual travel credit of $150 and free access to the National Bank Lounge in the international zone at Montreal-Trudeau airport.
Browse our card comparison tool to pick the best Mastercard credit card for your spending.
See the page with the best Costco credit card offers.
What do you think of this new Costco credit card? Head over to our Facebook community to talk about it!
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