To the point
Looking for the best credit card for Costco to replace your new CIBC Costco Mastercard credit card ? Here are the best credit cards!
The Best Credit Cards For Costco Canada
The easiest way to pay at Costco Canada… is with a Mastercard credit card .
But as you will see below, you could also use Visa cards with a back door method.
You don’t need to have a CIBC Costco Mastercard credit card, contrary to the beliefs of many Costco members!
All Mastercard credit cards are accepted at Costco!
So here is the list of the best Mastercard and Visa card to maximize your returns at your favourite warehouse.
The best MASTERCARD credit cards for Costco
There are many MASTERCARD credit cards out there you can use at Costco.
Choose the best one based on your goal:
Travel points
If you prefer travel points, there are many Travel Points MASTERCARD credit cards for your Costco purchases!
The choice of milesopedia
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.
Other credit cards
Here are several other Travel MASTERCARD credit cards:
- Desjardins Odyssey World Elite Mastercard: 1.5% per dollar on Costco purchases
- National Bank World Mastercard: 1.25% per dollar spent at Costco
- National Bank’s World Elite Mastercard®: 1 point per dollar spent at Costco
If you don’t have the minimum income requirement for World Elite cards ($80,000 individual / $150,000 household), here are other MASTERCARD credit cards with travel rewards:
- BMO Rewards Mastercard: 1 point per dollar on Costco purchases
- MBNA Rewards Platinum Plus® Mastercard®: 1 point per dollar on Costco purchases
- National Bank Platinum Mastercard: 1 point for every $1.5 spent at Costco
Cash back
If you wish to get cash back, there are many MASTERCARD cash back credit cards for your Costco purchases!
The choice of milesopedia
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.
Other credit cards
Here are several other cash back MASTERCARD credit cards:
- KOHO Premium Mastercard Prepaid Card: 2% per dollar on Costco purchases
- MBNA Smart Cash World® Mastercard®: 1% per dollar on Costco purchases
- MBNA Rewards Platinum Plus® Mastercard®: 1 point per dollar on Costco purchases
- Desjardins Cash Back World Elite Mastercard: 1% per dollar on Costco purchases
- MBNA Rewards World Elite® Mastercard®: 1 point per dollar on Costco purchases.
AIR MILES
If you’re an AIR MILES collector, you probably want to earn AIR MILES Bonus Miles for your Costco purchases!
The choice of milesopedia
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, representing a $310 cash value. Besides, the annual fee is waived in the first year!
In addition, if you sign up for this exclusive offer before March 28, 2023, you can save 25 cents per litre of gas purchased from Shell from May 1, 2023 to September 30, 2023 (on the next 10 fill-ups of up to 50L per transaction).
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
Other credit cards
Only BMO has AIR MILES MASTERCARD credit cards.
With these cards, you earn 1 mile for every $25 spent at Costco.
Hotel points
To earn hotel points for your Costco purchases, there is only one MASTERCARD credit card in Canada: the Best Western Rewards® Mastercard.
With this credit card, you earn:
- 1 point per dollar at Costco.ca
- No annual fee
The best VISA credit cards for Costco
On Costco.ca, you can pay with a VISA credit card. And since you can buy Costco SHOP cards that you can use in warehouses, it’s a backdoor method to use any VISA credit card for Costco!
Choose the best credit card based on your goal:
Aeroplan
If you’re a member of the Aeroplan program, you’ll want to be able to earn Aeroplan points on your Costco purchases!
Buy a Costco Shop Card with your Aeroplan credit card on costco.ca, to use it in your warehouse!
The choice of milesopedia
The TD® Aeroplan® Visa Infinite* Card is a great way to earn Aeroplan points on all your Costco purchases.
With this credit card you earn:
- 1 point for every dollar spent on Costco.ca
- A great welcome bonus
- Premium travel insurance
Other credit cards
There are several other credit cards that offer Aeroplan points that may be of interest:
- TD® Aeroplan® Visa Infinite Privilege* Card: 1.25 Aeroplan points per dollar on Costco.ca purchases
- CIBC Aeroplan® Visa Infinite* Card: 1 Aeroplan point per dollar on Costco.ca purchases
- TD® Aeroplan® Visa Platinum* Card: 1 Aeroplan point per $1.5 on Costco.ca purchases
Travel points
There are many Travel Points VISA credit cards for your Costco purchases!
The choice of milesopedia
The Scotiabank Passport™ Visa Infinite* is a great way to earn travel points for all your Costco purchases.
With this credit card, you earn:
- 1 point per dollar at Costco.ca
- A great welcome bonus
- 6 complimentary accesses to VIP airport lounges
- No conversion fee for foreign currency transactions
- Premium travel insurance
Other credit cards
Several other travel points credit cards may be interesting for you:
- TD First Class Travel® Visa Infinite* Card: 1.5% per dollar on Costco.ca purchases
- CIBC Aventura® Visa Infinite* Card: 1 point for every $1 in purchases at Costco.ca
- RBC Avion Visa Infinite Card: 1 point per dollar on Costco.ca purchases
Cash back
If you prefer cash back, there are a few cash back VISA credit cards for your Costco purchases!
The choice of milesopedia
The CIBC Dividend® Visa Infinite* Card is a great way to earn cash back on all your purchases at Costco.
With this credit card, you earn:
- 1% on Costco.ca
- 4% on grocery and gas purchases
- Premium insurance
Other credit cards
Three other cash back credit cards may be of interest:
- TD Cash Back Visa Infinite* Card: 1% per dollar on Costco.ca purchases
- Scotia Momentum® VISA Infinite* card: 1% per dollar on Costco.ca purchases
- CIBC Dividend Platinum® Visa* Card: 1% per dollar on Costco.ca purchases
Bottom Line
As you can see, you’re spoilt for choice when it comes to credit cards to use at Costco.
If we had to choose only one as travellers, we would take the HSBC World Elite® Mastercard® for several reasons:
- You can earn 6 points per dollar on your travel purchases
- You can earn 4 points per dollar for grocery, gas and drugstore purchases
- You can earn 2 points per dollar for your Costco purchases
- In addition, this card offers up to $100 in travel credit per year
- No FX fee
- Excellent travel insurance
Come to discuss that topic in our Facebook Group!
