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CIBC Costco® Mastercard®
Credit cards

CIBC Costco® Mastercard®

Updated 30.11.2022

About CIBC Costco® Mastercard®

Exclusively for Costco members, Canadian Imperial Bank of Commerce (CIBC) offers a CIBC Costco® Mastercard® credit card. With a Costco membership, you can buy brand-name merchandise at low warehouse prices, and with CIBC Costco® Mastercard®, you can save even more at Costco. When paying for your purchases with CIBC Costco® Mastercard®, you can earn up to 3% cash back and redeem it further at any Canadian Costco warehouse. Using CIBC Pace It™ Installment Plans to pay for your Costco purchases may give you an interest rate as low as 4.99% for a 6-month plan.

CIBC Costco® Mastercard® features

A CIBC Costco® Mastercard® credit card features a 19.75% purchase interest rate and 21.49% cash interest rate. CIBC reserves to change these rates from time to time though. By “Purchase” CIBC means card purchases excluding returns, cash advances, interest, fees, balance transfers, payments, or CIBC Convenience Cheques don’t qualify as “Purchases” either.  “Cash” assumes cash advances, balance transfers, and CIBC Convenience Cheques. 

With a CIBC Costco® Mastercard® credit card, you have access to up to $1,000 daily at any CIBC ATM or any of the ATMs displaying the Mastercard®, Interac®, or Cirrus® System symbols. To get a cash advance, have your credit card and PIN handy. Whenever you report a lost or stolen CIBC Costco® Mastercard® credit card, you can request an emergency cash advance of up to $5,000, based on your available credit and cash.

According to CIBC Costco Mastercard terms, using this credit card doesn’t involve an annual fee. You can order up to 3 additional cards for authorized users at no cost. For each authorized user, you can set up monthly spending limits for purchases and cash withdrawals.

The amount of cash back rewards you can earn with your CIBC Costco® Mastercard® credit card can be up to 3% of the amount you spend on eligible purchases (excluding returns). Keep in mind that cash advances, convenience cheques, cash-like transactions, fees, and interest will not bring you cash back.

Eligible purchases paid with your CIBC Costco® credit card at merchants classified by Mastercard as “Costco gas stations” will bring you 3% cash back while paying with it at merchants classified as “gas merchants” will bring you 2% cash back. Once you reach the $5,000 annual spending threshold in this category, you will start earning 1% cash back when paying at all gas merchants, including Costco. The annual $5,000 limit resets annually on January 1.

When paying with your CIBC Costco® Mastercard® credit card at merchants classified by Mastercard as “Costco.ca purchases” up to the $8,000 annual threshold, you will earn 2% cash back. After you reach the $8,000 threshold in this spending category, your cash back earning rate for Costco.ca purchases will be 1%. The annual $8,000 limit resets annually on January 1.

For purchases made with your CIBC Costco® Mastercard® credit card at merchants classified by Mastercard as “Restaurants”, you will earn 3% cash back.

For all other eligible purchases made with your CIBC Costco® Mastercard® credit card, you will earn 1% cash back. You can shop at any merchant accepting Mastercard. The amount of cash back you can potentially earn throughout a year is unlimited. Purchases made by authorized users will bring you cash back rewards as well.

In January, you will receive a Cash Back Gift Certificate (either electronically or by mail) issued by CIBC in Canadian dollars for the amount of cash back rewards earned by you in the previous year. To prevent the loss of the cash back earned by you in the previous year, make sure your Costco membership is active by December 31. Otherwise, CIBC won’t be able to issue the Cash Back Gift Certificate for you. You can keep track of cash back earned through CIBC Online Banking®, the CIBC Mobile Banking® App, or your account statement. 

To calculate the potential amount of cash back you can earn in a year, you can use the cash back calculator which is available on the credit card description page.

Being the primary cardholder, you can further redeem this Cash Back Gift Certificate at any Canadian Costco Warehouse location, for almost anything, with a few exceptions:

  • Alcoholic beverages

  • Cigarettes or other tobacco-related products

  • Purchases made outside a Costco warehouse front-end register (at Costco’s gas stations, tire service centers, food courts, pharmacies, or online purchases)

You can redeem your Cash Back Gift Certificate only once. Authorized users of your credit card account cannot redeem your Cash Back Gift Certificate. 

A CIBC Costco® Mastercard® credit card qualifies for CIBC Pace It™ Installment Plans. With CIBC Pace It™, you can pay off your purchases starting from $100 in monthly installments at a lower interest rate:

  • 4.99% for a 6-month plan

  • 5.99% for a 12-month plan

  • 6.99% for a 24-month plan

To check whether you have purchases qualifying for CIBC Pace It™, look for purchases on your CIBC Costco® Mastercard® credit card account balance labeled as "Eligible for Installments". Setting up installment plans is available in CIBC Online Banking® and the CIBC Mobile Banking® App, with no enrollment or approval needed. To set up an installment plan of your choice, you will have to pay a one-time installment fee equal to 1.50% of the purchase amount. 

Insurance coverages included in a CIBC Costco® Mastercard® credit card are mobile device insurance and purchase security and extended warranty insurance. Mobile device insurance provides up to $1,000 in repair or replacement coverage for your mobile device in case of loss, theft, or accidental damage. To get the advantage of this insurance coverage, you must either fully charge or finance the purchase price of a mobile device to your CIBC Costco® Mastercard® credit card.

With purchase security insurance coverage, you get 90-day protection for purchases made with your CIBC Costco® Mastercard® credit card and can count on replacement, repair, or reimbursement for lost, stolen, or damaged items. The extended warranty insurance coverage extends the original manufacturer’s warranty by up to 1 additional year. 

Additionally, you can apply for CIBC Payment Protector™ Insurance for Credit Cards to ensure coverage of your credit card payments in case of disability, job loss, critical illness, or loss of life.

The insurer underwriting insurance coverages included in a CIBC Costco® Mastercard® credit card is Royal and Sun Alliance Insurance Company of Canada. The insurer underwriting the optional CIBC Payment Protector™ Insurance is the Canadian Premier Life Insurance Company (Canadian Premier).

Having your membership details on the back, your CIBC Costco® Mastercard® credit card can also serve as your Costco membership card. So, you won’t have to carry both cards when shopping at Costco Warehouse locations.

Occasionally, CIBC announces special offers for sending money abroad through CIBC Global Money Transfer™. With such offers in place, you can earn cash back for every $1 spent on the transfer. CIBC Global Money Transfers involve zero transaction fees, only CIBC foreign exchange rates apply. CIBC won’t charge interest on a CIBC Global Money Transfer, provided you pay your balance by the payment due date.

You can manage your CIBC Costco® Mastercard® account through digital banking, including CIBC Online Banking and CIBC Mobile Banking. Digital banking capabilities include:

  • Registering for eStatements to view, save, download, and print your credit card account statements at any time

  • Locking and unlocking your credit card in case you’ve misplaced it

  • Requesting a replacement for a lost, stolen, or damaged card

  • Setting up alerts and notifications to stay updated about important events on your credit card accounts that require your attention, including credit card transaction alerts and report alerts

  • Viewing enhanced transaction details, including additional merchant details

In addition, there are the following features to manage your CIBC Costco® Mastercard® credit card spending:

  • Online spend report providing a detailed view of your spending

  • Personal spend manager allowing you to create and track your personal spend categories

  • An enhanced monthly statement providing the breakdown of your spending by 10 common categories

  • Monitoring spending activity of authorized users

  • Spend alerts notifying you about going over your customized budget or nearing your credit limit

  • Paying bills and setting up scheduled and recurring payments

  • CIBC Insights the mobile banking providing you with personalized tips to help you manage your spending

  • CIBC Auto Pay Service preventing you from missing payments by taking your credit card payment from the banking account you choose

To simplify your daily payments, you can add your CIBC Costco® Mastercard® credit card to Apple Pay®, Google Pay™, or Samsung Pay®. Once you do, you can make contactless payments with an eligible smartphone.

A CIBC Costco® Mastercard® credit card features advanced credit card protection capabilities, including the Mastercard Zero Liability Protection policy and fraud alerts. With the Mastercard Zero Liability Protection policy, you can rest assured that you won’t be liable for fraudulent transactions performed with your credit card. Whenever CIBC detects factors indicating fraudulent transactions, they will notify you by text, email, or phone to authenticate the transaction.

Note: CIBC is the exclusive issuer of Costco credit cards in Canada, as 0n March 4 2022 it acquired the existing Canadian Capital One Costco Mastercard® portfolio. Capital One Costco Mastercard statements are not available through Capital One Financial Corporation. The eligible cardholders' CIBC Costco Mastercard or CIBC Costco World Mastercard must be open, and they must have an active Costco membership on December 31 to be eligible for the cashback gift certificates for cash back rewards earned in that year.

Pros and cons

A CIBC Costco® Mastercard® credit card ranked as one of the best Costco credit cards provides a range of benefits to its cardholders:

  • A zero annual fee

  • Free issuance of up to 3 additional cards

  • Cash advances of up to $1,000 daily

  • An opportunity to request an emergency cash advance of up to $5,000

  • Unlimited cash back earning opportunities

  • Accelerated cash back earning rate for select spending categories

  • An opportunity to redeem a Cash Back Gift Certificate at Canadian Costco Warehouse locations

  • Eligibility for CIBC Pace It™ Installment Plans allowing to pay off purchases in monthly installments at a lower interest rate

  • A combination of a credit card and a Costco membership card 

  • Zero transaction fees for foreign currency purchases

  • No interest on a CIBC Global Money Transfer if paying your balance by the payment due date

  • Online and mobile banking features for convenient credit card account management

  • Contactless payment available through Apple Pay®, Google Pay™, and Samsung Pay®

  • Credit card protection capabilities (the Mastercard Zero Liability Protection policy and fraud alerts)

  • Baggage insurance (jewelry not included normally)

The potential drawbacks are:

  • Availability of CIBC Costco® Mastercard® credit card to Costco Wholesale members only

  • Few insurance coverages included

  • Minimum annual income requirements to apply

How to apply for a CIBC Costco® Mastercard®

You can apply for a CIBC Costco® Mastercard® credit card online. To proceed, click the “Apply now” button on the credit card description page. If you are a CIBC client already, you can save time on your application by clicking “Yes, sign on now”, signing in with your CIBC Online or Mobile Banking login credentials, and filling out a shorter form. If you are new to CIBC, select “No, continue application” and fill out an extended form with the following details:

  • Your first name

  • Your last name

  • Your Costco membership number

  • Your date of birth

  • Your email

  • Your phone number

  • Your address 

  • Your living situation (rent, own/buying, live with parents, room or board, or other)

  • How long you have lived at the specified address

  • Your social insurance number

  • Your job category

  • Statement options

  • Your personal annual income

  • Your other household income (optional)

  • Your housing payments (monthly rent, mortgage, and condo fees)

To apply for a CIBC Costco® Mastercard® credit card, you must be a Canadian resident at the age of majority in your province. You must also have an active Costco Wholesale membership. If you want to add Authorized Users, they must have an active Costco Wholesale membership as well.

To qualify for a CIBC Costco® Mastercard® credit card, you must have a minimum annual income of $15,000.

For how long will CIBC process my application for a CIBC Costco® Mastercard® credit card?

According to the CIBC website, filling out an application form will take about 5 minutes of your time, and you can receive a response from CIBC within one minute. Still, the response time may be longer in case of technical issues. 

If you have provided your email in your application, you can expect to receive an application status as soon as CIBC fixes the technical issues. If you haven’t provided your email, expect to receive a response on your credit card application in 7-10 business days.

Can CIBC alter the decision on my CIBC Costco® Mastercard® credit card approval?

CIBC reserves the right to cancel your CIBC Costco® Mastercard® credit card application approval if they become aware of the following:

  • You have provided unfavorable information on your financial position or account status

  • You haven’t provided the additional information requested by CIBC

How to activate my CIBC Costco® Mastercard® credit card?

To activate your CIBC Costco® Mastercard® credit card through online banking, go to “My Accounts”, select “Credit”, and click “Activate Card”.

To activate your CIBC Costco® Mastercard® credit card through mobile banking, select “Activate Card” from the navigation menu.

When do cash advances start bearing interest?

CIBC charges interest on cash advances starting from the date of taking a cash advance from your credit card account. The amount of a cash advance depends on available credit and cash.

How does CIBC calculate my CIBC Costco® Mastercard® credit card balance?

CIBC calculates your credit card account balance as the sum of all outstanding charges and posted fee transactions on your credit card, minus any posted payments to your credit card account.

How do I make credit card payments?

CIBC offers several ways to make credit card payments:

  • By calling CIBC Credit Card Services at 1-800-465-4653 to set up pre-authorized credit card payments

  • By transferring funds from your CIBC bank account to your credit card account through online banking

  • By registering your credit card as a payee and sending payments to it using the “Pay Bills” feature through online or mobile banking

  • By sending credit card payments to CIBC by mail

I have requested a replacement card for my CIBC Costco® Mastercard® credit card. Can I still use my mobile wallet while waiting for it?

If you have already added your credit card to Apple Pay®, Google Pay™, or Samsung Pay®, you can continue using it when making payments with your mobile device until you receive the replacement cards. CBIC will add the replacement card details for you automatically.

If you haven’t added your credit card to Apple Pay® or Google Pay™ yet, you can set up Apple Pay or Google Pay in CIBC Mobile Banking within minutes of replacing your card. If you are using Samsung Pay®, you should set up a new card once your replacement card arrives.

My CIBC Costco® Mastercard® credit card is about to expire. What should I do with it?

CIBC will mail a replacement card to you two weeks before your credit card expiry date. Once you receive your replacement card, you will need to activate it by calling CIBC Credit Card Services at 1-800-465-4653.

What happens to my CIBC Costco® Mastercard® credit card if I cancel my Costco Wholesale membership?

If CIBC is aware that you are no longer a Costco Wholesale member, they reserve the right to close your CIBC Costco® Mastercard® credit card without notice. The same applies to authorized users of your credit card account.

I’ve just made a credit card payment. Why I cannot see it on my CIBC account balance yet?

Receiving and processing your credit card payment by CIBC may take 3 to 5 business days. After that, the payment will appear on your credit card balance.

Your current monthly statement won’t show a payment received by CIBC and not posted by the payment due date. You will be able to see it on the following monthly statement.

Rate
i

Effective interest rate on the product

19.75% - 21.49%

Other Credit cards of Canadian Imperial Bank Of Commerce (CIBC)

Financial product
Amount
Rate
CIBC Costco® Mastercard®Canadian Imperial Bank Of Commerce (CIBC)
19.75% - 21.49%

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