CIBC Costco® Mastercard®

CIBC Costco® Mastercard®: interest rates, available limits, cashback and bonuses. Full conditions for obtaining a credit card online. The procedure for registration and receipt online or at a bank branch. Features.
5000 $
Credit Limit
26 %
APR for Shopping
650
Credit Score
Welcome Bonus

Product Details

Cash back
Restaurants Restaurants
3 %
Gas Gas
2 %
Purchases Purchases
1 %
APR
APR for Cash Advances APR for Cash Advances
21.99 %
APR for Balance Transfers APR for Balance Transfers
21.99 %
APR APR
20.75 - 27.99 %
General Info
Credit Limit Credit Limit
5000 $
Required documents Required documents
ID
Welcome Bonus Welcome Bonus
Fees
Balance Transfers Balance Transfers
Cash Advances Cash Advances
5 - 7.50 $
Annual Fee Annual Fee
0 $
Foreign Transactions Foreign Transactions
Late Payment Late Payment
42.5 $
Returned Payment Returned Payment

About Credit Card

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.

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.

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.

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.

Pros and Cons

Pros

  1. Cash Back Rewards. The card allows you to earn cash back on all purchases, including higher rates at restaurants, Costco gas stations, other gas stations, Costco.ca, and on all other purchases, including at Costco warehouses. There's no limit to the total cash back you can earn.

  2. No Annual Fee. The card does not charge an annual fee, which is a significant advantage for those looking to save on yearly credit card costs.

  3. Costco Membership Integration. Your CIBC Costco Mastercard also serves as your Costco membership card, simplifying your wallet by combining two cards into one.

  4. Valuable Insurance Coverage. Cardholders benefit from a variety of insurance coverages, including Mobile Device Insurance, Purchase Security & Extended Warranty Insurance, providing added protection for your purchases.

  5. CIBC Pace It™ Installment Plans. Offers the option to pay for large purchases with low-rate installment plans, making it easier to manage big expenses without high-interest costs.

  6. Digital Cash Back Redemption. Annual cash back is easily redeemable digitally in Canadian Costco warehouses using the CIBC Mobile Banking® App or through CIBC Online Banking®, providing a convenient way to access your rewards.

Cons

  1. Income Requirement. There's a minimum annual income requirement of $15,000 for the standard card and higher for the World Mastercard® version, which may not be feasible for all applicants.

  2. Limited to Costco Members. Only Costco members can apply for this card, restricting its availability to a specific group of consumers.

  3. Cash Back Redemption Limitations. Cash back is issued annually, which means you cannot access your earned rewards throughout the year.

  4. Foreign Transaction Fees. Like many credit cards, there may be fees associated with transactions made in foreign currencies, which could add up for frequent travelers or those making international purchases.

  5. Interest Rates. The card's interest rates for purchases and cash advances are in line with many credit cards but can contribute to significant debt if balances are not paid in full.

  6. Reward Flexibility. The cash back rewards are tailored towards Costco purchases, which might not be as flexible as other credit cards that offer a wider range of redemption options.

How to apply for a CIBC Costco® Mastercard®

  1. Eligibility Requirements. Ensure you meet the minimum income requirement of $15,000 annually to qualify for the CIBC Costco Mastercard. For the CIBC Costco®† World Mastercard®, you need a minimum of $60,000 individual annual income or $100,000 household annual income.

  2. Application Process. The application process takes about 5 minutes, and you can expect to receive a response in as little as 60 seconds.

  3. Benefits. As a cardholder, you can earn cash back everywhere you shop with no limit on the total cash back you can earn. The card also offers valuable insurances, flexible installment payment options, and more.

  4. Special Rates with CIBC Pace It™. You can take advantage of special installment plan interest rates with no installment fees on eligible Costco purchases in Canada and at Costco.ca.

  5. Cash Back Redemption. Redeem your annual Costco cash back gift certificate digitally in Canadian Costco warehouses using the CIBC Mobile Banking® App or print your gift certificate through CIBC Online Banking®. Your gift certificate is also included in your January statement.

  6. Additional Features. The card serves as your Costco membership card, and you can enjoy features like sending money abroad with no transfer fee, access to digital banking tools, secure purchases with mobile wallets, and protection through Mastercard’s Zero Liability Protection Policy.

FAQ

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

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

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

When do cash advances start bearing interest?

How do I make credit card payments?

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

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

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

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

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Alexandra V
Editor
Alexandra V
12.11.2022
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Last update 11.02.2024