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CIBC Costco Mastercard: A Full Review

For regular expenditures, the CIBC Costco Mastercard offers a respectable selection of benefits. See how they can be useful on daily basis.

In March 2022, Costco formally unveiled its new CIBC Costco Mastercard, ending its prior affiliation with Capital One. Owners of current cards will automatically receive the updated cards. While waiting, interested people can apply for the card after they become Costco members. The new CIBC Costco Mastercard offers several advantages and perks for regular purchases, particularly those made at Costco. Along with selling groceries, Costco also offers furniture, electronics, appliances, and petroleum services.

Benefits of CIBC Costco Mastercard

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All Costco members who have the CIBC Costco Mastercard receive these attractive benefits. Wonderful Earn Rewards: The Costco credit card offers cash back on purchases made outside the Costco warehouse, including groceries and gas, even though it is only available to members. Unlimited Benefits: The benefits you can earn are often subject to a cap imposed by credit cards. There is no annual income limit with the brand-new Costco credit card.

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Mobile Device Protection: The uncommon mobile device insurance provides up to $1,000 per instance of coverage and is one of three forms of insurance included with the CIBC Costco credit card. No yearly fee: Annual fees are a common feature of credit cards and can sneak up on you. However, there is no annual cost for the new CIBC Costco card, and it will continue to be free as long as you have a valid Costco membership card.

Each new CIBC Mastercard holder will benefit from the following features:

Interest rates for CIBC Costco Mastercard

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Competitive interest rates are offered with the Costco credit card. Its purchasing interest rate is 19.75% to start. When you don’t make a complete monthly payment, an interest charge called a purchase interest rate is imposed on your debt. The interest rate for cash advances is 21.49%. This is applied when you make a cash withdrawal using your Costco Mastercard account.

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Earn Rates for CIBC Costco Mastercard

This CIBC card has respectable earning rates. Beyond Costco purchases, you can earn cash incentives, but there are also bonuses for using the costco.ca website and buying gas there. Strangely, there isn’t a discounted wage for Costco Warehouses. These are the earn rates: Restaurants and Costco gas stations provide 3% cash back. 2% cash back is offered at Costco.ca and all other petrol stations.

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Costco Warehouse purchases and all other purchases result in 1% cash back. There is no cap on the amount of cashback you can receive annually. The card does, however, have a rate cap. Any purchases you make after reaching an annual spend threshold of $5,000 on specific purchase categories will only result in 1% cash back.

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Costco and CIBC Mastercard Insurance

Purchase security insurance, extended warranty insurance, and mobile device insurance are the three categories of insurance included with the card. The Royal & Sun Alliance Insurance Company of Canada offers the first two. The extended warranty doubles the original manufacturer’s guarantee for the covered item for up to one year.

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At the same time, the price protection service can reimburse the costs for qualifying items that are lost, stolen, or damaged, according to the insurance certificate. A mobile phone or tablet’s repair or replacement costs in the event of loss, theft, or damage can be covered by device insurance up to $1,000 (Canadian).

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After the purchase, the coverage is good for up to two years. The CIBC Payment Protector is an additional insurance plan with this Costco credit card. In situations like involuntary unemployment, life-threatening illnesses, and death, it helps lessen the financial strain of making card payments.

Mobile Banking for CIBC

Managing your credit card account is simple with CIBC mobile banking and CIBC online banking. Through CIBC online banking, you may track your monthly, annual, and spending in particular purchasing categories. You can access digital credit card statements, pay your monthly bill, and schedule upcoming payments through CIBC online banking or the CIBC mobile banking app. The credit card’s integration with Apple Pay, Google Pay, and Samsung Pay makes it simple to use your phone to make payments wherever you are.

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Low-Income Preconditions

Compared to other credit cards, the new CIBC Costco Mastercard is simple to obtain. The primary qualifying cardholder just needs a $15,000 yearly personal income and an active Costco membership. A free upgrade to the CIBC Costco World Mastercard, which offers you access to World Mastercard advantages, is available once you receive your credit card. Simply keep your personal income at least $60,000.

Do You Need a CIBC Costco Mastercard?

If you frequently shop at Costco Canada, the CIBC Mastercard is a good investment. But if you shop at a Costco Warehouse, you won’t earn any extra cash back. The credit card would actually only pay off if you used it mainly for dining out and other qualified Costco purchases like Costco.ca and Costco petrol.

Furthermore, Costco gift cards are the sole way to redeem cash. This may not be the best credit card for you if you’re seeking rewards programs that go beyond Costco. Price: This credit card has no annual fees; however, you must have a Costco membership card, which costs $60 annually. At least, the 19.75% purchase and 21.49% cash interest rates are reasonable.

CIBC Costco Mastercard

Effortless Use

The card can be swiped or tapped to make credit card purchases in any Mastercard merchant as well as online. It is a practical choice when shopping for groceries or other services because it is accepted at Costco gas stations, warehouses, and costco.ca. It’s easy to manage your account at CIBC because of the responsiveness and usability of the user interface.

You can quickly examine your balance, transactions, payments, and more with just a few clicks. However, the method for using your cashback gift card to redeem it is not convenient. Your cashback gift card will arrive as a gift certificate that can only be used at Costco, and you will have to wait a year to use it.

Conclusion

For regular expenditures, the CIBC Costco Mastercard offers a respectable selection of benefits. However, in comparison to other cashback credit cards that are offered, they are not particularly noteworthy. However, if you spend the majority of your money at Costco, it is a wise choice. There might be better options available if you do not belong to Costco.

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