CIBC Costco Mastercard review: requirements, fees and how to apply
See the requirements, fees and cash back rules before you apply
The words “savings” and “no annual fee” often catch the attention of Canadians who want a credit card with predictable, easy-to-manage costs.
The CIBC Costco Mastercard has no annual credit card fee, as long as you have an active Costco membership.
Your everyday spending earns cash back, which is paid once a year as a gift certificate you can use at Costco warehouses in Canada.
The card is issued by CIBC, one of Canada’s “Big Five” banks, and is designed to complement the Costco shopping experience.
Below, you’ll find an overview of how the card works, who it may suit and the requirements to review before applying.
Is the CIBC Costco Mastercard right for you?
The CIBC Costco Mastercard is available exclusively to Costco members.
It’s intended for people who already shop at Costco warehouses or online and want a credit card that works with their membership. The card also serves as your Costco membership card.
Instead of monthly rewards or travel points, the card pays cash back once a year, with higher rates at restaurants and on gas.
To apply, you need a minimum annual income of $15,000. Approval depends on CIBC’s credit assessment, and the card has a minimum credit limit.
How to apply for the CIBC Costco Mastercard?
You can apply for the CIBC Costco Mastercard online through the CIBC website.
Here’s an overview of the application process:
- Go to the CIBC Costco Mastercard page on the CIBC website;
- Click “Apply now” to start your application;
- Read and accept the terms, including information about fees, interest rates and your consent to a credit check;
- Complete your personal, employment and financial information;
- Submit your application.
CIBC says the application takes about 5 minutes, and you’ll get a response in as little as 60 seconds.
Keep in mind that you need an active Costco membership to apply. If you’re not a member yet, you’ll need to sign up with Costco first.
Credit card benefits
The CIBC Costco Mastercard includes features focused on everyday value, purchase protection and account management.
Some of the main benefits include:
- Insurance: Mobile Device Insurance of up to $1,000 when you charge or finance the full price of an eligible device to your card, plus Purchase Security Insurance and Extended Warranty Insurance of up to one additional year;
- Annual cash back: paid in January as a Costco gift certificate, redeemable at Costco warehouses in Canada. You can use it digitally through the CIBC Mobile Banking app or print it through CIBC Online Banking;
- Installment plans: special CIBC Pace It rates with no installment fees on eligible Costco purchases: 5.99% for 6 months, 6.99% for 12 months or 7.99% for 24 months;
- Account management: through the CIBC Mobile Banking app, you can lock a missing card, set up spend and fraud alerts and track your cash back;
- Additional cards: up to 3 additional cards at no cost.
Insurance coverage is subject to the terms, limits and exclusions in the Certificate of Insurance provided with the card.
Credit card limit
CIBC sets your credit limit during the application, based on its credit assessment, which considers factors like your income, credit history and existing debt.
The card has a minimum credit limit, and your approved limit may vary from one applicant to another. CIBC doesn’t publish a fixed limit before reviewing your application.
CIBC Costco Mastercard: fees and charges
Understanding the card’s fees and interest rates can help you avoid unnecessary costs.
According to CIBC, the main fees and rates include:
- Annual fee: $0, as long as you maintain an active Costco membership (membership fees apply);
- Minimum income required: $15,000 per year;
- Additional cards: $0, up to 3;
- Purchase interest rate: 21.75% annually;
- Cash advance interest rate: 22.49% annually (21.99% for Quebec residents);
- Foreign transaction fee: 2.5% of the converted amount;
- Cash advance fee: $5 within Canada and $7.50 outside Canada (not applicable to Quebec residents);
- Overlimit fee: $29 (not applicable to Quebec residents).
Rates, fees and conditions checked on September 22, 2026, against the CIBC website and the CIBC Credit Card Summary of Annual Interest Rates and Fees (current as of August 1, 2026). Confirm current terms on the CIBC website before applying.
Mastercard cash back benefits
As a Mastercard, the CIBC Costco Mastercard can be used at a wide range of merchants in Canada and internationally.
You earn cash back based on the category of each purchase:
- 3% cash back at restaurants, including food delivery;
- 3% cash back at Costco gas stations;
- 2% cash back at other gas stations and electric vehicle charging stations;
- 2% cash back on purchases at Costco.ca;
- 1% cash back on purchases in Costco warehouses;
- 1% cash back on all other eligible purchases.
CIBC says there’s no limit on the total cash back you can earn. Check the card’s terms for the full details on how purchases are classified in each category.
Cash back accumulates from January to December and is issued automatically in January as a Costco gift certificate.
Opinion about the card
With higher cash back on dining and gas, purchase protection and no annual credit card fee, the CIBC Costco Mastercard can be a practical option for people who shop at Costco regularly.
The annual cash back suits people who prefer one yearly reward to spend on a Costco trip, rather than smaller, more frequent redemptions.
However, the card’s value depends on whether you already pay for a Costco membership and shop there often, since your cash back can only be used at Costco. Purchases inside Costco warehouses also earn only 1%.
If your income is $50,000 or more (or $80,000 for your household), you may qualify for the CIBC Costco World Mastercard, which has the same fees and rates and includes World Mastercard benefits.
Paying your statement balance in full every month is the best way to avoid the 21.75% interest rate.
Click the button below to be redirected to the official CIBC website to review the terms and apply for the CIBC Costco Mastercard.
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Disclaimer: This site is independent and strictly informational, and its content does not constitute financial advice. Finvyu is not affiliated with CIBC or Costco. We do not guarantee credit card approval, which is solely subject to a credit check, income verification and risk analysis by the issuing bank (CIBC). Finvyu Editorial Team.
