CIBC Costco Credit Card: perks and benefits that are worth it!

The CIBC Costco Mastercard is a versatile credit card designed specifically for Costco members.

It offers a range of rewards and benefits tailored to enhance your shopping experience.

This guide provides a comprehensive overview of the CIBC Costco Mastercard.

It covers its pros and cons, app features, issuing‑bank information, fees and charges, and reasons why you should consider applying for this card.

Pros and cons of the CIBC Costco Mastercard

Pros:

• Earn cashback on Costco purchases;
• No annual fee for Costco members;
• Additional cashback on gas, dining, and other purchases;
• Accepted at all Costco locations in Canada and worldwide;
• Access to exclusive Costco member benefits.

Cons:

• Requires a Costco membership;
• Cashback rewards are issued annually;
• Applicants must have a minimum annual income of $15,000;
• Higher interest rates for unpaid balances;
• Cashback rewards may have caps on certain categories.

App features

The CIBC Mobile Banking app is a powerful tool that allows CIBC Costco Mastercard holders to manage their accounts efficiently and securely.

Here are some of the key features of the app:

• Transaction monitoring: Track your purchases in real-time and receive instant notifications;
• Bill payments: Pay your bills quickly and directly through the app;
• Rewards tracking: Monitor your cashback earnings and see how much you’ve accumulated;
• Personalized offers: Receive exclusive offers and promotions tailored to your spending habits;
• Security: Set up security alerts and lock/unlock your card in case of loss or theft.

About the Issuing Bank

Founded in 1867, CIBC (Canadian Imperial Bank of Commerce) stands as one of Canada’s oldest and most esteemed financial institutions.

With over 150 years of experience, CIBC has earned a reputation for stability and reliability in the financial sector.

Fees of the CIBC Costco Mastercard

The CIBC Costco Mastercard comes with several fees that potential cardholders should be aware of.

• The annual fee for this card is $0, provided you have a valid Costco membership;
• The interest rate for purchases is approximately 20.75%, and there is a cash advance fee of $5 (within Canada) and $7,50 (outside Canada) for each cash advance;
• The cash interest rate is 22.49% and 21.99% for Quebec residents;
• If the client doesn’t make their required payment by the payment due date two times, the interest rate may go up to 25,99% on purchases and 27.99% on cash advances for at least 12 months;
• The late payment fees include any interest, extra charges, any past due amount, and the lesser of either $10.

For Quebec residents, it means that they have to pay for any past-due amount plus the greater of their Percent of Amount Due or $10;

• For foreign transactions, a fee of 2.5% of the transaction amount is applied;
• Additionally, there is an overlimit fee of $29 and an installment fee of up to 3% of the amount of each transaction that the client converts to an Installment Plan.

Fees were updated according to the card issuing website on 06/27/2024

Being aware of these fees can help you manage your finances better and make an informed decision about whether this card suits your needs.

Why apply for this card?

The CIBC Costco Mastercard is an excellent choice for Costco members who want to maximize their savings and earn rewards on their everyday purchases.

With this card, you can earn cashback on all your Costco purchases, as well as additional cashback on gas, dining, and other purchases.

The card has no annual fee for Costco members, making it a cost-effective option for those who frequently shop at Costco.

Additionally, the card is accepted at all Costco locations in Canada and worldwide, providing convenience and flexibility.

The CIBC Mobile Banking app allows you to manage your account, track your rewards, and access exclusive offers, ensuring you get the most out of your card.

These features make the CIBC Costco Mastercard a valuable addition to your wallet, offering both savings and convenience for Costco members.