Costco credit card change
What current Capital One Costco Mastercard holders need to know
A new credit card can be exciting and sometimes a little daunting. But have no fear. Plans are well underway to ensure a seamless transition to the new CIBC® Costco Mastercard®.
All eligible Capital One® Costco Mastercard® accounts will change to the CIBC Costco Mastercard as of March 4, 2022. Eligible cardholders will not need to reapply for the new CIBC card and there’s no additional credit check.
Here’s what to expect between now and March 4:
● Members can continue to use their cards at Costco and wherever else they shop. Cardholders will continue to earn cash back on eligible purchases.
● Members who have an eligible Capital One Costco Mastercard will automatically receive new credit cards from CIBC to replace their current cards. You won’t need to reapply.
● Your new CIBC Costco Mastercard will also double as your Costco membership card.
● The new card will arrive by mail before August 31, 2022.
● You can start to use your new CIBC Costco Mastercard as soon as it arrives.
● Although your Capital One Costco Mastercard will continue to work after March 4, 2022, once you receive your new CIBC Costco Mastercard, you should activate it and use it.
● In very limited situations, some cardholders’ Capital One Costco Mastercard accounts may not be transferred to CIBC.
● The card transition will not affect your credit rating as it does not require a new credit check, and you will maintain your existing credit limit.
● Your Capital One account will transfer to CIBC on March 4, 2022, after which any balance owing will Costco credit card change What current Capital One Costco Mastercard holders need to know transfer to your CIBC account. After March 4, 2022, you will start to receive statements from CIBC (even though you might not have received your physical CIBC credit card yet).
● Starting on March 7, 2022, members can register for CIBC Online Banking® to gain access to online statements by visiting cibc.com/register.
We’re sure you have more questions about the new CIBC Costco Mastercard, including details about cash back and benefits. For the most up-to-date information, visit cibc.com/costco.
The April issue of the Costco Connection will contain more details and information about why the switch was made, how to apply for a card if you don’t have one already and, of course, all the perks and benefits of the new CIBC Costco Mastercard.