It’s here!

Whether it’s groceries, travel, services, household goods, health items and more, Costco is always looking for ways to provide more value and benefits exclusively for its members. The move to the new CIBC Costco®™ Mastercard® is no exception.

The goal for both CIBC and Costco is to ensure that the transition for clients and Costco members with existing co-brand credit cards is as seamless as possible. Here, with the help of Costco and CIBC leadership, the Connection explores what’s behind the change and how it benefits members. Here’s what you need to know.

More value for Costco members

Developed based on Costco member feedback, the new CIBC Costco Mastercard offers strong features and benefits, including more cash back, valuable insurance coverage* and flexible instalment payment options.

Costco’s decision to move to a new credit card partner has been in the works for nearly two years with the expiry of the agreement with Capital One. Sue Pudrycki, Costco assistant vice president of marketing, membership, services and travel, says, “We were looking for a relationship with a Canadian financial institution that could improve on the current cash back rewards plus have the ability to service members at the high standards that Costco expects, and CIBC aligned with our goal of providing strong value to our members. CIBC is one of the top full-service banks in Canada, with more than 1,000 banking centres across the country and award-winning digital banking options.”

“We’ve been working closely with the Costco team for nearly two years with a focus on understanding their business and members,” says Jeff Smith, vice president, card products, CIBC, noting the importance of building strong relationships. “As one of the top three issuers of credit cards in Canada, CIBC is extremely client focused, has the skill to handle the volumes as well as experience with successful conversions and long-term co-brand partnerships. At the heart of it, it's about the long-term relationships with clients and Costco members.”

CIBC is focused on helping Canadians make their ambitions a reality by providing expert advice and financial solutions to help them reach their goals. “We are committed to helping our clients plan for the most important things in life—whether that’s saving or investing for the future. With assistance from our CIBC advisors, we help our clients reach their short and long-term goals,” says Smith.

Bigger, better rewards and valuable benefits

“Costco members love their cash back rewards,” says Smith. “The new CIBC Costco Mastercard has no annual fee and provides Costco members with more value by offering even more cash back on Costco.ca purchases, at Costco gas stations and everywhere they shop.”

Here’s what you can earn annually:
● 3% on Costco gas and 2% at other gas stations on purchases up to $5,000 (1% thereafter)
● 3% on restaurants
● 2% on Costco.ca purchases up to $8,000 (1% thereafter)
● 1% on all other purchases wherever Mastercard is accepted, including at Costco

And it doesn’t stop there. Mobile Device Insurance*, Purchase Security and Extended Warranty Insurance* and exclusive benefits for World Mastercard cardholders, plus flexible instalment payment plan options with the CIBC Pace It™ feature, are also included with the CIBC Costco Mastercard.

Innovative mobile and digital solutions

Later this year, existing cardholders will be able to add their CIBC Costco Mastercard to their Apple Pay®, Google Pay™ and Samsung Pay® accounts and make quick and secure purchases.

Using the CIBC Mobile Banking App also gives you extra control over your card. There’s almost nothing more frightening than having a wallet stolen or losing a credit card. Smith assures members that a feature in the award-winning CIBC Mobile Banking App will help.

“If you’ve lost your card, or if you’ve just misplaced it, you can simply log on to the CIBC Mobile Banking App and lock your card,” he says. Other benefits of the CIBC Mobile Banking App include the ability to check your cash back balance and access your annual cash back gift certificate.

A smooth and easy transition

“We’ve ensured that the transition to the new CIBC Costco Mastercard is as effortless as possible for members,” says Smith. “Existing credit cardholders don’t need to reapply. Because the credit card number stayed the same, any recurring bills such as phone, internet or fitness were moved to the new CIBC Costco Mastercard.”

As of March 4, you received access to all of the new CIBC Costco Mastercard features and benefits while continuing to use your existing Capital One Costco Mastercard until your new CIBC Costco Mastercard arrives by mail (before August 31, 2022).

For cash back earned during 2022, you will receive a cash back gift certificate in January 2023. Your January 2023 gift certificate will include the cash back you earned with your previous credit card between January 1 and March 3, 2022, and the cash back you earn with CIBC between March 4 and December 31, 2022.

Don’t have the CIBC Costco Mastercard?

Members who want to apply for the card can complete an application at any Canadian Costco warehouse or online at cibc.com/costco. Warehouse applications are completed on a secure tablet and require an active membership along with photo identification such as a driver’s licence or passport. If you are instantly approved, you can receive a temporary credit card that can be used in any Canadian Costco warehouse until you receive your CIBC Costco Mastercard.

Whether you’re getting a new card automatically or considering applying, there’s no question that members have multiple opportunities—anywhere and everywhere—to earn more cash back. The CIBC Costco Mastercard exclusive to Costco members is designed to become the most used card in your wallet.