The CIBC Costco Mastercard is a cashback credit card designed for Canadian shoppers who frequent Costco and dining merchants. The card combines generous cashback rates on common spending categories with no annual fee and benefits that support purchase protection and device insurance. The card also doubles as a Costco membership card, which can simplify in-warehouse use for eligible members.
Key benefits
The main advantage of the CIBC Costco Mastercard is its above-average cashback on everyday purchases and a competitive annual fee structure. The card is particularly useful for cardholders who hold an active Costco membership and spend on dining, gas and Costco purchases.
- High cashback potential
Earn up to 3% cash back on eligible purchases, including enhanced rates for dining and certain Costco spending. - No annual fee
A competitive annual fee of $0 reduces ongoing costs and may be suitable for lower-income applicants seeking rewards without added fees. - Purchase protection benefits
Includes purchase security and extended warranty insurance plus mobile device insurance and other fraud protection tools.
How does this card compare?
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Pros & Cons
| Pros | Cons |
|---|---|
|
– No annual fee – Above-average cashback rates on restaurants, gas and Costco purchases – No limit to total cashback earned – Doubles as a Costco membership card |
– Requires an active Costco membership to qualify – No numerical purchase APR provided in available data – Cashback is redeemed annually via a gift certificate rather than as an immediate credit |
Requirements & conditions to apply
- Costco membership required
The card is exclusive to active Costco members; membership is a precondition for eligibility. - Minimum annual income
A minimum annual income of $15,000 is required for applicants.
Frequently asked questions
Is there an annual fee for the CIBC Costco Mastercard?
The card carries no annual fee, listed as $0 in the current product details.
How is cashback delivered?
Cashback accumulates with no cap on total earnings and is redeemed annually through a Costco cash back gift certificate rather than as an immediate statement credit or direct deposit.
Are there insurance or protection benefits?
The card includes multiple protections noted in available details, such as Mobile Device Insurance, Purchase Security and Extended Warranty Insurance, as well as Mastercard Zero Liability Protection, fraud alerts and a digital disputes platform.