So is the brand new CIBC Costco Mastercard the most effective card to be used in-store and online? Read on to learn more concerning the CIBC Costco Mastercard and 7 attractive alternatives.
CIBC Costco Mastercard Review
Presented
CIBC Costco Mastercard
Annual fee: $0
Welcome offer: This card doesn’t currently offer a welcome bonus.
Card details
| Interest charges | 20.75% on purchases and 22.49% on money advances |
| Required income | 15,000 USD per yr |
| Credit Score | 560 or higher |
The benefits
The CIBC Costco Mastercard is a fee-free cashback card (similar to its predecessor, the Capital One Costco Mastercard). It offers 3% money back at restaurants and at Costco gas stations, 2% money back at other gas stations – which is handy whenever you’re on the go – and a couple of% back whenever you shop at Costco.ca. You’ll get 1% money back on all other shopping categories (including at Costco).
This card also includes mobile device insurance with as much as $1,000 of repair or substitute coverage whenever you pay or finance the value of a mobile device through your card. You may purchase security insurance and prolonged warranty insurance with certain eligible purchases. If you meet certain requirements, resembling personal income over $50,000 per yr, you might qualify for the CIBC Costco World Mastercard, which is basically the identical card but offers World Mastercard advantages like rental automotive insurance, travel perks and more.
The disadvantages
The CIBC Costco Mastercard does have some drawbacks. While there’s technically no annual fee, it’s price noting that to essentially reap the advantages of this card, you may (obviously) must have a Costco membership, which costs $60 or more per yr. One other point: There’s no limit to how much you’ll be able to earn over the course of the yr. But the money back rate you get does include a cap. If you hit your annual spending goal in a certain category, you may still get money back—it’ll just be the 1% rate for the remaining of the calendar yr in that category. For gas, you may get the three% money back rate (and a couple of% money back rate at other gas stations) only on the primary $5,000. After that, you may get the 1% money back rate. For purchases at Costco.ca, the cap is $8,000 before you return to the bottom 1% rate.
The cashback redemption process can be seen as a drawback. While some cards pay out cashback earnings on to your statement or savings account on a monthly basis, with the CIBC Costco Mastercard, you get them in the shape of gift cards issued in January that you would be able to redeem for anything within the Costco warehouse.
While Costco members profit from the official bank card, there could also be other Mastercard products, all of which could be used at Costco and higher fit your needs. This no annual fee card doesn’t offer the advantages of a number of the cards we discuss below.
Best Costco Compatible Credit Cards in Canada
Best fee-free bank card for cashback
Presented
Rogers Red World Elite Mastercard
Annual fee: $0
Welcome offer: This card doesn’t currently offer a welcome bonus.
Card details
| Interest charges | 20.99% on purchases, 22.99% on money advances, 22.99% on balance transfers |
| Required income | 80,000 USD per yr |
| Credit Score | 725 or higher |
