Business Platinum Card from American Express
130,000 MR points
The New CIBC Costco Mastercard, Coming March 2022
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CIBC Costco Mastercard
- Earn
1%3% cash back on restaurants and Costco Gas† - Plus, earn
1%2% cash back on gas and Costco.ca† - Use your credit card as your Costco membership card
- Mobile device insurance
- Annual fee: $0
- Minimum income: $15,000 household
15 Comments
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I called to ask about upgrading from the regular MC to the World Mastercard – and they had no details. I guess I will wait until March to ask again.
Could anyone explain the difference between regular and world (typically). Thanks 🙂
Simplii Visa is $0 fee with 4% cash back on restaurant
CIBC Visa is $120 fee with 4% cash back on grocery and gas, their insurance package is also much better, plus it has $0 transaction fee for global money transfer. $3,000 to breakeven.
In contrast, Costco executive membership is $120 plus tax, so $126, I suppose one needs to spend at least $4,200 to break even (2% from executive membership and 1% from Costco membership). This is in comparison to $4,700 break even point with old card. The downside is that CIBC MC has limits to cash backs.
I showed the Costco supervisors a few times at cash out, that I paid with a different Mastercard where I get 1 %. Using the capitolone card would get me .5 %. Told them that CIBC has an opportunity to correct this and it appears they did. So this no fee CIBC card will be appealing to Costco customers. They kept the 3 % restaurant cash back which is very appealing for a no fee card. Kudos to CIBC
I guess we’re losing the price protection feature on the old Capital One card then. Underrated perk and one of the last cards to offer it.
Credit card price protection is too much hassle. So much easier & often better price if you price match at a store.
I see you struck 1% and put 3% for restaurants. But, it was always 3% for restaurant purchases. Also, the only value addition offered by CIBC after such a large acquisition seems Mobile device insurance. I think Brim still beats this in terms of value.
As the credit card is also Costco membership card, would the card comes with (at least) $60 Gold Star Membership – or even better, $120 Executive Gold Star Membership? If so, that would be a sweet $0 Annual Fee card 🙂
No, the credit card can replace the membership card, not the membership itself. You’ll still need to buy a Costco membership to be eligible for the CIBC Costco Mastercard.
Anyone who spends more than $6000 at Costco gets the $120 paid for anyhow. You get 2% back on every purchase you make anyhow.
Can you buy Costco cash cards on Costco.ca and get 2% on your CIBC and then you’d be getting 2% on all purchases for having an executive card?
Josh, would buying Costco gift cards (“Cash cards”) online qualify for 2% cash back?
costco should have come back again with Amex..
Yea I miss the Amex Costco connection. Those were wonderful times!
The big thing no one is taking about and I find interesting is cibc doesn’t have any master card Credit cards in there portfolio, only visa that I know of. Wonder if this will create more master card space other then just the Costco master cards that come of it.
Let’s hope for some Costco & Aeroplan cross-brand promotions!
I was hoping for Amex. 🙁