So, is the brand new CIBC Costco Mastercard the very best one to make use of in retailer and on-line? Learn on to study the main points of the CIBC Costco Mastercard and of seven engaging alternate options.
CIBC Costco Mastercard evaluate
featured
CIBC Costco Mastercard
Annual payment: $0
Welcome provide: This card doesn’t have a welcome bonus presently.
Card particulars
| Rates of interest | 20.75% on purchases and 22.49% on money advances |
| Earnings required | $15,000 per 12 months |
| Credit score rating | 560 or greater |
The professionals
The CIBC Costco Mastercard is a no-fee money again card (identical to its predecessor, the Capital One Costco Mastercard). It affords 3% money again at eating places and Costco fuel stations, 2% money again at different fuel stations—which is useful once you’re on the go—and a couple of% again once you store at Costco.ca. For all of your different buy classes, you’ll earn 1% money again (together with at Costco).
This card additionally comes with cell gadget insurance coverage, with as much as $1,000 of restore or substitute protection once you cost or finance the value of a cell gadget in your card. With sure eligible purchases, you may as well get safety insurance coverage and prolonged guarantee insurance coverage. For those who meet sure necessities, like having an individual earnings of over $50,000 per 12 months, chances are you’ll qualify for the CIBC Costco World Mastercard, which is basically the identical card, however contains World Mastercard advantages like automobile rental insurance coverage, journey perks and extra.
The cons
There are just a few drawbacks to the CIBC Costco Mastercard. Whereas there may be technically no annual payment, to really reap the advantages of this card, it’s price noting that you just (clearly) must have a Costco membership, which is $60 or extra per 12 months. One other level: there’s no restrict on how a lot you’ll be able to earn all year long. However, the money again earn fee you obtain does include a cap. If you attain your annual spend in a sure class, you’ll nonetheless earn money again—it would simply be on the 1% fee for the rest of the calendar 12 months in that class. For fuel, you’ll obtain the three% money again fee (and a couple of% money again fee at different fuel stations) solely on the primary $5,000. After that, you’ll earn the 1% money again fee. For Costco.ca purchases, the cap is $8,000 earlier than you come to the 1% base fee.
The money again redemption course of is likely to be thought of a draw back, too. Whereas some playing cards pay out money again earnings month-to-month, straight onto your assertion or into your financial savings account, the CIBC Costco Mastercard provides them to you the type of reward certificates, issued in January, that you would be able to redeem for something within the Costco warehouse.
Whereas Costco’s official bank card advantages Costco members, there is likely to be different Mastercard merchandise, all of which can be utilized at Costco, that can higher meet your wants. This no-annual-fee card doesn’t match the perks of a few of the playing cards we’ll focus on under. Â
The very best Costco suitable bank cards in Canada
Finest no-fee bank card for money again
featured
Rogers Purple World Elite Mastercard
Annual payment: $0
Welcome provide: This card doesn’t have a welcome bonus presently.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $80,000 per 12 months |
| Credit score rating | 725 or greater |