CIBC Costco Mastercard Review

This credit card offers a host of benefits that cater specifically to Costco shoppers, making it an indispensable tool for everyday spending.

The CIBC Costco Mastercard is a fantastic choice for anyone who frequently shops at Costco and wants to maximize their rewards. One of the key highlights of the CIBC Costco Mastercard is its generous cash back rewards program. Cardholders can earn cash back not only on their Costco purchases but also on everyday essentials like groceries, gas, and dining out. This makes it a versatile card that rewards you for your regular spending habits.

CREDIT CARD

CIBC Costco Mastercard

High rewards rate Annual fee $0

Access the card’s services and benefits

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What sets the CIBC Costco Mastercard apart is its simplicity and practicality. There are no annual fees for Costco members, making it a cost-effective choice for those looking to enhance their purchasing power without additional financial burden.

Whether you’re stocking up on household items or splurging on the latest tech gadgets, the CIBC Costco Mastercard is designed to enhance your shopping experience and provide tangible rewards that can be redeemed effortlessly.

Earning rewards

Earning rewards with the CIBC Costco Mastercard is straightforward and rewarding. Here’s how you can maximize your cash back:

• 3% Cash Back: Enjoy a generous 3% cash back on restaurant purchases and when you fill up at Costco Gasoline stations. Whether you’re dining out with friends or fueling up your vehicle, you’ll earn significant rewards on these everyday expenses.
• 2% Cash Back: Earn 2% cash back on non-Costco gas purchases and when shopping online at Costco.ca. This category rewards you for fueling up at other gas stations and for making purchases directly through Costco’s online platform.
• 1% Cash Back: For all other purchases, including those made at Costco warehouses, earn a solid 1% cash back. This baseline rate ensures that you’re always earning rewards on every dollar spent, no matter where you shop.

Redeeming rewards

Redeeming your cash back rewards with the CIBC Costco Mastercard is hassle-free and rewarding. Each year, primary cardholders receive a Costco gift certificate equivalent to the cash-back amount they’ve earned throughout the year.

This certificate can be redeemed at Canadian Costco warehouses, making it convenient for you to use your rewards towards future Costco purchases. Please note that this certificate cannot be used for online purchases on Costco.ca, but it’s perfect for stocking up on groceries, household items, or treating yourself to something special during your next Costco visit.

With this redemption method, your cash back transforms into tangible savings on your everyday essentials.

Benefits of CIBC Costco MasterCard

• No annual fees

One of the standout features of the CIBC Costco Mastercard is its lack of an annual fee for Costco members. This means you can enjoy all the benefits and rewards of a premium credit card without any additional costs, making it a practical choice for everyday spending. With no annual fee, you can maximize your cash back and rewards without worrying about ongoing expenses, making it a smart and economical addition to your wallet.

• Low annual income required

Unlike some premium credit cards that have high income requirements, the CIBC Costco Mastercard is accessible to a wide range of individuals. With a modest annual income threshold, this card welcomes Costco members who want to leverage cash back rewards and exclusive benefits tailored to their spending habits. This accessibility makes it an attractive option for students, young professionals, and budget-conscious shoppers looking to earn rewards on their purchases.

• Mobile device insurance

The CIBC Costco Mastercard offers a valuable perk with mobile device insurance, providing coverage against loss, theft, accidental damage, and mechanical breakdowns for your smartphone or tablet. This feature provides peace of mind, ensuring that your essential devices are protected while you’re on the go, making it easier to stay connected and productive without worrying about unexpected repair costs or replacements.

• Additional cards with no cost

The CIBC Costco Mastercard allows you to add three additional cardholders to your account at no extra cost. This feature lets you share the card’s rewards and benefits with family members or trusted individuals, making it easier to earn cash back collectively and enjoy the convenience of a shared credit account. Adding supplementary cardholders enhances the card’s value and promotes flexibility for Costco members.

Card Application Requirements

To apply for the CIBC Costco MasterCard, ensure you meet the following requirements:

1. Age: Applicants must be at least 18 years old.
2. Income: A minimum income is required; check the current criteria on the official website.
3. Credit History: A good credit history enhances your chances of approval.
4. Residency: Applicants should be residents of the United States.

How to apply?

Applying for a CIBC Costco Mastercard is easier than you think:

1. Go to the CIBC website and look for CIBC Costco Mastercard
2. Click on Apply Now
3. Read Terms and Conditions
4. Fill your personal and financial details
5. Submit your application

Frequently Asked Questions (FAQs) – CIBC Costco MasterCard

How long does it take to get approval?

The approval process varies, but you can expect a response within a few business days. Some applications may require additional verification, extending the processing time.

Can I check the status of my application?

Yes, you can check the status of your application online through the CIBC portal or by contacting customer service.

How can I contact customer support?

For assistance, you can contact CIBC customer support via the phone number provided on their website or through the secure messaging system on your online account.

Please note that these FAQs are for general guidance, and it’s advisable to refer to the official terms and conditions for the most accurate and up-to-date information.

CREDIT CARD

CIBC Costco Mastercard

High rewards rate Annual fee $0

Access the card’s services and benefits

Watch an ad to apply for your card Watch an ad to apply for your card