CIBC Costco MasterCard Review



Annual Fee


Annual Rewards


Intro Offer


Annual fee


Annual rewards


Intro offer


  • No annual fee
  • Up to 3% cash back on eligible in-store and online Costco purchases
  • 2% cash back on eligible gas purchases
  • 0.5% to 1% cash back on all other purchases
  • Purchase Assurance and Extended Warranty Protection
  • Exclusive credit card for Costco in Canada


  • Requires Costco membership
  • Limited cash back earning rates outside of Costco
  • No additional perks or benefits compared to other cash back credit cards
  • No travel rewards or insurance coverage
  • Cash back earned must be redeemed at Costco stores

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The CIBC Costco MasterCard has earned a 4.37 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).




Interest rates




The highest scoring categories for the CIBC Costco MasterCard are fees and interest.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the CIBC Costco MasterCard the most important factors for scoring this card are its fees and interest.


With the CIBC Costco MasterCard, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Specific Stores3%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the CIBC Costco MasterCard would earn $336 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Specific Stores$36
All Other Spend$180

Our study investigating the value found that each dollar spent on the CIBC Costco MasterCard is worth up to $0.01, depending on how you redeem.

This $336 in rewards value puts the CIBC Costco MasterCard in the top 50% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the CIBC Costco MasterCard earns $336 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Above, we’ve calculated the earn rate for the CIBC Costco MasterCard for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Costco gift cards$437

For an annual spend of $24,000, we estimated annual rewards value at up to $336.

That’s equivalent to a 1.40% return on spending.

The CIBC Costco MasterCard has an annual fee of $0. After deducting this, we predicted net annual rewards of $336.

This puts it in the top 40% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.


The CIBC Costco MasterCard has a $0 annual fee.

The average card charges $85. So, the CIBC Costco MasterCard is in the bottom 50% of cards based on the cost of the annual fee.


We manually review the perks of each credit card to determine how they compare to other cards.

The CIBC Costco MasterCard scored a 0.9 out of 5 for perks, putting it in the bottom 30% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Cash Advance21.49%
Balance Transfer21.49%

The average (median) credit card has a purchase interest rate of 19.99% and so the CIBC Costco MasterCard charges 0.24% less than the average.

For cash advances it costs 21.49% compared to the average of 19.96%.

Testing the CIBC Costco MasterCard with a $2,000 starting balance, you can see in the graph how the 0.24% less in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Mobile Phone Insurance$1,000$1,000

We scored it 1.8 out of 5 for insurance.

It offers 3 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score760 – 900
Personal Income$15,000
Household Income$0
Annual Fee$0
Extra Card Fee$0
Card typeMasterCard

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the CIBC Costco MasterCard, while the average card requires 652 to qualify.

This puts it in the top top 10% of cards by approval difficulty.

The personal income requirements are $15,000, while the average card requires $23,896.

This puts it in the top 30% of cards by the income required to qualify.

The CIBC Costco MasterCard is a popular credit card option among Costco members seeking a card that offers impressive rewards and benefits on their everyday spending. This review unveils its earning potential, elaborates on four notable advantages, and discusses two considerable drawbacks.

Earning potential with the card:

 The CIBC Costco MasterCard allows cardholders to earn cash back on various categories. Cardholders earn 3% cash back on restaurant purchases, 2% on gas station and transit expenses, 2% cash back on Costco purchases (including at the gas bar), and 1% cash back on all other eligible purchases.

This versatile cash back structure gives users the ability to accumulate rewards faster on everyday spending.


  1. Membership Reward System: One of the foremost advantages of the CIBC Costco MasterCard is its membership reward system, which includes cash back on Costco purchases. This not only provides cardholders with valuable rewards but also enhances their overall Costco membership experience.
  2. Cash Back on Gas Station and Transit Spending: The CIBC Costco MasterCard extends considerable cash back on gas station and transit spending, ideal for commuters looking to save on fuel and transportation costs. The 2% cash back on gas stations and transit further propels the card’s value for Canadian households.
  3. Complimentary Purchase Protection: Complimentary purchase protection is an added perk of this card. Cardholders enjoy an extended warranty and price protection of up to 90 days, assuring them of exceptional value in their purchases and allowing peace of mind in case of price fluctuations or product defects.
  4. No Annual Fee: Another advantage that sets this card apart is the absence of an annual fee. This creates an accessible, budget-friendly choice for potential cardholders seeking a rewarding credit card without hefty fees.


  1. Exclusive to Costco Members: A significant drawback of the CIBC Costco MasterCard is the fact it is exclusive to Costco members, limiting its application among the general Canadian public. Acquiring a Costco membership to access the card may be a detractor for some potential cardholders.
  2. Cash Back Issued Once a Year: The cash back rewards for the CIBC Costco MasterCard are only issued once a year in the form of a voucher that can be redeemed at Costco stores. This might not appeal to users who anticipate redeeming their rewards more frequently or using them at a broader range of retailers.

Additional information

Overall, the CIBC Costco MasterCard is an attractive option for Costco members aiming to optimize their cash back earnings throughout various spending categories.

From earning a generous cash back at restaurants and gas stations to providing user benefits such as purchase protection and no annual fee, this card packs immense value, despite its Costco membership requirement and infrequent cash back issuance.

Is the CIBC Costco MasterCard not convincing you? Consider the CIBC Aeroplan Visa Card for students or the CIBC Aventura Visa Infinite Card. Still not the right credit card? Make sure not to miss the CIBC Aeroplan Visa Card.


The CIBC Costco MasterCard not only offers cashback rewards but also enables you to redeem your accumulated points for a variety of rewards. These rewards options include:

  • Cashback: Redeem your points as cashback, which will be credited to your credit card statement, allowing you to save on your overall balance.
  • Travel: You may use your points towards travel-related expenses such as flights, hotel stays, vacation packages, car rentals, and more.
  • Gift cards: Exchange your points for gift cards from various retailers, restaurants, and service providers, offering flexibility in redeeming your rewards.
  • Merchandise: Utilize your points for purchasing merchandise from the rewards catalog offered by the card, providing exclusive access to a wide range of products.
  • Charitable donations: You can choose to donate your points towards a charitable organization, making a positive impact on a cause you care about.

It’s important to note that the redemption options and conversion rates may vary depending on the specific CIBC Costco MasterCard terms and conditions. Be sure to review the card’s rewards program details to maximize the value of your points redemptions.

The CIBC Costco MasterCard credit card does have foreign transaction fees. When making purchases in a foreign currency, cardholders are charged a fee of 2.5% on top of the converted amount.

This fee is applied to both online and in-person transactions made outside of Canada or in a currency other than Canadian dollars.

The CIBC Costco MasterCard credit card does not have a specific minimum income requirement for applicants. However, credit card approvals are subject to an evaluation of the applicant’s credit history, ability to repay the borrowed amount, existing financial obligations, and overall financial situation.

Therefore, having a stable income can positively impact your chances of being approved for the card.

Key benefits

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