CIBC Costco Mastercard: apply for your new credit card!
The Credit Card CIBC Costco Mastercard is a co-branded credit card offered by the Canadian Imperial Bank of Commerce (CIBC) in partnership with Costco Wholesale, one of the world’s largest and most popular warehouse club retailers. This credit card is designed to provide a range of benefits and rewards to Costco shoppers and serves as a convenient payment solution for both in-store and online purchases.
Benefits of the CIBC Costco Mastercard
The CIBC Costco Mastercard offers a range of benefits designed to enhance your shopping experience, especially at Costco stores. From cash back rewards to valuable insurances, this card aims to provide Costco members with exclusive advantages. Below is a table summarizing the key benefits of the card:
|Cash Back at Restaurants and Costco Gas||Earn cash back when you dine out or fuel up at Costco gas stations.||3%|
|Cash Back at Other Gas Stations and Costco.ca||Earn cash back at other gas stations and when shopping online at Costco.ca.||2%|
|Cash Back on All Other Purchases||Earn cash back on all other purchases, including at Costco stores.||1%|
|Annual Fee||The card comes with no annual fee.||$0|
|Additional Cardholders||Up to three additional cardholders can be added.||Up to 3|
|Purchase Interest Rate||The interest rate for purchases.||20.75%|
|Cash Interest Rate||The interest rate for cash advances.||22.49%|
|Special Installment Plans||Take advantage of special installment plan interest rates for eligible Costco purchases.||4.99% for 6 months, 5.99% for 12 months, 6.99% for 24 months|
These benefits make the CIBC Costco Mastercard a compelling choice for Costco members looking to maximize their rewards and savings.
Digital Cash Back Certificate
At the end of each year, you’ll receive a cash back gift certificate that can be redeemed digitally in Canadian Costco warehouses. You can also print the certificate through CIBC Online Banking. This feature allows for easy and convenient redemption of your earned cash back.
The card is compatible with popular mobile payment platforms like Apple Pay, Google Pay, and Samsung Pay. This means you can make quick and secure transactions right from your smartphone, adding a layer of convenience to your shopping experience.
Global Money Transfer
If you need to send money abroad, the card offers a special 0.25% cash back for every $1 spent on a CIBC Global Money Transfer. This comes with no transaction fees and you won’t be charged interest as long as you pay your balance by the due date.
Mobile Device Insurance
Accidents happen, and this perk offers up to $1,000 in repair or replacement coverage for eligible mobile devices that you’ve charged to your card. This can be a lifesaver in case of unexpected damage to your phone.
Purchase Security & Extended Warranty Insurance
When you charge eligible purchases to your card, you automatically get Purchase Security Insurance, which can protect your items from theft or damage. Additionally, the Extended Warranty Insurance extends the original manufacturer’s warranty by up to one year, giving you peace of mind for your purchases.
Security is a priority, and the card comes with fraud alerts that notify you via text, email, or phone if suspicious activity is detected on your account. This helps you take immediate action to secure your finances.
Credit Report Alerts
This feature allows you to stay updated on key changes to your personal credit report. Any unusual activity or significant changes will trigger an alert, helping you monitor your financial health.
These additional perks not only offer financial benefits but also provide layers of security and convenience, making the CIBC Costco Mastercard a well-rounded choice for Costco members.
How to obtain the CIBC Costco Mastercard
- Eligibility: Ensure you meet the minimum annual income requirement of $15,000. If you’re interested in the CIBC Costco World Mastercard, the requirement is a minimum individual annual income of $60,000 or a household annual income of $100,000. You must be a resident of Canada and of your province, as well as have achieved the age of majority, in order to apply. You must also have a current Costco membership number.
- Application: You can apply for the card online through the official CIBC website. The application process takes about 5 minutes, and you’ll get a response in as little as 60 seconds.
- Documentation: Be prepared to provide personal identification and financial information, such as your employment details and annual income.
- Approval: Once your application is approved, you’ll receive your CIBC Costco Mastercard in the mail along with instructions on how to activate it.
- Activation: You can easily activate your new or replacement card through the CIBC Mobile Banking App or CIBC Online Banking.
- Additional Cardholders: If needed, you can add up to three additional cardholders to your account.
- Start Using: Once activated, your CIBC Costco Mastercard will also serve as your Costco membership card, as all membership details are included on the back of the credit card.
By following these steps, you can easily obtain and start enjoying the benefits of the CIBC Costco Mastercard.
Fee Structure of the CIBC Costco Mastercard:
Annual Fee: $0; The card comes with no annual fee, making it cost-effective for cardholders.
Additional Cardholders: Up to 3; You can add up to three additional cardholders at no extra cost.
Purchase Interest Rate: 20.75%; This is the interest rate applied to purchases if not paid in full by the due date.
Cash Interest Rate: 22.49%; (21.99% for Quebec residents) This is the interest rate applied to cash advances.
Special Installment Plans: 4.99%; for 6 months, 5.99% for 12 months, 6.99% for 24 months These are special interest rates for eligible Costco purchases in Canada, with no installment fees.
It’s worth noting that the card does not have any foreign transaction fees mentioned, but it’s always good to check the most current information directly from CIBC if you plan to use the card for international purchases.
Initial Limit Upon Approval
The information available from the official CIBC Costco Mastercard page does not specify the initial credit limit that will be assigned once the card is approved. Credit limits are generally determined by a variety of factors, including your credit score, income level, and other financial obligations.
If you’re interested in knowing the initial credit limit, it’s best to contact CIBC directly or wait for the approval process to complete, as the credit limit will be communicated at that time. Some banks also offer the option to request a specific credit limit during the application process, subject to approval.
Should You Get This Card?
In conclusion, the CIBC Costco Mastercard offers a compelling package for Costco members, combining cash back rewards, valuable insurances, and special installment plans. With no annual fee and a straightforward application process, this card is a convenient and cost-effective financial tool. Whether you’re fueling up, dining out, or making everyday purchases, the card provides multiple ways to earn and redeem rewards. Its additional perks like mobile device insurance and global money transfer bonuses add layers of convenience and security, making it a well-rounded choice for those looking to maximize their Costco membership benefits.
- What is the annual fee for the CIBC Costco Mastercard?
- The CIBC Costco Mastercard comes with a $0 annual fee.
- How much cash back can I earn with this card?
- You can earn up to 3% cash back at restaurants and Costco gas stations, 2% cash back at other gas stations and on Costco.ca, and 1% cash back on all other purchases.
- What is the minimum income requirement to apply for this card?
- The minimum annual income required to qualify for the CIBC Costco Mastercard is $15,000.
- Are there any special installment plans available?
- Yes, you can take advantage of special installment plan interest rates for eligible Costco purchases in Canada, with rates like 4.99% for 6 months, 5.99% for 12 months, and 6.99% for 24 months.
- How can I contact CIBC for more information or support?
- You can contact CIBC through various methods including phone support, online chat, visiting a local branch, or through the CIBC Mobile Banking App.