How to Apply CIBC Costco Mastercard

This card is designed to offer a seamless and rewarding shopping experience for frequent Costco shoppers, as well as those who are looking for a versatile credit card for everyday use.

With this card in your wallet, you can enjoy a range of financial benefits and features tailored to enhance your spending, all while experiencing the quality customer service that both CIBC and Costco are known for.

Stay tuned for a detailed breakdown of the card’s benefits in the sections to follow.

Before we dive into the benefits and perks of the CIBC Costco Mastercard, as we always do, let’s take a quick look at the financial institute issuing this card.

CIBC Bank background and profile

The Canadian Imperial Bank of Commerce (CIBC) is one of the “Big Five” banks in Canada, along with Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), and Bank of Montreal (BMO). CIBC was founded in 1867 in Toronto.

Key Services

1. Retail Banking: Offers a wide range of financial products such as savings and checking accounts, mortgages, and personal loans.
2. Business Banking: Provides financial solutions tailored for small to large businesses, including loans, lines of credit, and merchant services.
3. Wealth Management: Offers investment advice, asset management, and estate planning services.
4. Investment Banking: Provides services like mergers and acquisitions, capital markets, and risk management to corporate clients.
5. Online and Mobile Banking: Offers robust digital banking platforms for convenient banking.
6. International Presence: In addition to its strong Canadian presence, CIBC has international operations, particularly in the United States and the Caribbean.

Notable Points

• CIBC has a strong focus on customer service and has won several awards for it.
• The bank has been involved in various philanthropic activities and community programs.

Contact CIBC Bank by phone
Call this number with any questions you have about your Costco Mastercard, including those about general assistance and credit cards that have been lost or stolen.

Both Canada and the United States: 1-866-346-2999
International: 1-416-784-0116

Assistance in general by mail
Credit Card Services, CIBC PO Box 4058, Station A Toronto, Ontario M5W 1L8

Benefits of CIBC Costco Mastercard

1. Cash Back Rewards

The CIBC Costco Mastercard offers a tiered cash back rewards system that is designed to maximize your savings.

You can earn 3% cash back on purchases 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 including those made at Costco stores.

This structure allows you to earn more cash back in categories where you likely spend the most, and there’s no limit to the total cash back you can earn.

2. Annual Fee

One of the most attractive features of the CIBC Costco Mastercard is that it comes with no annual fee.

This means you can enjoy all the benefits and features of the card without having to worry about an additional yearly cost.

This makes the card highly cost-effective, especially when you consider the cash back rewards and other perks it offers.

3. Additional Cardholders

The CIBC Costco Mastercard allows for up to three additional cardholders on the same account.

This is particularly beneficial for families or those who share expenses, as it enables multiple people to take advantage of the card’s benefits while consolidating spending onto one account for easier tracking and management.

4. Special Rates with CIBC Pace It

The card comes with a feature called CIBC Pace It, which allows you to convert large purchases into installment plans with special interest rates.

The rates are 4.99% for 6 months, 5.99% for 12 months, and 6.99% for 24 months on eligible Costco purchases.

This feature provides financial flexibility, making it easier to manage larger expenses over time.

5. Digital Gift Certificate

At the end of each year, you can easily redeem your accumulated cash back as a digital gift certificate.

This can be used in Canadian Costco warehouses and is accessible through the CIBC Mobile Banking App or CIBC Online Banking.

You’ll also receive your gift certificate in your January statement, providing a convenient way to track and redeem your rewards.

6. Insurance Benefits

The CIBC Costco Mastercard comes with valuable insurance coverage.

It offers up to $1,000 of repair or replacement coverage for mobile devices when the purchase price is fully charged to the card.

Additionally, it provides Purchase Security and Extended Warranty Insurance, extending the original manufacturer’s warranty by up to one additional year on most purchases charged to the card.

• Cash Back Rewards: 3% cash back at restaurants and Costco gas. 2% cash back at other gas stations and Costco.ca. 1% cash back on all other purchases, including at Costco.
• Annual Fee: $0
• Additional Cardholders: Up to 3 additional cardholders allowed.
• Special Rates with CIBC Pace It: 4.99% for 6 months. 5.99% for 12 months. 6.99% for 24 months on eligible Costco purchases.
• Digital Gift Certificate: Redeem your annual Costco cash back gift certificate digitally in Canadian Costco warehouses, or print it through CIBC Online Banking.
• Insurance Benefits: Mobile Device Insurance. Up to $1,000 of repair or replacement coverage. Purchase Security & Extended Warranty Insurance: Extend the original manufacturer’s warranty up to one additional year on most purchases.

Additional features include no transaction fees for CIBC Global Money Transfers, and the card also serves as your Costco membership card.

Who’s eligible for the CIBC Costco Mastercard

To be eligible for the CIBC Costco Mastercard, you must make at least $15,000 per year. Additionally, you must also:

• 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 have a current Costco membership number in order to apply.

How to obtain the CIBC Costco Mastercard

The application process for the CIBC Costco Mastercard offered solely to Costco customers should not take more than five minutes and may be completed on the CIBC website, on this page.

You’ll need the following info to complete your application:

• Information that is personally identifiable to you, such as your full name, current and prior addresses, phone number, and email address.
• Information pertaining to employment, including current and prior employers, work titles, and income levels.
• Details pertaining to one’s finances, such as annual income, monthly housing costs, and other financial commitments.
• Your Membership Number at Costco

Our Opinion

For a versatile and affordable credit card, the CIBC Costco Mastercard stands out.

It offers a lucrative opportunity to earn cash back on common purchases, including eating and fuel, with its tiered cash back rewards scheme.

The lack of an annual charge makes it even more tempting, giving cardholders a lot of benefits for free.

CIBC Pace offers multiple cards and special installment programs.

It adds convenience and financial freedom.

The digital gift certificate and generous insurance coverage make this card a complete financial package, not just a payment tool.