So, is the brand new CIBC Costco Mastercard the very best one to make use of in retailer and on-line? Learn on to be taught the small print of the CIBC Costco Mastercard and of seven enticing options.
CIBC Costco Mastercard assessment
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CIBC Costco Mastercard
Annual price: $0
3% at eating places and at Costco gasoline stations
2% again at different gasoline stations and at Costco.ca
1% on all different purchases (together with Costco)
Welcome provide: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | 20.75% on purchases and 22.49% on money advances |
| Earnings required | $15,000 per yr |
| Credit score rating | 560 or larger |
The professionals
The CIBC Costco Mastercard is a no-fee money again card (similar to its predecessor, the Capital One Costco Mastercard). It affords 3% money again at eating places and Costco gasoline stations, 2% money again at different gasoline stations—which is helpful once you’re on the go—and a pair 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 cellular gadget insurance coverage, with as much as $1,000 of restore or substitute protection once you cost or finance the value of a cellular gadget in your card. With sure eligible purchases, you too can get safety insurance coverage and prolonged guarantee insurance coverage. In the event you meet sure necessities, like having an individual earnings of over $50,000 per yr, you might qualify for the CIBC Costco World Mastercard, which is actually the identical card, however contains World Mastercard advantages like automobile rental insurance coverage, journey perks and extra.
The cons
There are a couple of drawbacks to the CIBC Costco Mastercard. Whereas there may be technically no annual price, to really reap the advantages of this card, it’s value noting that you just (clearly) need to have a Costco membership, which is $60 or extra per yr. 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 price you obtain does include a cap. Once you attain your annual spend in a sure class, you’ll nonetheless earn money again—it should simply be on the 1% price for the rest of the calendar yr in that class. For gasoline, you’ll obtain the three% money again price (and a pair of% money again price at different gasoline stations) solely on the primary $5,000. After that, you’ll earn the 1% money again price. For Costco.ca purchases, the cap is $8,000 earlier than you come back to the 1% base price.
The money again redemption course of may be thought-about 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 offers 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 may be different Mastercard merchandise, all of which can be utilized at Costco, that may higher meet your wants. This no-annual-fee card doesn’t match the perks of a number of the playing cards we’ll focus on under.
The very best Costco suitable bank cards in Canada
Finest no-fee bank card for money again
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Rogers Pink World Elite Mastercard
Annual price: $0
3% money again on all purchases in USD
2% again for Rogers, Fido and Shaw clients
1.5% money again on all different purchases
Welcome provide: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $80,000 per yr |
| Credit score rating | 725 or larger |