CIBC Costco Mastercard: Cash Back Power for Costco Members

By CR

No-fee cash back card for loyal Costco shoppers

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3% Cash Back on Dining and Costco Gas

Earn 3% back at restaurants and Costco gas bars across Canada.

2% Cash Back on Other Gas, EV and Costco.ca

Get 2% back at non-Costco gas stations, EV charging and Costco.ca purchases.

1% Cash Back on All Other Purchases

Earn 1% back on all remaining eligible purchases, including in-warehouse Costco shopping.

No Annual Fee and Annual Costco Certificate

Pay no annual fee and receive a yearly Costco cash back gift certificate.

Why the CIBC Costco Mastercard Is Built for Canadian Warehouse Shoppers

For Canadian households that already rely on Costco for big-box savings, the CIBC Costco Mastercard is designed to turn that loyalty into ongoing cash back without adding an annual fee. As Costco’s exclusive credit card partner in Canada, this no-fee Mastercard is available to eligible Costco members and serves double duty as both your store membership card and your everyday payment tool. It offers a simple yet powerful earn structure: 3% cash back at restaurants and Costco gas bars, 2% cash back at other gas stations, electric vehicle charging stations and Costco.ca, and 1% cash back on all other eligible purchases, including shopping at Costco warehouses. There is no cap on the total cash back you can earn, which makes the card particularly appealing for families who spend heavily on groceries, fuel and bulk household items throughout the year.

New cardholders can also benefit from a limited-time welcome offer: a $30 statement credit when you are approved, make your first purchase and enrol in eStatements within 90 days, with the current promotion scheduled to run until late December 2025. Once you start using the card, cash back accumulates over the calendar year and is paid as a Costco cash back gift certificate issued annually, typically with your January statement. You can redeem this certificate digitally via CIBC’s mobile app or by printing it through online banking, then using it at Canadian Costco warehouses toward merchandise or your membership renewal.

Beyond rewards, the CIBC Costco Mastercard includes valuable extras such as mobile device insurance up to $1,000 when you charge an eligible phone to the card, purchase security and extended warranty protection on many items, plus access to CIBC Pace It instalment plans with special low interest rates on eligible Costco purchases in Canada and at Costco.ca. The card also supports modern conveniences like mobile wallets, eStatements, spending alerts, zero liability protection and the ability to send money abroad to over 120 countries with no transfer fee when you pay the balance by the due date. For many Costco members, this combination of everyday rewards, insurance and digital tools makes the CIBC Costco Mastercard a natural fit in 2025.

Do I need a Costco membership to get the CIBC Costco Mastercard?

Yes. You must be an active Costco member in Canada to qualify for the CIBC Costco Mastercard, and your card doubles as your membership card with your Costco details printed on the back. If you are not yet a member, you will need to join Costco before or during the application process.

How does cash back work and when do I receive it?

You earn cash back automatically on eligible purchases at the applicable 3%, 2% or 1% rates. Instead of monthly redemptions, your accumulated cash back is issued once per year as a Costco cash back gift certificate, typically included with your January statement. You can redeem it at Canadian Costco warehouses, either digitally through CIBC’s mobile app or by printing it from online banking.

Is there an annual fee for the CIBC Costco Mastercard?

No. There is no annual fee for the primary CIBC Costco Mastercard and no annual fee for up to three additional authorized cardholders. However, you must maintain a paid Costco membership, and regular credit card interest charges and other fees can still apply if you carry a balance or use certain services.

What are the interest rates and foreign transaction fees?

As of 2025, the CIBC Costco Mastercard typically carries a purchase interest rate in the low 20% range and a slightly higher rate on cash advances, balance transfers and convenience cheques, with penalty rates applying if you miss required payments. There is an additional 2.5% fee on foreign currency purchases after conversion to Canadian dollars, so it is not a dedicated travel card for frequent international spending.

What insurance benefits come with the card?

The card includes mobile device insurance of up to $1,000 for eligible phones purchased with the card, purchase security that helps protect new items against theft or damage for a limited period, and extended warranty coverage that can lengthen the manufacturer’s warranty by up to one additional year on many purchases charged to the card. Optional creditor insurance is also available for those who want extra protection on their payments.

Can I use this card outside Costco and still earn rewards?

Yes. The CIBC Costco Mastercard is a full-featured Mastercard you can use anywhere Mastercard is accepted worldwide. You earn 3% on restaurant purchases, 2% on eligible non-Costco gas and EV charging and 1% on all other eligible spending, whether or not it is linked to Costco. All of this cash back still feeds into your annual Costco gift certificate.

What credit profile do I need to qualify?

Generally, you should be a Canadian resident, have reached the age of majority in your province or territory and meet at least a modest minimum income requirement, currently starting at around $15,000 in annual income for the standard CIBC Costco Mastercard. Approval also depends on your credit history, existing debt levels and overall creditworthiness.

Ready to Turn Your Costco Runs into Serious Cash Back?

If Costco already plays a central role in your household budget, the CIBC Costco Mastercard is a natural way to squeeze more value out of every cart you roll to the checkout. By aligning its richest earn rates with the places many Canadians already spend—restaurants, gas stations, EV chargers and Costco.ca—this card transforms familiar weekly routines into a steady stream of cash back, with no annual fee holding you back. Add in the ability to earn 1% on all other eligible purchases, including in-warehouse Costco shopping, and your everyday life quickly becomes a meaningful part of your annual rewards total.

The once-a-year Costco cash back gift certificate model also fits neatly with how many families use the warehouse: you can treat it as a built-in rebate on your membership renewal, a way to lower the cost of a big stock-up trip or a chance to splurge on a special purchase you might otherwise put off. Because CIBC makes it easy to track your cash back throughout the year through online and mobile banking, you always have a clear view of how your rewards are building, which helps with planning larger Costco runs or timing big-ticket purchases. You can also add authorized users so your partner or family members contribute to the same rewards pool, consolidating household spending in a single, easy-to-monitor account.

Beyond the numbers, this card offers practical protections and perks that many entry-level products lack. Mobile device insurance can save you hundreds of dollars if your eligible phone is accidentally damaged or stolen, a real advantage for families with teens or anyone who relies heavily on their smartphone. Purchase security and extended warranty coverage help you feel more confident buying electronics, appliances and other higher-ticket items, whether at Costco or elsewhere, because you know your card can step in when things go wrong. Meanwhile, features like zero liability protection, fraud alerts, spending alerts, mobile wallet compatibility and access to CIBC Pace It instalment plans on eligible Costco purchases round out a package designed for modern Canadian shoppers who value both convenience and safety.

If you are considering the CIBC Costco Mastercard, start by looking at your last few months of spending. Estimate how much you spend at restaurants, on fuel and EV charging, on Costco.ca orders and in Costco warehouses. If the majority of your budget runs through those channels and you are comfortable paying off your balance in full each month, the card’s value proposition becomes especially compelling and can easily fit into a long-term household savings strategy.