A couple of months back, CIBC announced it will soon become the exclusive issuer of Costco Mastercards in Canada, and today, product details and timing updates for the upcoming CIBC Costco Mastercard have finally been revealed.
Launching in March 2022, the CIBC Costco Mastercard will feature upgrades to reward categories and enhanced cash back on everyday purchases.
Users will earn 2% cash back on Costco.ca purchases up to $8,000 (1% thereafter), and earn 3% at Costco Gas and 2% at non-Costco gas stations on the first $5,000 spent (1% thereafter). A full 1% cash back will be earned on every other purchase, including at Costco warehouses.
Additionally, cardholders will continue to receive 3% cash back at restaurants and the card will continue to have no annual fee.
“Our top priority is to provide an innovative credit card offering that expands the value that Costco members receive, many of whom are new to our bank. We are looking forward to welcoming these members to CIBC with a card that offers richer rewards, such as enhanced cash back features, novel insurance coverage and the flexibility of paying for large purchases at Costco at special lower rates,” said Diane Ferri, Senior Vice-President, Card Products at CIBC.
In early March, 2022, existing eligible Costco Mastercard co-brand credit card accounts will automatically be moved to CIBC, and cardholders will start earning the new cash back benefits.
Cardholders will also be able to register for CIBC Mobile Banking in March to manage payments, view statements, and more, with full support for Apple Pay and Google Pay digital wallets, as the bank previously confirmed to iPhone in Canada.