CIBC has announced it will soon become the exclusive issuer of Costco Mastercards in Canada, set to start in early 2022.
The bank will also takeover the existing Canadian Costco credit card portfolio, which has over $3 billion in outstanding balances. Mastercard will stay the exclusive payment network for Costco’s credit card and remain at warehouses in Canada.
“We are excited to partner with Costco, one of the best and most recognizable brands in Canada for providing unparalleled value, to enhance the rewards program and deliver even more value to their members,” said Laura Dottori-Attanasio, Group Head, Personal and Business Banking, CIBC, in a statement.
The CIBC Costco Mastercard will give shoppers “generous” rewards for shopping at warehouses and Costco online, plus will also act as the Costco membership card (like before), plus can be used worldwide. Applications for the CIBC Costco Mastercard will be available both online and at warehouses.
Existing Capital One Costco Mastercard cardholders will transition soon to the new CIBC Costco Mastercard, when it debuts in early 2022, says CIBC, noting more information is coming soon. Cash back coupons will be mailed to eligible cardholders in January 2022.
“As we look to the future needs of our members, we believe that CIBC is well positioned to help drive even more benefits of a Costco membership to Canadians,” said Joe Portera, Executive Vice President/COO Eastern & Canadian Divisions, Chief Diversity Officer, Costco.
Expect Mobile Wallet Support for the CIBC Costco Mastercard
With CIBC taking over Costco’s Mastercard, that means you can expect Apple Pay (and Google Pay) support for your credit card from Costco. That means your Costco Mastercard will be able to be stored in the Wallet app on your iPhone and also be used elsewhere, outside of Costco. We’ve reached out to CIBC for confirmation and will update this story accordingly.
Update Sept. 2, 7:41am PDT: A CIBC spokesperson confirmed with iPhone in Canada the new CIBC Costco Mastercard will indeed support Apple Pay and Google Pay.
Capital One’s Platinum Mastercard for Costco members never supported Apple Pay, and was a contentious point for some warehouse members. Capital One’s relationship with Costco dates back to 2014 after it took over American Express at the retailer.