CIBC Costco Mastercard

Overview

The CIBC Costco Mastercard is a co-branded cashback card issued by CIBC on the Mastercard network — the only credit card accepted inside Costco warehouses and on Costco.ca in Canada. It earns cash back on everyday categories including restaurants, gas, and Costco purchases, with no annual credit card fee. Costco membership is required to apply and hold the card, and it functions as your Costco membership card. At $0 card fee (separate from your Costco membership cost), it's accessible to any Costco member earning at least $15,000 CAD annually.

Availability note (April 2026): This card is currently available for new applications and is openly accessible to Costco members. A valid Costco membership is required — the card doubles as your membership card.

Who this card is for

This card is specifically for Costco members who want to earn cashback on their Costco warehouse shopping and on everyday spending categories outside Costco. It's a particularly strong fit for households that spend heavily on restaurants and gas, and who shop at Costco regularly enough that having the card double as their membership is a convenience. The no-card-fee structure makes it easy to justify: your only cost is the Costco membership you'd likely already hold.

Key benefits

The earn rates are 3% cashback at restaurants and Costco gas stations, 2% cashback at other gas stations, Costco.ca, and eligible EV charging, and 1% cashback on all other purchases. Each of the bonus categories (restaurants at 3%, and Costco gas / other gas / Costco.ca / EV charging at 2% or 3%) has an $8,000 CAD annual spending cap, after which that category drops to 1%. Spend $600 CAD per month at restaurants combined with moderate gas purchases and you're generating over $200 CAD per year in cashback from those categories alone — the caps accommodate most typical household spend without interruption.

Cashback is earned throughout the year and paid out in a single annual cashback cheque, redeemable at Costco for merchandise, gift cards, or cash via customer service. That annual payout structure suits Costco members who view it as a loyalty dividend on their warehouse spending. The card also includes purchase security and extended warranty protection on eligible purchases, and the Mastercard network provides broad acceptance outside Costco.

Potential drawbacks

The annual lump-sum cashback distribution is different from cards that let you redeem monthly or apply to your statement — it suits some spending styles but can be an adjustment for cardholders used to immediate redemption. The 1% rate on general purchases is not competitive compared to flat-rate cashback alternatives. If you rarely eat at restaurants or buy gas, the headline 3% rate won't apply to your primary spending, and the card becomes a 1% general-purpose card.

How it compares

The CIBC Dividend Visa Infinite earns 4% on groceries and gas, 2% on dining, and 1% elsewhere for $120 CAD annually — for high grocery and gas spenders who aren't Costco-dependent, it can outperform this card on those categories. The American Express SimplyCash Preferred earns 2% on all purchases and 4% on gas and groceries for $119.88 CAD annually, though Amex is not accepted inside Costco, making it a complementary rather than competing card in a Costco-heavy wallet.

Bottom line

The most practical card for regular Costco members — especially strong for households that dine out frequently and fill up at Costco gas. The no card-fee structure means your main cost is the membership itself.