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CIBC Costco Mastercard Review 2026

Updated

If you shop at Costco, this card is hard to pass up. The CIBC Costco Mastercard is a Mastercard, the only credit card network accepted at Costco warehouses in Canada (Visa and Amex aren’t taken in-store), and it has no annual fee beyond your Costco membership. The 3% on dining and 3% on Costco Gas (2% on non-Costco gas) are genuinely competitive with paid cards, and the 2% on Costco.ca purchases adds up for online shoppers – but note that in-warehouse Costco purchases themselves earn only the 1% base rate, with no bonus category for in-person Costco shopping. One downside is that cashback is paid once a year as a Costco gift certificate (used by bringing it to a Canadian Costco warehouse) rather than monthly, so you’re essentially lending Costco your rewards for most of the year. More single-card reviews are listed on our credit card reviews hub.

FactDetails
CardCIBC Costco Mastercard
IssuerCIBC
Annual Fee$0 (+ Costco membership)
Income Requirement$15,000 personal (no household requirement)
Base Earn Rate3% restaurants, 3% Costco Gas / 2% non-Costco gas, 2% Costco.ca, 1% everything else (no bonus for in-person Costco warehouse purchases)
Foreign Transaction Fee2.5%
Purchase Interest Rate21.75%
Cash Advance Interest Rate22.49% (21.99% in Quebec)

Stable card facts (fee, income requirement, base earn rate, and any confirmed interest/FX rates) current as of 2026-09-05. Welcome/sign-up bonuses change frequently and are not included here — confirm the current offer on the issuer’s site before applying.

It’s a Mastercard that earns cash back, paid once a year as a Costco gift certificate, and it requires a Costco membership.

Cash Back Rates

CategoryRateCap
Restaurants3%No cap
Costco Gas stations3%Combined $5,000/year spend with non-Costco gas (max $150/year)
Non-Costco gas stations2%Combined $5,000/year spend with Costco Gas (max $150/year)
Costco.ca purchases2%$8,000/year spend (max $160/year)
Everything else1%No cap

Annual Cash Back Estimate

At typical family spending levels ($500/month at Costco warehouse, $200 on non-Costco gas, $300 dining, $500 elsewhere), this card earns about $276/year in cashback with no card fee – note the $500/month Costco warehouse spend earns only the 1% base rate, since in-person Costco purchases are not a bonus category on this card. After subtracting the $65 Gold Star membership, you’re still at $211 net: competitive with several paid cashback cards. If you upgrade to the $130 Executive membership (which pays its own separate 2% Costco reward), the combined Costco + card cashback on a $15,000/year Costco spend is substantial. The card is strongest for dining and gas, and weakest for online shopping, in-warehouse Costco purchases, and general spending, all at 1–2%.

Monthly SpendCategoryAnnual Cash Back
$500 Costco (in-warehouse, no bonus)1%$60
$200 gas (non-Costco)2%$48
$300 dining3%$108
$500 other1%$60
Total$276

No annual card fee: after Costco membership ($65), net value is $211/year.

Pros and Cons

ProsCons
No annual card feeNeed Costco membership ($65+)
3% dining, 3% Costco Gas is strongCash back paid once/year (Costco gift certificate, not cash)
Works in-store at Costco, where Mastercard is the only credit card acceptedRequires a Costco membership
2% on Costco.ca (online) purchasesNo bonus rate for in-warehouse Costco purchases (1% only)
Good for familiesNo travel insurance

Who Should Get This Card

ProfileRecommendation
Regular Costco shopper✅ Must-have
High gas and dining spend✅ 3% is competitive
Want no annual fee✅ Yes (just membership)
Non-Costco shopper❌ No reason to get it
Want monthly cash back⚠️ Paid as an annual Costco gift certificate, not cash

The Bottom Line

Costco members who want a card for in-store purchases can use this one: Costco warehouses accept Mastercard as their only credit card, and it earns up to 3% on dining and Costco Gas with no annual fee (though in-warehouse Costco purchases themselves earn only the 1% base rate). Pair it with a no-fee Visa or Amex for everywhere else, and you’ll have solid cashback coverage across all your spending.

Frequently asked questions

Is the CIBC Costco Mastercard worth it without a Costco membership? The CIBC Costco Mastercard is co-branded with Costco and requires a Costco membership (basic: $65/year; Executive: $130/year). Non-Costco members cannot apply. For Costco shoppers, the card earns 3% on restaurants, 3% on Costco Gas / 2% on non-Costco gas, 2% on Costco.ca, and 1% everywhere else (including in-warehouse Costco purchases, which have no bonus category), making it a solid everyday card for members.

How do you redeem CIBC Costco Mastercard rewards? Rewards are paid once a year as a Cash Back Gift Certificate, redeemable at Canadian Costco warehouses. CIBC describes redemption as showing the paper or digital certificate at a Canadian Costco warehouse, and only the primary account holder can redeem it. That ties the reward to Costco shopping, unlike cash back credited to a statement.

What is the income requirement for the CIBC Costco Mastercard? The CIBC Costco Mastercard has a minimum personal income requirement of $15,000, with no separate household-income figure. The CIBC Costco World Mastercard asks for $50,000 individual or $80,000 household income.

CIBC Costco Mastercard earn rates summary

CategoryEarn rate
Restaurants3%
Costco Gas stations3% (combined $5,000/yr cap with non-Costco gas, max $150/yr)
Non-Costco gas stations2% (same combined cap)
Costco.ca purchases2% ($8,000/yr cap, max $160/yr)
All other purchases, including in-warehouse Costco shopping1% (no bonus category for in-person Costco purchases)

Annual reward redemption: Rewards accumulate throughout the year and are issued as a cash back gift certificate once per year. The full year’s gift certificate arrives with your January statement (covering cash back earned the prior January 1 to December 31), redeemable at any Canadian Costco warehouse. Source: CIBC Costco Mastercard Cash Back Gift Certificate, checked September 14, 2026.

Example $25,000/year spending ($700 dining, $1,500 non-Costco gas, $5,000 in-warehouse Costco, $17,800 other):

  • Dining: $700 × 3% = $21
  • Gas (non-Costco): $1,500 × 2% = $30
  • Costco (in-warehouse, no bonus): $5,000 × 1% = $50
  • Other: $17,800 × 1% = $178
  • Total: $279/year cash back, no annual fee

CIBC Costco Mastercard: travel and purchase benefits

Despite being a no-fee card, the CIBC Costco Mastercard includes some protection benefits:

BenefitCoverage
Purchase securityCovers theft/damage on new purchases for 90 days
Extended warrantyDoubles manufacturer warranty up to 1 additional year
Mobile deviceUp to $1,000 per occurrence for a phone or tablet that is lost, stolen or accidentally damaged

The card’s insurance covers purchases and mobile devices only; it has no travel medical or trip cancellation cover. Costco members who travel frequently should supplement with standalone travel insurance or a secondary travel card.

Sources

The figures and rules on this page come from these sources. How we check facts.