Card at a Glance
| Feature |
Details |
| Card name |
CIBC Costco Mastercard |
| Annual fee |
$0 (Costco membership required) |
| Network |
Mastercard |
| Rewards type |
Cash back (via annual cheque) |
| Income requirement |
None |
| Costco membership |
Required ($65 Gold Star / $130 Executive) |
Cash Back Rates
| Category |
Rate |
| Restaurants |
3% |
| Gas |
3% |
| Costco & Costco.ca |
2% |
| Everything else |
1% |
Annual Cash Back Estimate
| Monthly Spend |
Category |
Annual Cash Back |
| $500 Costco |
2% |
$120 |
| $200 gas |
3% |
$72 |
| $300 dining |
3% |
$108 |
| $500 other |
1% |
$60 |
| Total |
|
$360 |
No annual card fee — after Costco membership ($65), net value is $295/year.
Pros and Cons
| Pros |
Cons |
| No annual card fee |
Need Costco membership ($65+) |
| 3% dining and gas is strong |
Cash back paid once/year (cheque) |
| Only card accepted in-store at Costco |
Must be CIBC Mastercard |
| 2% at Costco itself |
No travel insurance |
| Good for families |
Can’t use at competitors |
Who Should Get This Card
| Profile |
Recommendation |
| 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 annual cheque |