Tina M.Mississauga, ON · Mar 2026
★★★★★
Family of 4. Spend $1,500/month at Costco. Get $540/year cash back. Plus 4% on gas = another $150. Card + Cobalt = perfect wallet.
Overview
The CIBC Costco Mastercard exists because of Costco's exclusive network agreement: Costco Canada accepts only Mastercard, and CIBC is the issuer partner. If you want to pay for warehouse purchases or Costco gas with a credit card, this is your only option.
Earn 3% on Costco (warehouse + Costco.ca + Costco gas bars), 4% on gas at any station, 2% at restaurants + bars, 1% on everything else. Cash back deposits annually as a Costco rebate cheque (mailed to your address each January).
No annual fee. Must have valid Costco membership ($65/year Gold Star or $135 Executive). For families spending $500+/month at Costco, the rewards alone exceed the membership fee — making the card + membership combo effectively free.
Welcome bonus
★ NEW CARDHOLDER OFFER
No welcome bonus typically
CIBC Costco rarely runs welcome bonus promos. The card's value is in the 3% Costco rebate, not signing offers.
None
N/A
≈ N/A
Rewards & earn rates
Here's exactly what you earn per dollar across every category — and where this card pulls ahead of the field.
4%x
Gas (any station)Costco gas, Petro-Can, Shell, Esso, etc.
3%x
Costco purchasesWarehouse, Costco.ca, Costco gas
2%x
Restaurants + barsSit-down + takeout
1%x
Everything elseAll other purchases
Benefits & perks
Beyond the rewards, here are the perks worth knowing about.
🛒Costco Canada acceptance
The only credit card accepted at Costco warehouses + Costco gas bars + Costco.ca.
🛡️Standard Mastercard insurance
Purchase protection 90 days + extended warranty + mobile device coverage.
🚗Rental car insurance
Collision damage waiver standard.
Fees & rates
The numbers that show up on your statement.
ANNUAL FEE$0Truly no-fee
PURCHASE APR21.99%Standard
FX MARKUP2.5%⚠ Not FX-free
COSTCO MEMBERSHIP$65-$135/yrRequired (separate from card)
MIN INCOME$15,000/yrLow bar for approval
Pros and cons
✓ PROS
- Only card accepted at Costco Canada
- $0 annual fee — truly free
- 3% at Costco + 4% gas covers core household spend
- 2% on dining is solid for no-fee card
- Membership requirement is a feature for committed Costco shoppers
✗ CONS
- Cash back paid only annually (January rebate cheque)
- Lower 1% baseline on non-category spend
- 2.5% FX markup
- No welcome bonus
- Tied to Costco membership requirement
Who it's for
★ APPLY IF
- Costco members shopping $500+/month at warehouse
- High-mileage drivers with $200+/month gas spend
- Households who want predictable annual cash rebate
- Combined Costco + dining spenders
✗ SKIP IF
- Households without Costco membership
- Light Costco shoppers ($100/month or less)
- Travellers (FX markup + no travel insurance)
- Anyone who hates getting paid annually only
How it compares
We pitted this card against its closest rivals.
How to apply
The eligibility checklist before you hit the application button.
MIN CREDIT SCORE700+ recommended
MIN INCOME$15,000/year
OTHER ELIGIBILITYActive Costco membership · Canadian resident · 18+
DECISION TIME5-7 business days
Editor's verdict
7.8/10
★★★½★
FINAL VERDICT
Essential for Costco loyalists. Useless without membership.
The math is binary. If you're a Costco member spending $500+/month, this card delivers $200+/year in cash back at $0 fee — easily covering the membership fee. If you don't shop Costco, the card has limited value. Best paired with Amex Cobalt (for groceries/dining outside Costco) for full coverage.
Apply for CIBC Costco MC ↗User reviews
What current and former cardholders are saying. Aggregated from Trustpilot, Reddit (/r/PersonalFinanceCanada), and our own community comments.
4.5 / 5 ★
1,234 reviews
Ben S.Vancouver, BC · Feb 2026
★★★★★
Essential for Costco. Wish cash back was monthly instead of January. Also wish FX-free.