Costco member feedback reflected in many of
the new benefits
TORONTO, Nov. 25, 2021 /CNW/ - Today CIBC announced
product details and timing updates for the new CIBC Costco
Mastercard®, following on the announcement earlier this
year that CIBC will become the exclusive credit card issuer for
Costco in Canada. Launching in
March 2022, the card will offer
strong new features and benefits for members, including more cash
back, new insurance coverage and flexible payment plans.
"Our top priority is to provide an innovative credit card
offering that expands the value that Costco members receive, many
of whom are new to our bank. We are looking forward to welcoming
these members to CIBC with a card that offers richer rewards, such
as enhanced cash back features, novel insurance coverage and the
flexibility of paying for large purchases at Costco at special
lower rates," said Diane Ferri,
Senior Vice-President, Card Products at CIBC.
The CIBC Costco Mastercard provides valuable benefits built from
Costco member feedback, including the following new
- More cash back on Costco.ca purchases and at Costco gas
- New 2% cash back earned on Costco.ca on purchases up to
$8,000 (1% thereafter).
- Earn 3% at Costco Gas and 2% at non-Costco gas stations on the
first $5,000 spent on gas (1%
- A full 1% cash back on every purchase everywhere Mastercard is
accepted, including at Costco warehouses.
- Mobile Device Insurance coverage and other insurance protection
available within CIBC's credit card lineup will be included on the
CIBC Costco Mastercard.
- Flexible payment plans through CIBC Pace
It™ everywhere. Eligible Costco purchases
at Canadian warehouses and at Costco.ca can be paid off in
installments with special member interest rates and no installment
Additionally, cardholders will continue to receive 3% cash back
at restaurants and the card will continue to have no annual
Card changeover details
In early March, 2022, existing eligible Costco Mastercard
co-brand credit card accounts will automatically be moved to CIBC,
and cardholders will start earning the new cash back benefits and
receiving the other features from CIBC at this time. Cardholders
can continue to use their existing Costco co-brand credit cards
until their new card from CIBC arrives (before August 31, 2022). Existing credit limits and
merchant pre-authorized payments will also remain the same.
Cardholders will also be able to register for CIBC Mobile
Banking in March to manage payments, view statements, check their
cash back balance and other information about accounts. Members
will continue to receive their cash back every January in the form
of a gift certificate.
Existing eligible cardholders will be sent direct communication
in the coming weeks with more information, including details about
interest rates, benefits and how to register for CIBC Mobile
"We are committed to providing an easy transition and a great
client experience for existing Costco credit cardholders," added
Ferri. "We have listened to Costco members and have tailored our
offer to give them the benefits they value the most."
"The new CIBC Costco Mastercard gives our members more of what
they are looking for. We've focused on increasing cash back and
benefits to continually provide more value to our
members," said Pierre Riel, SVP
Country Manager, Costco Canada.
"We have a strong relationship with our members, and it's
important that we're rewarding their loyalty. Partnering this 'best
in class' CIBC co-brand credit card with our Executive Membership
rewards continues to give members yet another reason to come to
Costco," said Joe Portera, Executive
Vice President/COO Eastern & Canadian Divisions, Chief
Diversity Officer, Costco.
Costco members interested in applying for the new CIBC Costco
Mastercard will be able to do so directly through Costco
warehouses, Costco.ca or CIBC.com starting in March 2022. Additional information for existing
Costco co-brand credit cardholders and on the new CIBC Costco
Mastercard can be found online at cibc.com/costco.
CIBC is a leading North American financial institution with 10
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets businesses, CIBC offers
a full range of advice, solutions and services through its leading
digital banking network and locations across Canada, with offices in the United States and around the world.
Ongoing news releases and more information about CIBC can be found
Costco Wholesale is a multi-billion dollar global retailer with
warehouse club operations in eleven countries and operates 828
warehouses worldwide with 105 warehouses across Canada. Recognized as a retail leader, Costco
is dedicated to bringing quality brand name merchandise at the best
possible prices while being respected for its outstanding business