CIBC rolls out Canadian Costco credit card portfolio
If you’re the holder of a Costco Mastercard with Capital One, your account will move into the hands of one of Canada’s biggest financial institutions tomorrow.
Costco, one of Canada’s largest retailers, with more than 10 million members and annual sales averaging $25 billion, is making the switch to Canadian Imperial Bank of Commerce, commonly known as CIBC.
“Costco has been steadily growing in Canada. With this new credit card, it seems they have sweetened the pot a little,” retail analyst Bruce Winder said.
The financial institute said it hopes the transition will feel seamless to its cardholders. If you have a Costco Mastercard with Capital One, you can keep using the card you currently hold. You should receive a new one in the mail sometime between now and Aug. 31.
“Companies do this every once in a while — they look at their providers, sharpen their pencils and see if they can get a better deal for themselves and their customers,” Winder said.
Customers who sign up for the Costco Mastercard with CIBC can expect no annual fees along with one per cent cash back on all purchases, two per cent back on gas and online Costco purchases, and three per cent cash back at restaurants and gas purchased from Costco gas stations.
Winder said the new CIBC Costco card also comes with additional features.
“They are also offering some sort of buy now, pay later technology customers can take advantage of [allowing customers to purchase items in installment plans] and there are a number of insurance products also offered," he said.
If you already have a Costco credit card, existing credit card accounts will automatically be converted to CIBC. Cardholders will need to register for CIBC mobile banking to manage their accounts.
A CIBC spokesperson told CTV News Toronto, “Cardholders don’t need to sign up for a CIBC bank account to pay their CIBC Costco Mastercard, but will need to register for CIBC Online Banking to access and view their credit card statements online.”
Until they receive a new Costco Mastercard, Costco members can continue to use their existing card and will still get their cash back amount every January in the form of a gift certificate.
Anyone interested in applying for the new Costco Mastercard with CIBC can do so at a Costco warehouse or online with Costco or CIBC starting in mid-March.
Costco will continue to accept other types of Mastercards as well as cash and debit.
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