Credit cards · Card review
CIBC Costco Mastercard review
A free card with two genuine superpowers — 3% at Costco gas (where nothing else triggers) and 3% at restaurants, the best free dining rate in Canada — wrapped around a humbling 1% inside the warehouse itself. The right card for the pumps; not the right card at the register.
Best for: Costco members — as the gas-and-dining sidecar, with the membership card built in
Pros
- 3% at Costco gas stations — the only card that wins the warehouse pumps
- 3% at restaurants — the best free dining rate in Canada
- 2% on Costco.ca and other gas/EV charging; no cap on total cash back
- Doubles as your Costco membership card · $15,000 income gate
Cons
- In-warehouse spending earns just 1% — Rogers’ flat 2% beats it at the register
- Purchase rate is 21.75% — higher than commonly quoted
- No travel insurance; mobile device coverage is the bundle’s extent
- Requires (and is exclusive to) a Costco membership
The two superpowers
Costco’s pumps code as Costco, not “gas” — so every gas-category card in Canada pays its base rate there. This card’s 3% at Costco gas is the structural answer, worth ~$90/yr at $250/month of warehouse fuel. The stranger gift is 3% at restaurants — verified, uncapped, free — which quietly beats several $120 cards’ dining rates and earns it a seat on our dining table.
The register problem
Inside the warehouse the card pays 1% — and since Costco Canada’s registers take Mastercard, any flat-rate Mastercard outearns it at its own store: Rogers Red’s 2% doubles it. The optimized Costco wallet is therefore two free cards: Rogers at the register, this at the pumps and online — the full math, including how Executive membership’s 2% stacks on top, is on the Costco page.
The fine print
Rendered live, the purchase rate is 21.75% — a notch above the figures most comparison sites still carry — and rewards arrive annually as a January credit voucher redeemable at Costco. The card is “exclusively for Costco members” and replaces your membership card, which is genuinely convenient. A new CIBC Costco World Mastercard tier now exists at $50k/$80k income; the base card’s math above is unchanged by it.
Frequently asked questions
What does the CIBC Costco Mastercard cost?
Annual fee: $0 — Up to 3 additional cards $0; Costco membership required (card doubles as the membership card). Purchase rate 21.75% — higher than commonly quoted; cash advances 22.49% (21.99% Quebec). Foreign transactions: Not stated on the card page — confirm in the cardholder agreement (typically 2.5%). All figures verified at CIBC’s own pages on June 12, 2026 — compare the field on our main card table.
What are the CIBC Costco Mastercard’s earn rates — with the caps?
3% restaurants & Costco gas · 2% other gas/EV and Costco.ca. 1% everything else INCLUDING in-warehouse Costco — no cap on total cash back. Caps are where card marketing goes to die — our worked household math prices every major card through its caps.
Does the CIBC Costco Mastercard include travel medical insurance?
None. Card medical attaches to holding the card in good standing (the trip doesn’t need to be charged to it), but trip cancellation/interruption benefits do require paying with the card. The full certificate-verified age-cliff table is on our retiree cards page.
Who can get the CIBC Costco Mastercard?
$15,000. Current welcome offer: None. Offers change without notice — confirm on the issuer’s page before applying.
The bottom line
Every Costco member should probably hold this card — for the pumps, the restaurants and the wallet slot it frees up — while paying at the register with something better. As a single do-everything card it’s ordinary; as half of the $0 two-card Costco wallet it’s exactly right.
Educational review, not credit advice or an offer of credit. Facts verified at CIBC’s own pages (insurance from certificates where stated) on June 12, 2026; offers, rates and terms change without notice — confirm on the issuer’s page before applying. Quebec residents may see different offers and rates.