The Capital One Costco Mastercard is a card people still search for, but it can no longer be applied for. This page explains what replaced it, then reviews the card that exists today, the CIBC Costco Mastercard, using figures read from CIBC’s, Costco Canada’s and Capital One Canada’s own pages on October 12, 2026. It is general education, not financial advice.
Readers comparing no-fee options can also see the cash back credit card comparison, the no-fee credit card guide and the grocery credit card guide.
Is the Capital One Costco Mastercard still available?
No: Capital One Canada stopped issuing the Costco Mastercard, and CIBC has been the exclusive issuer of Costco credit cards in Canada since March 4, 2022.
That date comes from Capital One’s own support page, which says CIBC acquired the existing Canadian Capital One Costco Mastercard accounts on that day. Three practical points follow from the same page:
- Servicing moved to CIBC. Capital One Canada no longer owns the accounts and sends all questions about the card or bill payments to CIBC.
- Capital One access ended. Online banking and app access to these accounts through Capital One ended on March 3, 2022.
- Old coupons kept their value. Past cash back coupons issued by Capital One can still be used at any Canadian Costco warehouse if they have not been redeemed and have not expired.
Some accounts were not transferred because of their account status. Capital One says those stayed with Capital One, which mails the statements and collects any balance owing.
So a search for “Capital One Costco Mastercard” in 2026 leads to one live product: the CIBC Costco Mastercard. Costco Canada’s credit card page lists it next to a CIBC Costco Business Mastercard, and CIBC also offers a CIBC Costco World Mastercard with the same fees and rates, plus World Mastercard experiences to applicants with $50,000 individual or $80,000 household annual income. The rest of this review covers the personal CIBC Costco Mastercard. Its terms are on CIBC’s Costco Mastercard page.
CIBC Costco Mastercard at a glance
| Feature | CIBC Costco Mastercard |
|---|---|
| Issuer | CIBC (since March 4, 2022) |
| Annual fee | $0 |
| Additional cards | $0 for up to 3 additional cardholders |
| Restaurants and Costco gas | 3% cash back |
| Other gas stations, EV charging, Costco.ca | 2% cash back |
| Everything else, including Costco warehouses | 1% cash back |
| Yearly limit on the gas and EV charging rates | First $5,000 of spending |
| Yearly limit on the Costco.ca rate | First $8,000 of spending |
| How cash back is paid | a Cash Back Gift Certificate issued once a calendar year, in January, for the cash back earned in the prior calendar year |
| Where it can be spent | only on purchases at Canadian Costco Wholesale warehouses |
| Membership | a valid Costco membership, for the primary cardholder and every authorized user |
| Minimum income | $15,000 |
| Foreign currency conversion fee | 2.5% |
| Purchase interest rate | 21.75% |
| Included insurance | Mobile device, purchase security and extended warranty |
In sentences: the CIBC Costco Mastercard charges a $0 annual fee and $0 for up to 3 additional cardholders. It pays 3% at restaurants and Costco gas, 2% at other gas stations, EV charging stations and Costco.ca, and 1% on everything else. Applicants need a valid Costco membership, for the primary cardholder and every authorized user and an annual income of at least $15,000. Foreign currency purchases cost 2.5%, and purchases carried past the due date are charged 21.75% interest.
What cards does Costco Canada accept?
Costco Canada warehouses accept Mastercard, debit cards, cash, Costco Shop Cards, personal cheques and Apple Pay, according to Costco’s customer service page.
Mastercard is the only credit card network on that list. Two things follow, and the old version of this page had one of them wrong:
- Any Mastercard works in the warehouse. The CIBC Costco Mastercard is Costco’s co-branded card, but it is not the only credit card the tills take. A Mastercard from any other issuer is accepted too.
- Visa and American Express credit cards are not on the warehouse list. That includes the Visa cards compared further down this page.
At the pumps, Costco gas stations accept Mastercard credit and debit cards, other debit cards and physical Costco Shop Cards. Online is different again: Costco.ca accepts Mastercard, Visa, most PIN-based debit cards and Costco Shop Cards.
The practical result is that a Costco member chooses between Mastercards at the warehouse, and the co-branded card is one option among them. The grocery credit card guide and the gas credit card guide list other cards and what each issuer publishes about its rates.
How much cash back does the CIBC Costco Mastercard earn?
The CIBC Costco Mastercard earns 3% at restaurants and Costco gas, 2% at other gas stations, EV charging stations and Costco.ca, and 1% on everything else.
The detail sits in CIBC’s footnotes:
- Restaurants. The top rate goes to purchases at merchants the card network classifies as restaurants, with no annual spending limit in CIBC's footnote.
- Costco gas. The top rate applies at merchants the card network classifies as Costco gas stations within Canada.
- Gas limit. Costco gas, other gas and EV charging share one limit: the first $5,000 of net purchases a year. After that, all gas purchases, Costco’s included, earn 1%.
- Costco.ca limit. The Costco.ca rate applies to the first $8,000 of net purchases a year, then drops to 1%.
- Reset. Both limits reset on January 1 each year.
- Warehouse purchases. Shopping inside a Costco warehouse earns the base rate of 1%. The card’s higher rates are for restaurants, fuel and Costco’s website, not for the warehouse itself.
- What earns nothing. CIBC pays no cash back on cash advances, fees, interest, balance transfers, CIBC Global Money Transfers, payments, CIBC Convenience Cheques and purchases made with the gift certificate.
CIBC also states there is no limit on the total cash back earned.
A worked example
Take a household that puts $400 a month through the card at restaurants, the same amount at Costco gas stations, and $1,000 a month in Costco warehouses and everywhere else. These are example amounts; real spending will differ.
- Restaurants: $144 a year
- Costco gas: $144 a year
- Warehouse and other purchases: $120 a year
That adds up to $408 for the year, paid as one gift certificate the following January. The same household buying its fuel at other gas stations would earn $360.
How does the Costco cash back gift certificate work?
CIBC pays the card’s cash back as a Cash Back Gift Certificate issued once a calendar year, in January, for the cash back earned in the prior calendar year.
This is the part of the card that differs most from an ordinary cash back card, so the rules are worth reading closely. All of them come from CIBC’s gift certificate page and the card’s Benefits Guide.
- When it arrives. The certificate comes with the January statement, on the statement cycle date, and it can also be opened in CIBC’s mobile or online banking.
- Where it can be spent. The certificate is good only on purchases at Canadian Costco Wholesale warehouses. It cannot be used at Costco gas stations, tire service centres, food courts, pharmacies or Costco.ca, or for alcohol and tobacco.
- Expiry. CIBC says the certificate has no expiry date. The old version of this page said certificates expire; CIBC’s page says the opposite.
- One use. Per the Benefits Guide, the certificate can be used once, and Costco pays out any balance left after the purchase in the format it chooses.
- Who gets it. The certificate goes to only the primary cardholder; authorized users are not issued one and cannot redeem one.
- Paying another way. CIBC says the certificate can be redeemed at any Canadian warehouse even when the purchase is paid with a different method.
- Year-end cut-off. A certificate counts only transactions posted as of December 31; purchases still pending count toward the next year.
When cash back is lost
To receive a certificate, CIBC requires the card account in good standing and the primary cardholder's Costco membership active on December 31. Good standing means not past due, not over the credit limit and not suspended. If the account misses that test, all cash back built up that year is forfeited, even if the account is brought back into good standing afterwards. Cash back is also forfeited if the account is closed on or before December 31.
A lapsed Costco membership is treated differently: the certificate is still issued if the card is open and in good standing on December 31, but the membership must be renewed to redeem it.
The gift certificate is not the same thing as Costco’s Executive reward. CIBC describes them as separate programs, calculated separately.
Fees, interest and foreign transactions
CIBC’s summary of rates and fees for the card is dated August 1, 2026. Its main figures:
- Annual fee: $0, and $0 for up to 3 additional cardholders.
- Purchase interest: 21.75%.
- Cash advances, balance transfers and convenience cheques: 22.49% (21.99% for Quebec residents).
- After missed payments: 25.99% on purchases and 27.99% on cash advances, for at least 12 months, after 2 or more missed required payments in any 12-month period.
- Grace period: the payment due date is at least 21 days after the statement date.
- Foreign currency conversion: 2.5% of the converted amount.
- Paper statements: $2.25 for each mailed monthly statement (eStatements are free; the fee doesn't apply to Quebec residents or clients aged 65 and older).
The foreign currency fee matters for travel and for online purchases billed in U.S. dollars. On $1,000 of foreign-currency spending, the fee comes to $25, which is more than the $10 of cash back the same spending earns at the base rate.
For larger Costco purchases, CIBC advertises Pace It installment plans on eligible Costco purchases in Canada and at Costco.ca at 5.99% for 6 months, 6.99% for 12 months or 7.99% for 24 months, with no installment fee. An installment plan is still borrowing, and interest applies for the whole term.
What insurance does the CIBC Costco Mastercard include?
The CIBC Costco Mastercard includes mobile device insurance, purchase security and extended warranty insurance, and no travel coverage appears in its certificate of insurance.
- Mobile device insurance: up to $1,000 of repair or replacement coverage when the device is fully charged or financed on the card. The certificate applies a 10% deductible.
- Purchase security: eligible items are covered for 90 days from the date of purchase against loss, theft or physical damage.
- Extended warranty: up to one additional year on top of the original manufacturer's warranty.
According to CIBC, Belair Insurance Company Inc. underwrites the coverage. Limits, exclusions and claim steps are in the certificate of insurance, which is the document that governs a claim.
Is there a welcome offer?
CIBC’s product page showed no welcome offer on the personal CIBC Costco Mastercard when YieldMaple read it on October 12, 2026.
Costco Canada’s website does carry one offer, limited to people joining Costco: a $65 statement credit after $65 in net purchases within the first 120 days. The conditions are narrow:
- Who qualifies: new Costco members, or people whose membership expired more than 18 months ago, who are approved for the card on the same day they buy a new Executive Membership.
- Who does not: existing members, including those who upgrade to or buy a new Executive Membership.
- When it is paid: up to 6 to 8 weeks after the final qualifying purchase posts.
- End date: no end date is published; the terms say the offer may be withdrawn or changed at any time without notice.
An Executive membership costs $130 a year before sales tax, against $65 a year before sales tax for Gold Star, so the credit matches the $65 price gap between the two tiers for one year. Existing members get no welcome offer.
How the CIBC Costco Mastercard compares
| CIBC Costco Mastercard | Tangerine Money-Back | CIBC Dividend Visa Infinite | Wealthsimple Visa Infinite+ | |
|---|---|---|---|---|
| Annual fee | $0 | $0 | $120 | $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit |
| Top rate | 3% at restaurants and Costco gas | 2% in chosen categories | 4% on gas, EV charging and groceries | 2% on every purchase |
| Base rate | 1% | 0.5% | 1% | Same rate on every purchase |
Read across the rows: the CIBC Costco Mastercard and the Tangerine Money-Back card both have a $0 annual fee, the CIBC Dividend Visa Infinite costs $120 a year, and the Wealthsimple Visa Infinite+ costs $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit. On rates, the Costco card tops out at 3% at restaurants and Costco gas, Tangerine pays 2% in the categories a cardholder picks and 0.5% elsewhere, the Dividend Visa Infinite pays 4% on gas, EV charging and groceries and 1% as its base, and Wealthsimple pays 2% on every purchase.
Three differences the table cannot show:
- Where each card works at Costco. The two Visa cards are not accepted at Costco Canada warehouse tills, because Mastercard is the only credit card network Costco lists there. Costco.ca does accept Visa.
- How rewards are paid. Tangerine’s rewards are paid automatically on the statement date each month. The Costco card pays once a year, in a certificate that can be spent only in a Costco warehouse.
- Foreign currency. Tangerine’s conversion fee is 2.50% and the CIBC Costco Mastercard’s is 2.5%, so neither stands out for travel.
How a purchase at a Costco warehouse is categorised on another issuer’s card depends on that card network’s merchant classification. YieldMaple has not verified how each issuer treats Costco, so this page makes no claim that another card earns a bonus rate there. The Tangerine Money-Back Mastercard review and the MBNA Rewards World Elite review set out what those issuers publish.
How YieldMaple rated this card
YieldMaple scores the CIBC Costco Mastercard 3.0 out of 5, using the five-category formula published on the credit card rating method page.
The earlier rating on this page was an editorial score for the Capital One card, which no longer exists, so it was dropped and the CIBC card was scored from scratch. Each category is scored 1 to 5 against the published scale:
- Rewards value: 3. The formula uses a sample profile of $36,000 a year. Splitting the groceries-and-dining share evenly, and assuming fuel is bought at non-Costco stations, the card returns about $518 a year, which is 1.4 times the baseline card. That lands in the band for a 3. With every litre bought at Costco gas the figure rises to about $568, enough for a 4; the lower score is used because the formula assumes no particular gas station. The formula also counts a Costco gift certificate at face value, which flatters the card for anyone who would prefer cash.
- Fees and cost transparency: 4. No annual fee and free additional cards, with a full fee summary published, but a 2.5% foreign currency fee keeps it from a 5.
- Welcome offer: 1. CIBC lists no welcome offer for existing Costco members. The statement credit for brand-new Executive members is real but does not reach most applicants.
- Perks and insurance: 3. Mobile device, purchase security and extended warranty coverage, without travel insurance.
- Approval ease and access: 4. The published minimum income is $15,000. The scale does not account for the paid Costco membership the card requires; lowering this score by one point for that reason would not change the rounded result.
The weighted result is 3.0 out of 5. Commission plays no part: this page carries no affiliate link for the card, and the site’s methodology explains how reviews are sourced.
Who the card suits, and who it doesn’t
The CIBC Costco Mastercard fits a reader who:
- already pays for a Costco membership and shops in the warehouse often enough to spend a yearly certificate there
- buys fuel at Costco gas stations, where the 3% rate applies up to the yearly limit
- eats at restaurants regularly and wants 3% there with no annual fee
- likes having the membership card and the credit card in one piece of plastic
It is a weaker fit for a reader who:
- wants cash back as money in an account or a statement credit, since this card pays a warehouse-only certificate
- expects a high rate inside the Costco warehouse, where the card pays 1%
- spends in foreign currencies, given the 2.5% conversion fee
- might close the account or let it fall out of good standing before December 31, which forfeits that year’s cash back
- has no Costco membership and no plan to buy one; a membership bought only to hold this card adds a price that starts at $65 a year before sales tax
Card terms change. The figures here were read on October 12, 2026, and CIBC’s own pages are the place to confirm them before applying.
Related reading
- Credit cards in Canada compared: the wider field across fee levels
- Cash back credit cards in Canada: cards that pay rewards as cash
- Gas credit cards in Canada: fuel rates and what Costco gas stations accept
- Tangerine Money-Back Mastercard review: a no-fee card with categories the cardholder picks
- MBNA Rewards World Elite review: a points card with an annual fee