The CIBC Costco Mastercard is Costco’s own credit card in Canada, and the only Mastercard Costco warehouses accept. It has no annual fee and pays 3% at restaurants and Costco gas, 2% at other gas stations, EV charging and Costco.ca, and 1% on everything else, including in the warehouse. The catch: your cash back comes once a year, as a gift certificate you can only spend at Costco. Here’s our review, with a calculator.
CIBC Costco Mastercard at a glance
| CIBC Costco Mastercard | |
|---|---|
| Annual fee | $0, including up to 3 additional cardholders |
| Restaurants and food delivery | 3% cash back |
| Costco gas | 3% cash back |
| Other gas stations and EV charging | 2% cash back |
| Costco.ca | 2% cash back |
| Costco warehouse and everything else | 1% cash back |
| Cap on cash back | None |
| How you get it | A gift certificate each January, for use at Canadian Costco warehouses |
| Interest rates | 21.75% purchases, 22.49% cash advances (21.99% in Quebec) |
| Foreign transaction fee | 2.5% |
| Income needed | $15,000 (World Mastercard version: $50,000 personal or $80,000 household) |
You must have a Costco membership to apply, and so must any additional cardholder. The card doubles as your Costco membership card. CIBC also issues a CIBC Costco World Mastercard to applicants with higher incomes. It has the same fees and rates, plus World Mastercard perks.
Calculator: what would you earn?
CIBC Costco Mastercard calculatorEnter what you spend in a typical month. See your yearly Costco gift certificate and how it compares with a flat 2% card.
Your monthly spending
Your yearly gift certificate
issued each January
Average return
on all your spending
A flat 2% card
Cash back by category
| Spending | Rate | A year |
|---|
How the cash back works
- One gift certificate a year. Cash back earned from January 1 to December 31 arrives on your January statement, as a paper or digital gift certificate.
- Costco warehouses only. You redeem it in person at any Canadian Costco warehouse, using the CIBC Mobile Banking app or a printed copy. You can use it even if you pay the rest of your bill another way.
- It doesn’t expire.
- Keep the account open until December 31. If the card is closed, past due, over limit or suspended on December 31, or you switch to another CIBC card, that year’s cash back is forfeited.
- Membership lapsed? You still get the certificate if the card is in good standing, but you need to renew your Costco membership to use it.
Pros and cons
| Pros | Cons |
|---|---|
| No annual fee | Only 1% in the Costco warehouse |
| 3% on restaurants, food delivery and Costco gas | Cash back only usable at Costco, once a year |
| 2% on other gas, EV charging and Costco.ca | 2.5% foreign transaction fee |
| No cap on cash back | No travel insurance |
| Works as your Costco membership card | Lose the year’s cash back if you close the card before December 31 |
It includes mobile device insurance of up to $1,000, purchase security and extended warranty of up to one extra year. It also comes with a free Skip+ membership when you link it to Skip, and installment plans with no fee on eligible Costco purchases.
Who should get it
- Good fit: Costco members who eat out or order delivery often and buy gas at Costco. On $250 a month at restaurants and $120 at Costco gas, the 3% categories alone earn about $133 a year.
- Not a fit: people whose biggest spending is in the warehouse itself. At 1%, a flat-rate card may earn more there. Costco warehouses take Visa and the CIBC Costco Mastercard, so a 2% Visa also works at Costco.
- Travellers: it charges 2.5% on foreign purchases. See our no foreign transaction fee cards.
Compare the other cards Costco accepts in does Costco take Visa or Amex?, and see our best dining cards and best no-fee cards.
Frequently asked questions
Is the CIBC Costco Mastercard free?
Yes. It has no annual fee, including for up to 3 additional cardholders. You need a Costco membership to apply.
How much cash back does the Costco credit card give?
3% at restaurants, food delivery and Costco gas, 2% at other gas stations, EV charging stations and Costco.ca, and 1% on everything else, including in Costco warehouses. There’s no cap.
How do I get my Costco credit card cash back?
Once a year. Cash back earned from January 1 to December 31 arrives as a gift certificate on your January statement. You redeem it at any Canadian Costco warehouse.
Does the Costco gift certificate expire?
No. CIBC says the gift certificates don’t expire, but you need an active Costco membership to redeem one.
What happens to my cash back if I cancel the card?
If your account is closed on or before December 31, you won’t get a gift certificate and that year’s cash back is forfeited. The same applies if the account isn’t in good standing on December 31.
Does the CIBC Costco Mastercard charge foreign transaction fees?
Yes, 2.5% of the converted amount.
What income do you need for the Costco credit card?
$15,000 a year for the CIBC Costco Mastercard. The CIBC Costco World Mastercard needs $50,000 personal or $80,000 household income.
Related reading
- Does Costco take Visa or Amex?: and the best card for Costco
- Best credit cards for dining: more 3% and 5% options
- Best credit cards for gas: compare gas earn rates
- All credit card reviews
- Where can you use your credit card?: stores, bonus rates, bills and travel
How we checked: The annual fee, earn rates, income requirements, membership requirement and benefits come from CIBC’s CIBC Costco Mastercard page and Costco cards page. Interest rates and the 2.5% foreign currency fee come from CIBC’s summary of rates and fees, current as of August 1, 2026. The gift certificate rules come from CIBC’s cash back gift certificate page. The calculator assumes the same spending each month. This review is general information, not financial advice. Sources: CIBC Costco Mastercard; CIBC Costco cards; CIBC: cash back gift certificate; CIBC Costco: summary of rates and fees; Costco: CIBC Costco Mastercard. Last checked October 2026.