Credit Cards

CIBC Costco Mastercard

  • Last Updated:
  • Sep 20th, 2022 11:34 am
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Thread Summary
Please see below in this thread summary for answers to common questions.

Summary:
  • - Changeover from Capital One to CIBC occurred March 4, 2022 - no re-application or new credit check required. Existing cardholders should have received 2021 CapOne rewards in January 2022, and usage until March 4 will still count towards 2022 cashback based on the previous CapOne rules.
  • - Still no annual fee, but as before you must be a Costco member to hold this card, and by default your annual Costco membership fee will be charged to this card. When you eventually get the new card, your Costco membership information will be on the back (same as it was for CapOne).
  • - Cashback (still as a Costco gift certificate once per year): 3% on restaurants and Costco gas (with limits), 2% at other gas stations and Costco.ca (with limits), 1% everywhere else (including Costco in-store) / after limits. Previous reduced 0.5% cashback for first $3000 eliminated. You may be able to buy gift cards from Costco.ca with 2% CB and use them in-store to maximize cashback.
  • - Bonus cashback limits: Gas (including Costco gas) bonus cashback limited to first $5000 in purchases per year. Costco.ca bonus cashback limited to first $8000 in purchases per year. (Note: No limit to regular 1% cashback on all purchases)
  • - Insurance: Mobile device insurance (new), Purchase Security (reduced from 120 to 90 days), Extended Warranty (max reduced from 2 extra year to 1 extra year). CapOne price protection and travel benefits (e.g. car rental) are being dropped.
  • - Lower interest rates on CIBC's Pace It (buy now pay later) installment plans compared to CIBC Visa
  • - As was the case with CapOne, there is a World Mastercard version. There is no difference in customer benefits between the regular and World versions besides special offers provided by Mastercard directly. The World MC upgrade mostly benefits CapOne/CIBC which can charge a higher fee per transaction from the merchant.

CIBC's Costco Mastercard department can be reached directly at 1-866-346-2999. However, call volumes are still high and waits are long (as of March 17) so you may want to hold off for a couple of weeks if you can do so.

Benefits guide: https://www.cibc.com/content/dam/cibc-p ... ide-en.pdf
Insurance certificates: https://www.cibc.com/content/dam/cibc-p ... ert-en.pdf
Further info: https://www.cibc.com/en/personal-bankin ... ostco.html


Common questions:

(Note: these answers do not apply to certain delinquent accounts that remain with Capital One and will need to continue paying CapOne - this probably doesn't cover most RFDers anyway, but you should have been notified separately about this if it applied.)

- How do I access my account information? - Account access was removed from Capital One's system on March 4 and data transferred to CIBC that weekend. As of March 7, you either need to use your existing CIBC login (if you have one) or create a new login at https://www.cibconline.cibc.com/ using your existing Costco MC number.
-- If you recently had a card replaced by CapOne and the new one isn't working, try registering with the old one. If you don't have the old one anymore, you'll need to call CIBC.
-- CIBC does not have access to your past CapOne account statements. If there is info from before the changeover you need and didn't save, the best you can do is contact Capital One directly at the number on the back of your card. However you may be out of luck on the grounds that customers were notified of this change well in advance by mail.

- How do I pay my balance now? - Do not pay your balance to Capital One going forward. If you're a CIBC banking customer you may already be able to see the card in your existing online profile and pay via a funds transfer like other CIBC credit cards. For other banks, you will need to add a new "CIBC MASTERCARD" or "MASTERCARD, CIBC" (or similar) payee with your 16-digit card number. Some materials initially referred to setting up a "CIBC Costco Mastercard" payee which is incorrect, it is not a different payee type from other CIBC Mastercards.

-- What if my bank doesn't yet recognize my card as a valid CIBC Mastercard number when adding the payee? – Call that bank and complain. It's up to them to update their criteria, as Mastercard has already updated their BIN list to reflect CIBC taking over this portfolio.

-- What if I had Auto Pay (pre-authorized payment)? – Any Auto Pay set up through Capital One did not carry over to CIBC, but CIBC offers a similar plan, you'll need to call CIBC's Costco department to set it up again (1-866-346-2999).

- I haven’t received a new card yet, can I still use the Capital One card?Yes (for now). Most people won’t receive a replacement card until the summer (by August 31). Until then you can still use your Capital One-branded card. The account now belongs to CIBC regardless of the bank name on the card you currently have.

- Does the Mastercard cashback impact the Executive Member cashback? – No, they are different things and will remain so. If you're an executive member using this card you'll get the 2% executive cashback from Costco, and the applicable cashback separately from CIBC. You do not need the CapOne/CIBC MC to get executive member cashback, or vice versa.

- Will we be able to start using CIBC (or other) Visa cards at Costco? – No, there is a separate agreement between Costco and Mastercard which means Mastercard is the only credit card network accepted in store, the CIBC deal doesn't override that. (You can still use Visa online, and Interac debit in store.)

- Can you product switch (PS) from another CIBC card to this card? - Yes as of March 14. Per @Wydrazor, the quickest way to do so seems to be by calling the CIBC Costco MC department directly (1-866-346-2999), not the regular CIBC Visa line.
There are a couple different numbers that seem to be used for CIBC Costco MC, and either should work. Here are the quick steps:
  1. Call 1-866-308-4844
  2. Key in CIBC Visa # (16-digit, followed by #)
  3. Press 3 ("to learn about products, apply for CIBC CC, etc.")
  4. Press 2 ("to change your existing credit card to a different product")
- How do I apply if I didn't have a Costco MC? - The card is open to new applications again as of March 14, after being paused through Capital One in late 2021 ahead of the changeover.

- I'm not seeing past cashback yet / can't get Journie rewards discount / add to digital wallet – Some data is taking longer to transfer to CIBC or their partners. Cashback data should transfer soon (if it hasn't already, certainly before end of March). Apple Pay / Google Pay support is coming in May. Journie is apparently working now per @CorSter - if setting up a new link it'll take 2-3 business days to go into effect.

- How does Costco MC define a restaurant? - Costco MC uses the following Merchant Category Codes (MCC) to define 'Restaurant':
MCC 5812 - Eating Places, Restaurants
MCC 5813 - Bars, Cocktail Lounges, Discotheques, Nightclubs, and Taverns - Drinking Places (Alcoholic Beverages)
MCC 5814 - Fast Food Restaurants
YMMV - typical restaurants may be coded as another MCC if they are integrated within a non-restaurant establishment (taking on the establishment MCC)
1404 replies
Deal Fanatic
User avatar
Aug 24, 2016
9145 posts
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The Prairies
Thanks for starting a new thread OP.
I definitely support a new thread, while the existing thread should be locked once CIBC fully takes over.
That way all the information on the current offering will be valid and current with the current issuer.
Kudos.
Sr. Member
User avatar
Dec 20, 2017
804 posts
962 upvotes
Interesting to see CIBC is opening their mastercard portfolio again. They worked pretty hard on transferring everyone off the old CIBC Dividend WE MC to the Visa, surprising to see they didn't just swap over Costco cards to a Visa.
💳 Collected: RBC VIP for Private Banking, TD VIP, BMO VIP, HSBC Premier WE MC, Amex PP, Amex BP, Amex BG, Amex Cobalt, BMO WE MC, CDC Indigo
Deal Guru
Dec 5, 2006
12645 posts
7766 upvotes
Markham
They probably want to earn more money from cross sell and up sell. This is something cap 1 doesn't have
Deal Fanatic
Jan 19, 2017
7199 posts
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As long as it stays MC, that is all matters to me since all prev. partnership issued cards(i.e. AMEX, Capital One MC.) gave very low rewards.
Deal Fanatic
User avatar
Sep 7, 2004
7602 posts
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West GTEH!
superkule wrote: This is interesting:

https://financialpost.com/fp-finance/ba ... g-balances

seems capital one existing cardholders will transition over to CIBC. Thoughts?
ml88888888 wrote: As long as it stays MC, that is all matters to me since all prev. partnership issued cards(i.e. AMEX, Capital One MC.) gave very low rewards.
Thank Goodness it's still Mastercard.

Now to see what Benefits will be included.
😎
Deal Addict
May 16, 2017
2267 posts
2960 upvotes
Delight wrote: Interesting to see CIBC is opening their mastercard portfolio again. They worked pretty hard on transferring everyone off the old CIBC Dividend WE MC to the Visa, surprising to see they didn't just swap over Costco cards to a Visa.
MC is probably offering a discount off interchange rates already from the CapOne era; that would then require Visa to match or CIBC to subsidize themselves to achieve the same costs. Simpler just to stick with MC.
Deal Fanatic
Jul 26, 2007
6551 posts
4082 upvotes
Toronto
If I have an existing Costco Mastercard, do I need to apply for a new CIBC Costco Mastercard?
  • You won't need to apply for a new card. We'll have more information about the transition to CIBC in the coming months.
Hope that's one less credit check and cibc sending me new card automatically.
Deal Addict
Oct 18, 2007
3812 posts
1131 upvotes
I posted this in the other thread...

This is Mastercard interchange rates: https://www.mastercard.ca/en-ca/busines ... hange.html

They no longer offered "preferred high volume rates" to anyone. These used to be called Performance Tier or High Volume Program (Visa had the same but also no longer available). It's now a standard rate for Core, World, WE and Muse cards. No more special treatment if you're Costco or Walmart.

If CIBC is offering just the basic Core cards, these cards cost less than 1% interchange (0.87% on tap and 0.92% for chip). I would guess that Costco would want some revenue split with CIBC.
RFD is bad for your wallet's health 😂
Sr. Member
Feb 28, 2014
899 posts
1047 upvotes
Delight wrote: Interesting to see CIBC is opening their mastercard portfolio again. They worked pretty hard on transferring everyone off the old CIBC Dividend WE MC to the Visa, surprising to see they didn't just swap over Costco cards to a Visa.
My understanding is that in 2014, it was both Capital One and MasterCard that won the contract with Costco. Only Capital One pulled out, the agreement with MasterCard is still likely in place right now. I have a feeling if CIBC could issue a Visa they would.
Deal Guru
Dec 5, 2006
12645 posts
7766 upvotes
Markham
Question to the people who have both simplii and cibc cards: could you access both simplii and cibc card through same online portal or they are separate? I have simplii online banking ( not credit card, just chequing), just wondering whether i need create another userid/password to access cibc Costco card

Thanks
Deal Addict
Feb 4, 2003
3262 posts
1561 upvotes
Cibc needs to make 1.5-2% return on Costco purchases else, it will still drive some to use other MC issuer card.
Deal Addict
Feb 4, 2003
3262 posts
1561 upvotes
smartie wrote: Question to the people who have both simplii and cibc cards: could you access both simplii and cibc card through same online portal or they are separate? I have simplii online banking ( not credit card, just chequing), just wondering whether i need create another userid/password to access cibc Costco card

Thanks
Different website.
Deal Guru
Dec 5, 2006
12645 posts
7766 upvotes
Markham
zzricezz wrote: Cibc needs to make 1.5-2% return on Costco purchases else, it will still drive some to use other MC issuer card.
I thought same. But now when I saw 3billion balance, I am not sure now actually. 3 billion probably on par if not more than pcf and ctfs portfolio and pcf/ctfs have pretty good offerings in their store purchase
Deal Addict
May 16, 2017
2267 posts
2960 upvotes
CrazyJo82 wrote: I posted this in the other thread...

This is Mastercard interchange rates: https://www.mastercard.ca/en-ca/busines ... hange.html

They no longer offered "preferred high volume rates" to anyone. These used to be called Performance Tier or High Volume Program (Visa had the same but also no longer available). It's now a standard rate for Core, World, WE and Muse cards. No more special treatment if you're Costco or Walmart.

If CIBC is offering just the basic Core cards, these cards cost less than 1% interchange (0.87% on tap and 0.92% for chip). I would guess that Costco would want some revenue split with CIBC.
That doesn't stop CIBC from providing a rebate to Costco for whatever portion of interchange lands in CIBC's pockets. There are also other places in the MC system where $ is changing hands that isn't directly related to interchange rates. Where the accounting takes place may vary - but I suspect that Costco is somehow getting a deal.
Deal Fanatic
Jan 19, 2017
7199 posts
4211 upvotes
zzricezz wrote: Cibc needs to make 1.5-2% return on Costco purchases else, it will still drive some to use other MC issuer card.
That is the reason why Costco is not classified as grocery for most, if not all credit cards so Costco doesn't have to pay higher rewards for grocery category for 3 - 5%.

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