In the aftermath of the exit of Capital One, CIBC has become the new issuing authority of the credit card, CIBC Costco credit card. Partnered with the MasterCard network, this card has gained popularity among those who shop often. Since its inception, the card has always been at the top in Canada.

cibc costco credit card

While there is not a big difference between the older version of the card and the recently launched version, a user may find more benefits and slight changes in the activation process. Users who already have a Capital Costco card need not worry; however, those who wish to buy this card afresh have to register appropriately. This article takes you through the activation procedure of a CIBC Costco credit card.

Please stick with us till the end of the article and learn more about this card’s activation process!

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CIBC Costco MasterCard – Registration

Before activating your card, it is important to the registration process. Registration or signing up helps you unlock easy-to-use features such as CIBC Costco MasterCard Credit Card online and mobile banking.

  1. Download the mobile App of CIBC, “CIBC Mobile Banking App,” or use the website CIBC.com. cibc app
  2. Please search for the option to register and click on the landing page.
  3. Then, under the “New to CIBC,” choose the “continue with registration” option. continue with registration
  4. Enter all details asked, such as your card number, CVV, expiration month, year, etc., and submit. card number
  5. After entering all details, CIBC validates your card and registers it.

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CIBC Costco Credit Card- Activation

Following are some of the ways to activate the CIBC Costco credit card.

Online Activation

  • Like the registration process, you may also use the website or the App for activation. cibc costco mastercard app
  • If you are pursuing online banking, activate your card from the My Accounts section and if you use Mobile Banking, do so by choosing the “Activate Card option” from the main menu on the CIBC Mobile Banking App. 

activate card option

  • It is advisable to block the previous version of this card before or after activation, as pre-authorized payment will not stop after registering the new card.
  • Update your new card details at all locations and businesses where the older card was previously used.

Via Phone

  • Activation can happen by calling the number 1-(855)-378-6467. Share all the relevant details with the official on call, and activation will happen in a few hours.

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Fees

  • The card comes at an annual fee of $0. 
  • For every Add-on card, the fee is $0. cibs card comes at an annual fee of $0
  • The interest charged on the purchase rate is 19.75%
  • The card comes with variable interest rates of 21.49% for Cash Advance and 21.49% for Balance Transfer, respectively.

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Features

  • There is purchase protection provided for three months in case of accidental damage.
  • The CIBC Costco credit card also works as a Costco membership card letting users avail facilities of Costco. cibc
  • Being a CIBC card, it offers the option of CIBC pace, which is a low-interest payment plan for purchases.
  • There is a provision of 3% cash back for transactions done at gas stations operated by Costco. Also, for similar transactions made at non-Costco gas stations, the cashback is to the tune of 2%.  cashback in cibc costco credit card
  • Users shopping on the official Costco website can stand to get a 2% cashback.
  • Transactions made at restaurants yield a 3% cashback. cashback through cibc costco mastercard
  • Cardholders making regular payments and maintaining a balance of $60,000 can become eligible for the CIBC Costco World MasterCard, providing additional perks such as car rental services and travel benefits.
  • Every January, the cardholder will receive a gift card from Costco with a wide range of options to avail of rewards and discounts. cibc costco credit card
  • Even though there is no annual fee, the CIBC Costco credit card offers an insurance cover of $1000 in case of any damage to your mobile.
  • There is a welcome bonus of $20 for users who place a new card on or before 31/12/2022 and purchase within the said date.

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Shortcomings

  • Only those having a membership with Costco can avail of all benefits of this card. This membership costs over $60 annually, nullifying the offer of a $0 annual fee provided by the card. membership with costco
  • Every cashback offer comes with an upper limit. For purchases made at gas stations, you get a 3% cashback with an upper limit of $5000 a year. After this, cashback of 1% can be take advantage of. cibc card cashback offer
  • A similar upper limit is kept for a transaction made on the Costco website. Once transactions to $8000 are made, the cardholder receives only a 1% cashback in the remainder of the financial year. 
  • The cashback provided has its restrictions. It is in the form of a gift card which a user must redeem only at Costco warehouses, thus, providing fewer options to the cardholder for availing benefits. cibc costco credit card offers gift card
  • To become eligible for this card, a user must maintain a relatively high bank balance of $15,000.

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Paying With the CIBC Costco Credit Card

  1. Online banking to deposit money from your CIBC bank account to the CIBC card.
  2. Then, use the CIBC Costco login to enter your online account and locate the option to link your account. The “My accounts” tab links your credit card with your debit card and bank account. my accounts
  3. Another method would involve signing into your account and adding your credit card as a payee.
  4. After the CIBC Costco MasterCard sign-in, choose the option to pay bills and locate the option which allows you to add payees. pay bills
  5. Use the search option to find the payee’s name and enter your credit card details under the Payee Account Number box.  credit card details
  6. Add the payee and end the process.

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FAQs

Can I check my monthly statements made on this card?

Yes, monthly statements and complete transaction history are recorded on the CIBC Mobile Banking App and the official CIBC website. A CIBC Costco MasterCard login into the App or website throws open a host of data for the user.

How does one become eligible for the World MasterCard?

Any user maintaining a stable bank balance of or above $60,000 and not defaulting on monthly payments is eligible to avail of the CIBC Costco World MasterCard.

Is there a Visa variant of the credit card?

The CIBC Costco card is strictly partnered with MasterCard. There is no Visa variant of the card, and users must stay vigilant if they come across any entity trying to sell them such a variant card

What do I do if I have multiple Capital One Costco cards?

To make things easier for cardholders, Costco and CIBC have ensured that all Capital One cards get merged into a single CIBC card for their existing customers. Further, the Capital One card will not become redundant, and any user can continue using this card independently of Costco.

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Conclusion

To sum up, the CIBC Costco credit card, which has been in the news mainly after the exit of Capital One from this card. Credit card has an equal number of benefits and shortcomings. While there is no complex activation procedure for existing users of the Capital One variant, new users might want to check out the abovementioned methods for activation. Enjoy your Costco card!

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