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So, is the brand new CIBC Costco Mastercard one of the best one to make use of in retailer and on-line? Learn on to be taught the main points of the CIBC Costco Mastercard and of seven enticing options.
CIBC Costco Mastercard evaluation
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CIBC Costco Mastercard
Annual price: $0
Welcome supply: This card doesn’t have a welcome bonus presently.
Card particulars
| Rates of interest | 20.75% on purchases and 22.49% on money advances |
| Earnings required | $15,000 per yr |
| Credit score rating | 560 or larger |
The professionals
The CIBC Costco Mastercard is a no-fee money again card (similar to its predecessor, the Capital One Costco Mastercard). It provides 3% money again at eating places and Costco fuel stations, 2% money again at different fuel stations—which is helpful while you’re on the go—and a couple of% again while you store at Costco.ca. For all of your different buy classes, you’ll earn 1% money again (together with at Costco).
This card additionally comes with cellular system insurance coverage, with as much as $1,000 of restore or alternative protection while you cost or finance the worth of a cellular system in your card. With sure eligible purchases, it’s also possible to get safety insurance coverage and prolonged guarantee insurance coverage. In the event you meet sure necessities, like having an individual revenue of over $50,000 per yr, chances are you’ll qualify for the CIBC Costco World Mastercard, which is basically the identical card, however contains World Mastercard advantages like automotive rental insurance coverage, journey perks and extra.
The cons
There are a couple of drawbacks to the CIBC Costco Mastercard. Whereas there may be technically no annual price, to really reap the advantages of this card, it’s value noting that you just (clearly) need to have a Costco membership, which is $60 or extra per yr. One other level: there’s no restrict on how a lot you may earn all year long. However, the money again earn price you obtain does include a cap. Once you attain your annual spend in a sure class, you’ll nonetheless earn money again—it should simply be on the 1% price for the rest of the calendar yr in that class. For fuel, you’ll obtain the three% money again price (and a couple of% money again price at different fuel stations) solely on the primary $5,000. After that, you’ll earn the 1% money again price. For Costco.ca purchases, the cap is $8,000 earlier than you come back to the 1% base price.
The money again redemption course of is perhaps thought of a draw back, too. Whereas some playing cards pay out money again earnings month-to-month, straight onto your assertion or into your financial savings account, the CIBC Costco Mastercard offers them to you the type of present certificates, issued in January, you can redeem for something within the Costco warehouse.
Whereas Costco’s official bank card advantages Costco members, there is perhaps different Mastercard merchandise, all of which can be utilized at Costco, that can higher meet your wants. This no-annual-fee card doesn’t match the perks of a number of the playing cards we’ll focus on beneath.
One of the best Costco suitable bank cards in Canada
Finest no-fee bank card for money again
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Rogers Purple World Elite Mastercard
Annual price: $0
Welcome supply: This card doesn’t have a welcome bonus presently.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | $80,000 per yr |
| Credit score rating | 725 or larger |
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