Costco member feedback reflected in many of the new benefits
TORONTO, Nov. 25, 2021 /CNW/ - Today CIBC announced product details and timing updates for the new CIBC Costco Mastercard®, following on the announcement earlier this year that CIBC will become the exclusive credit card issuer for Costco in Canada. Launching in March 2022, the card will offer strong new features and benefits for members, including more cash back, new insurance coverage and flexible payment plans.
"Our top priority is to provide an innovative credit card offering that expands the value that Costco members receive, many of whom are new to our bank. We are looking forward to welcoming these members to CIBC with a card that offers richer rewards, such as enhanced cash back features, novel insurance coverage and the flexibility of paying for large purchases at Costco at special lower rates," said Diane Ferri, Senior Vice-President, Card Products at CIBC.
The CIBC Costco Mastercard provides valuable benefits built from Costco member feedback, including the following new features:
- More cash back on Costco.ca purchases and at Costco gas locations:
- New 2% cash back earned on Costco.ca on purchases up to $8,000 (1% thereafter).
- Earn 3% at Costco Gas and 2% at non-Costco gas stations on the first $5,000 spent on gas (1% thereafter).
- A full 1% cash back on every purchase everywhere Mastercard is accepted, including at Costco warehouses.
- Mobile Device Insurance coverage and other insurance protection available within CIBC's credit card lineup will be included on the CIBC Costco Mastercard.
- Flexible payment plans through CIBC Pace It™ everywhere. Eligible Costco purchases at Canadian warehouses and at Costco.ca can be paid off in installments with special member interest rates and no installment fees.
Additionally, cardholders will continue to receive 3% cash back at restaurants and the card will continue to have no annual fee.
Card changeover details
In early March, 2022, existing eligible Costco Mastercard co-brand credit card accounts will automatically be moved to CIBC, and cardholders will start earning the new cash back benefits and receiving the other features from CIBC at this time. Cardholders can continue to use their existing Costco co-brand credit cards until their new card from CIBC arrives (before August 31, 2022). Existing credit limits and merchant pre-authorized payments will also remain the same.
Cardholders will also be able to register for CIBC Mobile Banking in March to manage payments, view statements, check their cash back balance and other information about accounts. Members will continue to receive their cash back every January in the form of a gift certificate.
Existing eligible cardholders will be sent direct communication in the coming weeks with more information, including details about interest rates, benefits and how to register for CIBC Mobile Banking.
"We are committed to providing an easy transition and a great client experience for existing Costco credit cardholders," added Ferri. "We have listened to Costco members and have tailored our offer to give them the benefits they value the most."
"The new CIBC Costco Mastercard gives our members more of what they are looking for. We've focused on increasing cash back and benefits to continually provide more value to our members," said Pierre Riel, SVP Country Manager, Costco Canada.
"We have a strong relationship with our members, and it's important that we're rewarding their loyalty. Partnering this 'best in class' CIBC co-brand credit card with our Executive Membership rewards continues to give members yet another reason to come to Costco," said Joe Portera, Executive Vice President/COO Eastern & Canadian Divisions, Chief Diversity Officer, Costco.
Costco members interested in applying for the new CIBC Costco Mastercard will be able to do so directly through Costco warehouses, Costco.ca or CIBC.com starting in March 2022. Additional information for existing Costco co-brand credit cardholders and on the new CIBC Costco Mastercard can be found online at cibc.com/costco.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
Costco Wholesale is a multi-billion dollar global retailer with warehouse club operations in eleven countries and operates 828 warehouses worldwide with 105 warehouses across Canada. Recognized as a retail leader, Costco is dedicated to bringing quality brand name merchandise at the best possible prices while being respected for its outstanding business ethics.