Costco member feedback is reflected in many new benefits
TORONTO, 25 November 2021 / CNW / – Today, CIBC announced product details and schedule updates for the new CIBC Costco Mastercard®, following the announcement earlier this year that CIBC will become Costco’s exclusive credit card issuer by Canada. Launch in March 2022, the card will offer new features and benefits to members, including additional cash back rewards, new insurance coverage and flexible payment plans.
“Our top priority is to provide an innovative credit card offering that increases the value that Costco members receive, many of whom are new to our bank. We look forward to welcoming these members to CIBC with a card that offers richer rewards, such as improved cash back features, new insurance coverage, and the ability to pay for large purchases at Costco at great rates. lower specials, ”said Diane ferri, Senior Vice-President, Card Products at CIBC.
The CIBC Costco Mastercard offers valuable benefits built from Costco member feedback, including the following new features:
- More Cash Back Rewards on Costco.ca purchases and at Costco gas stations:
- New 2% Cash Back Earned at Costco.ca on purchases up to $ 8,000 (1% thereafter).
- Earn 3% at Costco Gas and 2% at non-Costco gas stations first $ 5,000 spent on gas (1% thereafter).
- Full 1% cash back on every purchase anywhere Mastercard is accepted, including at Costco warehouses.
- Mobile device insurance coverage and other insurance coverage available in the CIBC line of credit cards will be included with the CIBC Costco Mastercard.
- Flexible payment plans with Pace It CIBC™ all over. Eligible Costco purchases at Canadian warehouses and on Costco.ca can be refunded 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 change details
In early March 2022, existing qualifying Costco Mastercard co-branded credit card accounts will automatically transfer to CIBC, and cardholders will begin to enjoy new cash back benefits and receive other CIBC features. at this moment. Cardholders can continue to use their existing Costco co-branded credit cards until their new card from CIBC arrives (before August 31, 2022). Existing credit limits and pre-authorized payments by merchants will also remain the same.
Cardholders will also be able to sign up for CIBC Mobile Banking in March to manage payments, view statements, check their cash back balance and other account information. Members will continue to receive their cash back each January in the form of a gift certificate.
Existing eligible cardholders will receive direct communication over the next few weeks with more information, including details on interest rates, benefits and how to enroll in CIBC Mobile Banking.
“We are committed to providing an easy transition and a great customer experience for existing Costco credit cardholders,” added Ferri. “We’ve listened to Costco members and tailored our offering to deliver the benefits they value most.
“The new CIBC Costco Mastercard gives our members more of what they are looking for. We have focused on increasing cash back rewards and benefits to continually deliver more value to our members, ”said Pierre Riel, Senior Executive Vice President, Country, Costco Canada.
“We have a strong relationship with our members, and it is important that we reward their loyalty. Pairing this ‘best in class’ CIBC co-branded credit card with our executive member rewards continues to give members another reason to come to Costco, “mentioned Joe Portera, Executive Vice President / COO Eastern and Canada 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, Costco.ca or CIBC.com warehouses from March 2022. Additional information on existing Costco co-branded credit cardholders and the new CIBC Costco Mastercard can be found online at cibc.com/costco.
CIBC is a leading financial institution in North America with 10 million personal, corporate, public sector and institutional clients. In Personal and Commercial Banking, Commercial Banking & Wealth Management and Capital Markets, CIBC provides a full range of advice, solutions and services through its leading digital banking network and its locations across Canada, with offices in United States and all over the world. Current press releases and more information about CIBC are available 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 leader in retail, Costco is committed to providing quality, branded merchandise at the best possible prices while being respected for its exceptional business ethics.
For more information: Nima Ranawana, [email protected] or 647-456-4556.