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What credit cards does Costco Canada accept in 2023?
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Costco is a popular destination for budget and quality-conscious Canadian shoppers. The warehouse-style retailer offers variety, convenience, and low prices in its bulk-sized shopping experience, and its successful retail model has resulted in several new Canadian stores being opened in the past few years.
A Costco membership costs $60 per year for those who want a basic plan for themselves and their spouse, but shopping with a smart, Costco-compatible credit card can easily make up for that membership fee via cash back and/or rewards.
What credit cards does Costco accept in Canada?
Costco had a 15-year, exclusive relationship with American Express until 2014, offering co-branded Amex cards for Costco shoppers to use as both their proof of membership and their payment method. But a rift developed between the two companies and they ultimately parted ways, with Mastercard taking over as Costco’s new credit card processor in 2015.
Mastercard’s ongoing credit card partnership with Costco’s Canadian warehouses is exclusive; Amex and Visa credit cards are unfortunately not accepted as a means of payment at Costco warehouse registers. Costco.ca still accepts Visa credit cards, but for the purposes of this article we’ll be picking Mastercards only, as they’re universally accepted at every Costco point of sale in Canada—warehouses, online, and at gas stations.
Best Costco Mastercards for Canadians in 2023
| Credit card | Annual fee | Welcome offer | Regular Cash Back/Rewards Rate at Costco |
|---|---|---|---|
| Rogers™ World Elite® Mastercard® | $0 | $25 cash back bonus (conditions apply) | 1.5% cash back |
| BMO Ascend™ World Elite®* Mastercard®* | $150 | Up to 60,000 points* + annual fee waived in the first year* | 1 point per $1 spent* |
| CIBC Costco Mastercard | $0 | $30 statement credit (conditions apply) | 1% |
| PC Financial World Elite Mastercard | $0 | None | 1% |
| WestJet World Elite Mastercard | $119 | Up to $450 WestJet dollars (conditions apply) | 1.5% |
| BMO CashBack® World Elite®* Mastercard®* | $119 | 10% cash back for 3 months and the annual fee waived for the first year (conditions apply) | 1% |
| Rogers Fido™ Mastercard® | $0 | $25 Welcome Bonus in cash back rewards upon first card purchase within 3 months of receiving your card | 1% unlimited cash back rewards on all eligible regular purchases. 1.5% unlimited cash back rewards on all eligible recurring payments and subscriptions. |
| BMO Rewards® Mastercard® | $0 | Get 10,000 points when you spend $1,000 in the first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee. | 1 point per $1 spent |
Keep in mind that many of Canada’s top cash back and rewards cards give their highest earn rates for grocery purchases. But Mastercard’s merchant codes (the system by which stores are sorted into purchase categories) do not recognize Costco as a grocery store, so we’ve generally chosen credit cards that offer favourable flat cash back or rewards rates to customers on all their purchases—Costco included.
The Rogers™ World Elite® Mastercard®
Quick Facts
Minimum credit score: Good-Excellent
Minimum income: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Residency: Canadian Resident
Other requirements: No bankruptcy or consumer proposal in the past 7 years
A Rogers card catering to both Costco fans and travel junkies is the Rogers™ World Elite® Mastercard. It grants 1.5% cash back for all purchases made in Canadian dollars. That’s almost double Costco’s own Mastercard, plus cardholders will also earn 3% cash back on all U.S. dollar purchases (net 0.5% after the foreign transaction fee). As a World Elite card, it also provides insurance for out-of-province medical needs, car rentals, trip interruption and cancellation, and protection for new items bought with the card. There’s no annual fee, but you’ll have to demonstrate $80,000 in annual personal income to be eligible.
- 1.5% cash back on all purchases in CAD
- 3% cash back on all purchases in U.S. dollars
- $0 annual fee
- Get a $25 welcome bonus after your first purchase
- Travel medical, trip interruption and cancellation, and rental car insurance
- Extended warranty and purchase protection perks
- Redeem cash back flexibly on gas, groceries, and everyday purchases
Click here to apply or learn more by reading our complete Rogers™ World Elite® Mastercard® review.
Rogers Fido™ Mastercard®
Quick Facts
Minimum credit score: Fair-Good
Minimum income: N/A
Age: Age of majority in your province or territory
Residency: Canadian Resident
Other requirements: No bankruptcy or consumer proposal in the past 7 years
The Rogers Fido™ Mastercard® offers an attractive 1% flat cash back rate on purchases in CAD. In terms of straight cash savings on Costco bills, this is superior to Costco’s in-house card. Don’t try to use it at a Costco in the USA, however, because unlike our Mastercard-exclusive situation in Canada, our neighbors down south can only use Visa at their local Costco.
- $0 annual fee
- 1% cash back on all purchases in CAD
- 1.5% cash back on all your eligible Recurring Payments and subscriptions, including: your Fido or Rogers bill, utilities, streaming services.
- Get $25 in cash back rewards when you make your first card purchase within 3 months of receiving your card. Conditions apply.
Click here to apply or learn more by reading our complete Rogers Fido™ Mastercard® review.
The BMO Ascend™ World Elite®* Mastercard®*
Quick Facts
Minimum credit score: Excellent
Minimum income: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Other requirements: No bankruptcies in the last seven years
With one of the best flat rewards earning rates on the market, you can now get the highest rewards points for travel of any premium flexible travel card in Canada!† with the BMO World Elite™* Mastercard®*. Cardholders get 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* and 1 point for every $1 spent everywhere else.* The BMO World Elite™* Mastercard®* is an effective and flexible way to squeeze savings from your Costco purchases, and it’s made even better with a welcome bonus of up to 60,000* points. Though its $150 price tag is a bit steep, the inclusion of complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes., plus an impressive insurance package*, makes it more than worthwhile for Costco shoppers who love to travel in style.
- $150 annual fee
- 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.*
- Up to 60,000 point welcome bonus and first year fee waiver*
- Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
- Insurance for rental car damage, emergency medical, and more*
- Purchase protection and extended warranties*
Click here to apply or learn more by reading our complete BMO Ascend™ World Elite®* Mastercard®* review.
*Terms and conditions apply.
†Statement based on a comparison of the redeemable value of the non-promotional travel rewards points earned on premium flexible Canadian credit cards as of May 3, 2022. “Flexible” is defined as points earned when you purchase travel anywhere and “premium” refers to cards with an annual fee of ≤ $150 or has an income requirement of ≤ $150,000 annual individual income.
BMO Rewards® Mastercard®*
Quick Facts
Minimum credit score: Very Good
Minimum income: $15,000
Age: Age of majority in your province or territory.
Other requirements: No bankruptcies in the last seven years
The BMO Rewards® Mastercard®* offers those who love shopping at Costco a way to earn BMO Rewards from every purchase. Inside and outside Costco, cardholders will collect 1 BMO Rewards point for every $1 they spend*—points which are redeemable for an array of rewards that includes travel, merchandise, gift cards, and cash credits as well. Debt-laden applicants will also appreciate BMO’s 0.99% rate for 9 months on incoming balance transfers, 2% balance tranfer fee applies*. Supplementary perks include purchase protection and extended warranties on new items bought with the Rewards Mastercard, plus the ability get up to 25% off when you rent vehicles at National®#† Car Rental and Alamo®*‡ Rent A Car locations worldwide*. It also doesn’t hurt that there’s no annual fee.
- 1 BMO Rewards point for every $1 spent*
- $0 annual fee
- 25% off when you rent vehicles at National®#† Car Rental and Alamo®*‡ Rent A Car locations worldwide*
- Purchase protection and extended warranties*
- Get 15,000 BMO Rewards points as a welcome bonus (when you spend $1,000 within first three months)*
- Pay just 0.99% interest for 9 months on transferred balances, 2% fee applies*
Click here to apply for the BMO Rewards® Mastercard®*
*Terms and conditions apply
CIBC Costco Mastercard
Quick Facts
Minimum credit score: Fair-Good
Minimum income: $15,000
Age: Age of majority in your province or territory
Other requirements: An active Costco membership
When looking at Costco credit cards, many people will consider the CIBC Costco Mastercard since it’s Costco's official co-branded credit card. With this card, you’ll earn 3% cash back at restaurants and Costco gas; 2% at other gas stations and Costco.ca; and 1% on all other purchases. While the earning rate is respectable, there’s no increased offer on in-store Costco purchases. That means when you shop at Costco warehouses and pay with your CIBC Costco Mastercard, you’ll only earn 1% cash back.
There are a few additional benefits with the CIBC Costco Mastercard. Your card doubles as your Costco membership, so you don’t need to worry about bringing your membership card with you. You also get mobile device insurance, purchase security, and extended warranty on purchases charged to your card.
You must have a Costco membership to apply for the card, but there’s no annual fee. The only other requirement is a minimum annual income of $15,000. If you have a minimum personal income of $60,000 or a household income of $100,000, you may qualify for the CIBC Costco World Mastercard. The two cards are the same, but the World version has a few extra benefits, such as car rental insurance.
WestJet World Elite Mastercard
Quick Facts
Minimum credit score: Good-Excellent
Minimum income: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Residency: Canadian Resident
Other requirements: WestJet Rewards number (one will be created if you don’t have one)
With WestJet World Elite Mastercard, you’ll earn 2% back in WestJet dollars on WestJet flights or WestJet Vacations packages and 1.5% back on all other purchases. The base earn rate here matters since you’d get 1.5% back on Costco store purchases that you can put towards travel with WestJet.
The primary WestJet World Elite Mastercard cardholder and up to eight guests on the same WestJet itinerary get their first checked bag free. You also get an annual World Elite companion voucher. This allows you to get a second fare for a travelling companion at a reduced rate. Other travel benefits include travel insurance, free Boingo Wi-Fi, and airport lounge access via the Mastercard Travel Pass Program provided by DragonPass (no free passes). Purchase protection and extended warranty are also included.
To qualify, you'll need a personal annual income of $80,000 or a household income of $150,000. If you apply right now, the WestJet RBC World Elite Mastercard has a welcome bonus of up to $450 WestJet dollars. That’s a nice way to offset the annual fee of $119.
PC Financial Mastercard
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Quick Facts
Minimum credit score: Fair-Good
Minimum income: $15,000
Age: Age of majority in your province or territory
Residency: Canadian Resident
Other requirements: PC Optimum number (one will be created if you don’t have one)
With the PC Financial Mastercard, you’ll earn 10 PC Optimum points per dollar you spend while shopping at Costco. This is a great option for your Costco purchases because, chances are, you do your regular grocery shopping elsewhere. If you choose a Loblaw’s banded store, points you earn at Costco can help offset your regular grocery bill.
Shoppers Drug Mart often has bonus redemption events to further boost the value of your PC Optimum points. That’s where you can redeem a set number of points for more than they’re usually worth. For example, you could redeem 200,000 PC Optimum points for $300 off. The regular value is $200, so that’s a 50% increase.
This card is also appealing because it’s relatively easy to be approved for. You only need an annual income of $15,000 and you don't need to have outstanding credit to be considered. Other factors may apply when determining your eligibility, but this card has fewer restrictions than other rewards cards.
BMO CashBack® World Elite®* Mastercard®*
Quick Facts
Minimum credit score: Good-Excellent
Minimum income: $80,000 individual or $150,000 household
Age: Age of majority in your province or territory
Residency: Canadian Resident
Other requirements: N/A
One of the best cash back credit cards in Canada is the BMO CashBack® World Elite®* Mastercard®*. It’s a great card overall since you’ll earn 5% in cash back on groceries; 4% on transit, 3% on gas; 2% on recurring bills; and 1% on everything else (including Costco). While these earning rates are fantastic, there are billing cycle caps of $500 on groceries; $300 on transit; $300 on gas; and $500 on recurring bill payments. If you exceed those amounts, you’ll earn 1% cash back.
Another appealing aspect of this card is that you can redeem your cash back for as little as $1. That means no waiting for monthly or annual payouts like other cards. In addition, you can apply your cash back as a statement credit, have it deposited to your BMO account, or even invest it with BMO InvestorLine.
Since this is a World Elite Mastercard, the annual personal income of $80,000 or household income of $150,000 does apply. You also get the standard World Elite benefits such as free Boingo Wi-Fi, and a free membership in Mastercard Travel Pass provided by DragonPass (no free passes). The welcome bonus is 10% cash back (capped at $260, conditions apply) for the first three months, and the annual fee of $120 is waived for the first year. Offer ends May 31, 2024.
Rogers Fido™ Mastercard®
Quick Facts
No annual fee
The Rogers Fido™ Mastercard® is a basic, no-fee cash back credit card. You'll 1.5% cash back on recurring payments and subscriptions, and you get 1% cash back on all other purchases, with no limits. To redeem your cash back, simply use the Rogers Bank app and apply it to one of your recent purchases.
This card is attractive because there’s no annual income requirement and no yearly fee, so it’s a popular pick for students and those with a limited income. In addition, new applicants that are approved can earn $25 in cash back when they make at least one purchase with their card within three months of receiving the card.
As the Rogers Fido™ Mastercard® is an entry level card, it lacks additional benefits. That said, the card includes built-in security features such as transaction monitoring and alerts. That’s where you’ll be sent a text message or email if there’s been a suspicious charge to your card. Zero liability insurance is also included, so you won’t be held liable for any unauthorized charges.
BMO Rewards® Mastercard®*
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Quick Facts
Minimum income requirement: $15,000
Annual fee: $0
Those looking for a card that earns them travel rewards for shopping at Costco without a high annual fee or income requirement may like the BMO Rewards® Mastercard®*. With this card, you earn a straight 1 BMO Rewards point per dollar spent on all purchases. These points can also be put towards the purchase of merchandise, gift cards, and even a statement credit. Using your points for travel gives you the best value.
New applicants will only be charged 0.99% interest for nine months when they make a balance transfer. A balance transfer fee of 2% applies, but it’s still a good deal for anyone carrying debt since most credit cards charge an interest rate of 19.99% or higher. In addition, cardholders get up to 25% off car rentals at National Car Rental and Alamo Rent A Car locations worldwide.
The minimum income requirement to be considered is just $15,000 and the annual fee is $0.
Which Costco credit cards can you use online?
To compete with other dominant retailers (we’re looking at you, Amazon), Costco has brought online ordering and home delivery to Canadians. It’s already available in most of Canada, leading us to ask: Which card is best for ordering online at Costco.ca? While any of the above Mastercards will more than suffice, Costco has also invited Visa cardholders to use their cards as well—but only for online shopping (not useable for shopping in Costco warehouses). Check out our list of the best Visa cards in Canada if you do most of your Costco shopping online and haven’t found a Mastercard in this article to your taste.
Why is Mastercard the only credit card accepted at Costco?
Although it’s never been officially disclosed, Costco likely only accepts Mastercard in Canada because they’ve negotiated an exclusive deal with the payment network. Whenever a Costco customer pays with their credit card, Mastercard gets a small percentage since they’re the host payment network. By agreeing to an exclusive deal with Mastercard, Costco can pass on any savings to the consumer.
It’s worth noting that Mastercard wasn’t always the only credit card accepted by Costco. There used to be an exclusive agreement with American Express, but that deal ended in 2014. The official Costco credit card can change at any time. Right now, the partnership is with CIBC, but previously, Capital One was the provider.
Payment methods and credit cards accepted at Costco Canada
There are four main payment methods available at Costco warehouses:
- Credit cards (only Mastercard)
- Cash
- Debit
- Costco gift cards
You’re allowed to make your payment with any combination of the three.
Which Costco credit cards can you use online?
If you’re shopping online at Costco.ca, you can pay with a Visa or Mastercard, which means you have the bonus on an additional form of payment if you shop online. Using Costco.ca enables you to purchase items that you can find in store, as well as many products that are only available online.
FAQs
Related articles:
- Best credit cards for groceries in Canada
- Best Walmart credit cards
- Best credit cards for online shopping
- Best credit cards for restaurants
- Best credit cards for Amazon purchases
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