![]() NBC – The National Bank of Canada also offers several Mastercards.If you’re looking for rewards when gassing up your car, there’s also the Shell AIR MILES Mastercard. BMO – The Bank of Montreal offers a ton of different Mastercard options, like the BMO World Elite Mastercard, which provides many travel benefits, as well as a welcome bonus of up to 30,000 points.In fact, there are plenty of other credit card providers in Canada offering products that may suit your financial preferences better than Capital One, including but not limited to: The new Costco credit card will also be a Mastercard, so, your best bet is to get a Costco Credit Card if you like the idea of in-store benefits and a regular Mastercard if you want to explore benefits outside the store.Ĭostco Life Insurance Review Alternative Options To The Branded Costco Credit CardĪs mentioned, one of the main reasons that Capital One ended its partnership with Costco is that the Capital One Costco Mastercard doesn’t offer up great benefits compared to other cards, especially when it comes to its cash-back rates. If you do research, you may even find a card that offers better benefits and rates than the Capital One Costco Mastercard.Īt the moment, Costco Canada doesn’t accept American Express or Visa credit cards (Visa debit cards are accepted). Regular Mastercard – Thankfully, Costco Canada will continue to accept most other types of Mastercards.The Branded Costco Credit Card – Members can sign up for their own Costco Credit Card, which allows them to shop and collect in-store reward points, as well as other benefits that will justify the yearly cost of their membership.That said, there are a couple of different alternatives clients can turn to, such as: Should You Get The New Branded Costco Credit Card Or A Regular Mastercard?Ĭostco has always stuck to its gimmick of only accepting one credit card brand at a time, which might make things tough on customers who have been relying solely on their Capital One Costco Mastercard to make purchases (rather than their debit card). More news on the card will be released in the coming months as CIBC transitions as Costcos exclusive issuer. Moreover, the new CIBC Costco Mastercard will also act as your membership card. The new CIBC Costco Mastercard is expected to have great benefits and will also be accepted at any store that takes Mastercard. Till then, existing members can use their Capital One Costco Cards as per usual. What Does This Mean For Capital One Costco Mastercard Holders?Ĭapital One Costco Mastercard holders can expect a gradual withdrawal process, wherein Costco members will gradually have their cards and accounts replaced with the new CIBC Costco Mastercard. Replacement cards are expected to be distributed starting early next year in 2022. The new co-branded card will also continue with Costco’s previous payment network as Mastercard. This is a big move for CIBC, the acquisition is expected to significantly grow their credit card portfolio and stabilize their positions as the 3rd largest bank in Canada. According to their press release, CIBC will be taking over Costco’s current credit card portfolio which has more than $3 billion in outstanding balances. They will become the next issuer of Costco Mastercards in Canada. Recent news announced that CIBC struck a deal with Costco. Who Is Replacing The Capital One Costco Mastercard? ![]() ![]() So, it seems that the experts at Capital One have recently realized the opportunities for growth that come from focusing on their own brand. However, this lack of fees meant the company had to rely on out-of-country purchases to regain its investment. This was a big deal for Costco members, who would later be exempt from interchange fees in Canada. Until an agreement was struck with Capital One in 2014, the main credit card company that Costco Canada did business with was American Express. Why Is Capital One Ending it’s Partnership With Costco? Read this to learn what type of effect the Capital One Costco Mastercard ending will have on its consumers and what you can do to recover from the situation in 2021. As a result, Capital One is simply not making enough profit to justify its investment or keep its products in the Canadian market. Since cash back rates for this card are relatively low, its clients aren’t motivated to make purchases at other qualified locations. Unfortunately, this marks the end of the Capital One Costco Mastercard. Rather than focusing its efforts on relationships with its partners, the company will gradually move toward its own credit card empire. ![]() Recently, Capital One ended its coveted partnership with Costco Canada and the Hudson’s Bay Company. Not Sure Which Credit Card You Should Choose Next? ![]()
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