CIBC will become the new issuer of Costco Mastercards

American Express weren’t the only ones wanting to release big credit card news today as only a few short hours later CIBC issued a press release with news a lot of people have been waiting for. The bank announced this morning that they will become the exclusive issuer of Costco Mastercards in Canada. The long term agreement is expected to start early in 2022.

CIBC will acquire the existing credit card portfolio from Capital One which has an astonishing $3 billion in outstanding balances! This also marks the return of the Mastercard brand to CIBC after they
stop issuing their Aventura World Mastercard quite a few years ago. The Mastercard brand will remain as the exclusive payment network for in-store purchases at Costco. There is no word yet about online shopping with Costco but I would assume that will remain the same with more payment options.

No details about the actual card and its rewards and benefits have been revealed yet with CIBC only stating the following in the press release:

The new CIBC Costco Mastercard will provide valuable rewards for shopping at all Canadian Costco warehouses and at, and will serve as the Costco membership card. It may also be used at merchants worldwide that accept Mastercard. Existing Capital One Costco Mastercard cardholders can continue to use their current card until receiving their new CIBC Costco Mastercard, expected to start in early calendar year 2022. Additional information regarding the card offering and program transition will be available in the coming months.

So there you have it, after months of speculation as to who would be issuing the new Costco cards we now know it will be CIBC. Outside of that there isn’t too much more we can say but you can be sure we’ll provide full coverage of the card and its details once those are released by CIBC over the coming months.

Click here to learn more about the CIBC Costco partnership