Costco Credit Card vs. Amazon Credit Card: How to Choose
Deciding between the CIBC Costco®† Mastercard® and Amazon.ca Rewards Mastercard® doesn’t have to be hard.
Both are rewards credit cards that earn cash back.
The Costco card earns cash back on a wider variety of spending categories, but the Amazon card has a higher earn rate for its spending categories.
The Amazon card has a sign-up bonus, whereas the Costco card doesn’t.
Points earned with the Costco card can only be redeemed once a year, whereas points earned with the Amazon card can be redeemed as soon as you hit the required threshold.
Here’s a look at the details that matter most, so you can make a decision quickly and confidently.
Costco card vs. Amazon card
Rewards breakdown
Rewards breakdownCash back at restaurants.
Cash back at Costco gas.
Cash back at other gas stations.
Cash back at Costco.ca.
Cash back on all other purchases including at Costco.
NerdWallet's take
NerdWallet's takeThis no-annual-fee Costco card offers 3% back on restaurants and Costco gas, 2% back on Costco.ca purchases and a flat 1% back everywhere else. You’d imagine this card’s highest cash-back rate would apply to Costco warehouse purchases, but you’d be wrong. Costco regulars may want to consider other cash-back cards that reward in-store purchases. Best for: Costco members who want a card that boosts dining and fuel spend and don’t mind redeeming cash-back rewards in-warehouse.
Pros
- No annual fee.
- Cash-back rates of up to 3%.
Cons
- Cash back can only be redeemed at Costco.
- Eligibility requires an active Costco membership.
Card details
Card details- 3% cash back at restaurants and at Costco gas.
- 2% cash back at other gas stations and at Costco.ca.
- 1% cash back on all other purchases, including at Costco.
- No annual fee.
- Pay for purchases of $100 or more with CIBC Pace It low-rate Installment Plans, spreading payments over a fixed term. Take advantage of special Installment Plan interest rates with no installment fees on eligible Costco purchases in Canada and at Costco.ca.
- Make quick and secure payments using Apple Pay®, Google Pay™ and Samsung Pay® when you add your new card to your mobile wallet.
- Redeem your annual cash back gift certificate at any Canadian Costco warehouse.
- Get 0.25% cash back for every $1 spent on a CIBC Global Money Transfer™. There are no transaction fees, and interest won’t be charged, as long as the balance is paid by the payment due date.
- Preferred rates: 19.75% for purchases, 21.49% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live. You must also have a valid Costco Wholesale membership.
- The information for the CIBC Costco®† Mastercard® has been collected independently by NerdWallet. The card details on this page have not been reviewed or provided by the card issuer.
Rewards breakdown
Rewards breakdownCash back on Amazon.ca and Whole Foods Market store purchases for Prime members (1.5% for non-Prime members).
Cash back on eligible foreign currency transactions (1.5% for non-Prime members).
Cash back everywhere else Mastercard is accepted.
NerdWallet's take
NerdWallet's takeA no-fee Amazon-branded card that’s ideal for Prime members: get 2.5% back at Amazon.ca and Whole Foods, plus 2.5% back on international purchases to help offset the card’s 2.5% foreign exchange fee. Rewards are redeemable for Amazon.ca gift cards — convenient, but as far as reward redemptions are concerned, a less flexible option than cash back. Best for: Amazon.ca Prime members and Whole Foods shoppers who value simple, at-checkout rewards.
Pros
- No annual fee.
- Up to 2.5% back at Amazon.ca & Whole Foods.
- 2.5% back on foreign-currency purchases.
Cons
- Non-Prime reward rates drop to 1.5% at Amazon.ca and Whole Foods, and 1% on foreign-currency purchases.
- Rewards can only be redeemed on Amazon.ca.
Card details
Card details- Earn 5% back on your first $3,000 in eligible purchases at Amazon.ca, Whole Foods Market stores, grocery stores, and restaurants.
- Earn rewards on eligible purchases at Amazon.ca — including Whole Foods Market stores in Canada.
- After the welcome offer ends, eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores.
- Eligible Prime members always get 2.5% back on eligible foreign currency transactions to help cover foreign transaction fees.
- After the welcome offer ends, non-Prime members get 1.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. Always get 1% back on eligible foreign currency transactions to help cover foreign transaction fees.
- Receive 1% back on eligible purchases everywhere else Mastercard is accepted.
- Rewards can be redeemed at Amazon.ca and applied directly to eligible Amazon.ca items.
- No annual credit card fee.
- The MBNA Payment Plan can make it more convenient to pay for large purchases and manage a budget. Pay for eligible credit card purchases of $100 or over by making monthly payments. Choose from three Payment Plan terms: 6, 12 or 18 months. Conditions and fees apply.
- Preferred rates: 19.99% for purchases, 22.99% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Looking for a good credit card?
See NerdWallet’s picks for the best credit cards in Canada and start earning more rewards today.Frequently asked questions
Is the Amazon CA credit card good?
The Amazon Rewards Mastercard earns cash-back rewards on everyday spending and doesn’t charge an annual fee. If you frequently shop at Amazon.ca or Whole Foods Market stores, this card could help you earn gift cards to use on future purchases.
Is the Costco credit card worth it?
The CIBC Costco Mastercard earns cash-back rewards on everyday spending and doesn’t charge an annual fee. If you shop at Costco regularly, this card could help you earn a gift certificates that can be used for future purchases.
What are the advantages of a Costco credit card?
The CIBC Costco Mastercard earns 1%-3% cash back on eligible purchases, offers payment plans for purchases of $100 or more, and can serve as your Costco membership card.
What are the benefits of an Amazon credit card?
The Amazon.ca Rewards Mastercard features a welcome offer upon approval, earns 1%-5% cash back on eligible purchases, may have special benefits for eligible Prime Members, and offers payment plans for purchases over $100.
Can you use an Amazon card like a regular credit card?
Yes, though the Amazon Rewards Mastercard is technically a store credit card, it can be used to make purchases anywhere Mastercard is accepted.
What credit score is needed for an Amazon credit card in Canada?
Amazon.ca doesn’t publicly disclose the minimum credit score requirements for the Rewards Mastercard, but many rewards cards that earn cash back required scores in the good to excellent range.
Am I eligible for a Costco credit card in Canada?
To be eligible for a CIBC Costco Mastercard, you must have a Canadian credit file, be a Canadian resident and be the age of majority in the province or territory where you live. You must also have a valid Costco Wholesale membership.
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