How much does the CIBC Costco Mastercard pay you?
Enter what you spend each month. See the cash back from the CIBC Costco Mastercard, the annual limits that cut it to 1%, and what the Executive 2% reward adds on top.
Card cash back
Executive 2%
The CIBC Costco Mastercard's cash back rates
| Where you spend | Cash back | Limit per year |
|---|---|---|
| Costco gas (in Canada) | 3% | First $5,000 of gas and EV charging combined, then 1% |
| Other gas and EV charging | 2% | |
| Restaurants | 3% | No limit |
| Costco.ca | 2% | First $8,000, then 1% |
| Costco warehouses | 1% | No limit |
| Everything else | 1% | No limit |
CIBC's product page says there's "no limit" to the cash back you can earn, which is true of the total. But its Benefits Guide sets the two category limits above, and both reset to zero on January 1. The card has no annual fee and no fee for additional cardholders.
If your gas goes over the limit, the calculator splits it between Costco gas and other gas in proportion to what you spend on each. Your real split depends on the order you buy.
The warehouse surprise: only 1%
The CIBC card pays just 1% on purchases in Costco warehouses, the same as anywhere else. Its Costco bonus is for Costco.ca and Costco gas. That's a big difference from the U.S., where the Costco card pays 2% in the warehouse.
For Executive members, it means a warehouse purchase earns about 3% in total: 1% from CIBC and 2% from Costco. On Costco.ca, it's about 4%: 2% from CIBC and 2% from Costco, which is the "4% cash back on Costco.ca" Costco advertises. Gas earns CIBC's rate only, because Costco excludes gasoline from the Executive reward.
Stacking it with Executive
Executive membership costs $130 a year plus tax, $65 more than Gold Star ($65). The 2% reward is capped at $1,250 a year, and it pays for the upgrade once your qualifying purchases pass about $3,250 a year ($271 a month).
Costco Canada's 2% reward excludes, among other things, gasoline, tobacco, food court items, prescription drugs, Shop Cards and gift certificates, taxes and deposits, and Costco services. In Quebec and Nova Scotia, liquid milk and cream are excluded too, and Quebec also excludes all pharmacy and optical items. The calculator applies the 2% to the warehouse and Costco.ca amounts you enter, so leave excluded items out of those boxes.
The cash back gift certificate
- When: once a year, with your January statement, for what you earned January to December. You can redeem it digitally in the CIBC app or print it.
- Who: only the Primary Cardholder. Authorized users don't get or redeem certificates.
- To qualify: your card account has to be in good standing, and your Costco membership active, on December 31. If not, CIBC says you can lose the cash back.
- Where it works: at the front-end registers of Canadian Costco warehouses. It can't be used on Costco.ca, at the gas station, tire centre, food court or pharmacy, or for alcohol, tobacco or travel.
- Expiry: CIBC says gift certificates don't expire unless otherwise indicated.
Common questions
Does the CIBC Costco Mastercard have an annual fee?
No. There's no annual fee and no fee for up to three additional cardholders. You need a Costco membership to get the card.
Is the CIBC Costco Mastercard worth it?
It's strongest for Costco gas, restaurants and Costco.ca. If most of your Costco spending is in the warehouse, it pays 1% there, so compare it with a general cash back card that pays more on everyday purchases.
Sources: CIBC Costco Mastercard and its Benefits Guide (limits, certificate rules); Costco.ca 2% reward (cap and exclusions); Costco.ca membership fees. All checked October 18, 2026. General information, not financial advice. Run Don't Walk isn't paid by CIBC or Costco. In the U.S.? See the Costco Anywhere Visa calculator.