Capital One’s Mastercard affiliation with Costco has clearly appear to an end. Cue CIBC.
Canadian Imperial Bank of Commerce (CIBC) has appear that it has anchored a abiding accord to become the sole issuer of Costco Mastercards in Canada, alpha in aboriginal 2022.
“We are aflame to accomplice with Costco, one of the best and best apparent brands in Canada for accouterment unparalleled value, to enhance the rewards affairs and bear alike added amount to their members,” said Laura Dottori-Attanasio, accumulation head, claimed and business cyberbanking at CIBC, in a contempo columnist release.
“This accord enables us to alter our acclaim agenda portfolio in accustomed rewards, abound our bazaar allotment in payments, and provides a allusive befalling to deepen relationships by affair the banking needs of Costco members.”
In accession to arising new Mastercards, CIBC will additionally access the accepted Canadian Costco acclaim agenda portfolio, which serves millions of Canadians and reportedly has over $3 billion in “outstanding balances.”
Further, according to a account accustomed to iPhone in Canada by a CIBC spokesperson, the new Mastercards will abutment Apple Pay, acceptance you to abundance the agenda in your iPhone’s Wallet app, authoritative it bigger than Capital One’s alms in one respect.
The old Capital One Costco Mastercard had no anniversary fee and an anniversary absorption amount of 19.75 percent. It provided three percent, two percent and one percent banknote aback on restaurant, gas and all added purchases, respectively.
CIBC’s account absolution states that the new CIBC Costco Mastercard will action admired rewards for purchases fabricated at all Canadian Costco warehouses and on Costco.ca and action as the Costco associates card. However, the cashback percentages were not revealed, admitting CIBC did accompaniment that “additional advice apropos the agenda alms and affairs alteration will be accessible in the advancing months.”
Image credit: CIBC
Source: CIBC Via: iPhone in Canada
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