What You Need to Know About Changes to the Capital One Costco Mastercard (2022)

Published Date

Author Ben Breitbart

On March 4, 2022, CIBC became the exclusive issuer of Costco credit cards in Canada and acquired the existing Canadian CapitalOne CostcoMastercard® portfolio.

Please read the following information for more details on these changes. If you have further questions about your new credit card or the transfer of your account to CIBC, please visit cibc.com/costcobenefits.

What You Need to Know About Changes to Your Account

On March 4, 2022, eligible CapitalOne CostcoMastercard accounts, along with the 16-digit credit card number, expiry date, CVV and PIN, were transferred to CIBC. Credit card details didn’t change.

You can continue to use your CapitalOne CostcoMastercard as usual until you receive your new CIBC CostcoMastercard in the mail. Your new card should arrive before August 31, 2022. Shortly after your new CIBC CostcoMastercard is activated, you and any authorized users on the account will no longer be able to use your CapitalOne CostcoMastercard.

Your credit limit remains the same, and you’ll be able to use your card without interruption. In addition, you won’t need to update your pre-authorized payments (if applicable) with any merchants.

If you enrolled in Costco’s membership auto-renewal using your CapitalOne CostcoMastercard, this will be processed on your CIBC CostcoMastercard on your next renewal date following the transfer of your account to CIBC. Your annual Costco membership fee auto-renewal settings will continue to be available through your Costco.ca account.

Your physical CIBC CostcoMastercard will also serve as your Costco membership card.

Until March 4, 2022, the terms and conditions of your CapitalOne CostcoMastercard account continued to apply. After your account was transferred, CIBC became the sole owner of your account, and your CapitalOne terms no longer apply.

As a result of this transfer, the insurance benefits and the Price Protection Service included with your CapitalOne CostcoMastercard ended at 11:59 p.m. ET on March 3, 2022. More details regarding the continuation of insurance benefits and the Price Protection Service for purchases paid with your card on or before March 3, 2022 are included on this page under “About Insurance Coverage on Your Account” and in your current Certificate of Insurance.

For eligible CapitalOne CostcoMastercard customers, you should have received a letter in the mail with full details about what to expect on the account transfer to CIBC.

About Making Payments to Your Account

Your account, including any outstanding balance, has been transferred to CIBC. As of March 4, 2022, interest continues to accrue on your outstanding balance with CIBC, as set out on the CIBC Summary of Rates and Fees mailed to you.

If you haven't already, you'll need to change your bill payment/payee information as soon as possible from CapitalOne to “MASTERCARD,CIBC/BANQUECIBC” to make an online payment to CIBC by following these steps:

  1. Log in to your bank’s online banking site.
  2. Add “MASTERCARD,CIBC/BANQUECIBC” as a new payee using your 16-digit credit card number as your account number.
  3. Make your payment to CIBC.

If you were enrolled in the CapitalOne pre-authorized debit service (also known as Auto Pay), this service ended on March 3, 2022.

About Cash Back Rewards

CapitalOne mailed cash back coupons in January 2022 to eligible cardholders for cash back earned during the 2021 calendar year. Your account was eligible as long as it was open and in good standing, which means that it wasn’t past due, fraudulent, restricted, or part of a consumer credit counselling program or bankruptcy. Coupons weren’t available in a digital format.

Your cash back coupon can be redeemed at any Costco warehouse in Canada. If your cash back coupon has an expiry date, you’ll see this date printed on your coupon.

Any past coupons issued by CapitalOne that have not yet been redeemed and have not yet expired can still be used at any Canadian Costco warehouse.

Cash back earned with your CapitalOne CostcoMastercard from January 1, 2022 to March 3, 2022 will show on your CIBC statement in the Rewards Summary on your March or April 2022 CIBC statement.

You’ll receive one cash back gift certificate from CIBC in January 2023 for all cash back earned in 2022. This cash back gift certificate will include rewards earned on both the CapitalOne CostcoMastercard (earned from January 1, 2022 to March 3, 2022) and the CIBC CostcoMastercard (earned from March 4, 2022 to December 31, 2022).

Cash back gift certificates will be issued by CIBC every January as long as your account is open and in good standing and you have a current Costco membership as of December 31 of the prior year.

About Your Statements

Your first credit card statement from CIBC will be issued in March 2022. Your payment due date and the date you receive your statement may change following the transfer of your CapitalOne account to CIBC.

If you received online statements from CapitalOne, you’ll automatically receive eStatements (online statements) from CIBC. In order to access your eStatements, remember to register for CIBC Online Banking®, starting March 7, 2022.

If you received paper statements from CapitalOne, you’ll receive paper statements from CIBC for your CIBC CostcoMastercard. You’ll be able to change to online statements once you register for CIBC Online Banking.

CapitalOne CostcoMastercard statements are no longer available through CapitalOne as of March 3, 2022.

About Online Servicing for Your Account

Access to your CapitalOne online banking account and the CapitalOneCanada mobile app ended on March 3, 2022. Your statement preferences were transferred to CIBC, and you’ll need to register for CIBC Online Banking as of March 7, 2022 to access eStatements.

Alert preferences, including overlimit preferences, minimum payment reminders and eStatement alerts, weren’t transferred to CIBC. You’ll have the opportunity to update these preferences once you register for CIBC Online Banking.

If you have other credit cards with CapitalOne, you can continue accessing your account as you regularly do; however, your CapitalOne CostcoMastercard account is no longer accessible online through CapitalOne as of March 4, 2022.

About Insurance Coverage on Your Account

Your insurance coverage and Price Protection Service terminated at 11:59 p.m. ET on March 3, 2022. However, subject to the terms and conditions outlined in the Certificate of Insurance, some eligible purchases paid with your card will continue to be covered in the event of a loss. Please refer to the chart below for details:

  • Car Rental Collision/Loss Damage Waiver Insurance
  • Common Carrier Travel Accident Insurance
  • Baggage Delay Insurance

If Date of Loss
was on or before
March 3, 2022

Call 1-888-324-2363 to file a claim

If Date of Loss
was on or after
March 4, 2022

Benefits DO NOT apply

  • Purchase Assurance
  • Extended Warranty Insurance
  • Price Protection Service

If the Date of Purchase
was on or before
March 3, 2022

Call 1-888-324-2363 to file a claim

If the Date of Purchase
was on or after
March 4, 2022

Benefits DO NOT apply

Download the Certificate of Insurance for the CapitalOne CostcoMastercard (305 KB PDF)

What to Know About the Transfer of Your Personal Information to CIBC

For eligible CapitalOne CostcoMastercard customers, your personal information was transferred to CIBC based on the agreement between CapitalOne and CIBC.

Please be assured that privacy is important to us. CapitalOne takes all reasonable measures to protect data, as we use procedures and practices appropriate to the sensitivity of personal information to protect against loss, theft and unauthorized access.

To understand how we manage personal information, we encourage you to review our Privacy Policy on our website.

What to Know About Certain Accounts Not Being Transferred to CIBC

Some CapitalOne CostcoMastercard accounts weren’t transferred to CIBC due to the account status. If your account wasn’t transferred and you have a balance owing, you’ll receive statements by mail from CapitalOne – not CIBC. You’re responsible for any outstanding balance on the account, and you can continue to make payments as you do today. If you have questions, please call CapitalOne at 1-800-481-3239.

Download the Cardholder Agreement (effective for new CapitalOne CostcoMastercard customers as of Aug. 1, 2019) (161 KB PDF)

Once your account was transferred to CIBC on March 4, 2022, CIBC became the sole owner of your account. At that time, the terms and conditions of your CapitalOne CostcoMastercard ceased to apply and your account will be subject to the terms and conditions of your CIBC CostcoMastercard, as provided by CIBC. CapitalOne shall have no responsibility, obligation, or liability whatsoever with respect to any CIBC CostcoMastercard account, the CIBC CostcoMastercard terms, their interpretation, delivery or implementation. If your CapitalOne CostcoMastercard account didn’t transfer to CIBC, it will remain the property of CapitalOne and will continue to be subject to the CapitalOne CostcoMastercard terms then in effect. Nothing in this notice constitutes a partnership or joint venture between CapitalOne and CIBC, and neither party is liable for any representation, act or omission of the other party

Your CIBC CostcoMastercard or CIBC Costco World Mastercard must be open and in good standing and you must have an active Costco membership on December 31 to be eligible for the cash back gift certificate for cash back rewards earned in that year. CIBC is not liable for any rewards earned by you with CapitalOne, whether or not CIBC elects to do this.

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