Capital One Costco Mastercard: what happened to it, and what to use now

The Capital One Costco Mastercard no longer exists in Canada: on March 4, 2022, CIBC became the exclusive issuer of Costco credit cards and took over every eligible Capital One Costco Mastercard account. Cardholders did not reapply, kept their credit limit and were mailed a CIBC Costco Mastercard by August 31, 2022. If you are looking for the Costco card today, it is the CIBC Costco Mastercard: $0 annual fee, 3% back at Costco gas and restaurants.

What happened to the Capital One Costco Mastercard?

CIBC bought it. On September 2, 2021, CIBC announced a long-term agreement to become the exclusive issuer of Costco Mastercards in Canada and to buy the existing Capital One Costco portfolio, with more than $3 billion in outstanding balances. The switch took effect on March 4, 2022.

Did Capital One Costco cardholders have to reapply?

No. Costco said eligible Capital One Costco Mastercard accounts changed to the CIBC Costco Mastercard automatically, with no new application and no credit check, so the move did not affect credit ratings. Cardholders kept their existing credit limit, and any balance moved to CIBC with the account.

Does an old Capital One Costco card still work?

Not for long after the switch. The Capital One card kept working after March 4, 2022 only until the new CIBC card arrived; once you activated the CIBC card, the old one stopped. Every replacement was due by August 31, 2022. If you still hold a Capital One Costco card and never received a CIBC one, call CIBC using the number on cibc.com; we don't list phone numbers because scam sites often publish fake ones.

How do you log in or pay a Capital One Costco account now?

Through CIBC. Capital One online banking and its app stopped showing Costco cards on March 3, 2022, and pre-authorized payments set up with Capital One ended, so they had to be set up again with CIBC. See how to sign in to your Costco Mastercard. Capital One says a small number of accounts were not transferred; if yours still has a balance with Capital One, its statements come by mail from Capital One.

What happened to Capital One Costco cash back?

It carried over. Costco said cash back earned in 2022 was paid as one gift certificate in January 2023, combining what you earned on the Capital One card (January 1 to March 3, 2022) and on the CIBC card. Capital One certificates already issued could still be used at Canadian warehouses until they expired.

What is the best Costco credit card in Canada now?

For most members, the CIBC Costco Mastercard. It has no annual fee and earns 3% at restaurants and Costco gas, 2% at Costco.ca and other gas stations, and 1% on everything else, including the warehouse. The cash back comes once a year as a Costco gift certificate. Our CIBC Costco Mastercard review works out what it pays on real budgets, and business owners can compare the Costco Business Mastercard.

You do not need a Costco card to shop at Costco: warehouses in Canada take any Mastercard and debit.

Does Capital One still offer a Costco card in Canada?

No. CIBC is the exclusive issuer of Costco Mastercards in Canada under its long-term agreement with Costco, so no other bank, including Capital One, offers a Costco-branded card here as of October 1, 2026.