It's here!
by Steve Fisher
The goal for both CIBC and Costco is to ensure that the transition for clients and Costco members with existing co-brand credit cards is as seamless as possible. Here, with the help of Costco and CIBC leadership, the Connection explores what’s behind the change and how it benefits members. Here’s what you need to know.
More value for Costco members
Developed based on Costco member feedback, the new CIBC Costco Mastercard offers strong features and benefits, including more cash back, valuable insurance coverage* and flexible instalment payment options.
Costco’s decision to move to a new credit card partner has been in the works for nearly two years with the expiry of the agreement with Capital One. Sue Pudrycki, Costco assistant vice president of marketing, membership, services and travel, says, “We were looking for a relationship with a Canadian financial institution that could improve on the current cash back rewards plus have the ability to service members at the high standards that Costco expects, and CIBC aligned with our goal of providing strong value to our members. CIBC is one of the top full-service banks in Canada, with more than 1,000 banking centres across the country and award-winning digital banking options.”
“We’ve been working closely with the Costco team for nearly two years with a focus on understanding their business and members,” says Jeff Smith, vice president, card products, CIBC, noting the importance of building strong relationships. “As one of the top three issuers of credit cards in Canada, CIBC is extremely client focused, has the skill to handle the volumes as well as experience with successful conversions and long-term co-brand partnerships. At the heart of it, it's about the long-term relationships with clients and Costco members.”
CIBC is focused on helping Canadians make their ambitions a reality by providing expert advice and financial solutions to help them reach their goals. “We are committed to helping our clients plan for the most important things in life—whether that’s saving or investing for the future. With assistance from our CIBC advisors, we help our clients reach their short and long-term goals,” says Smith.
Important reminders
Here are a few important reminders for existing credit card members:
- Continue to use your current credit card until you receive your new CIBC card in the mail— your new card will arrive by August 31, 2022—there is no need to reapply.
- Activate your new CIBC Costco Mastercard as soon as you receive it in the mail by following the instructions on the sticker on your card.
- Register for convenient digital access to your card: Download the CIBC Mobile Banking® App or visit cibc.com/register.
- Payments for your credit card should be made to CIBC as of March 4, 2022. Change your payee information from Capital One to CIBC to ensure seamless online payments of your credit card bill.
- Once you're enrolled in CIBC Online Banking®, update your alert preferences, such as minimum payment reminders.
- If you were previously receiving online statements from Capital One, you'll have access to CIBC eStatements through CIBC Online Banking. To receive your eStatement, simply register for CIBC Online Banking.
- If you were previously receiving paper statements, you'll continue to receive paper statements from CIBC. You'll be able to change to paperless once you enroll for CIBC Online Banking.
- If you were enrolled in Capital One AutoPay to make automated payments on your Capital One card, this service ended on March 3, 2022. To set up automatic payments on your new CIBC Costco Mastercard, please call CIBC at the number on the back of your current credit card.
- Visit cibc.com/costcobenefits to learn more.—SF