CIBC Costco Mastercard vs American Express® Aeroplan®* Reserve Card: Which one is better?
CIBC Costco Mastercard
2.8
American Express® Aeroplan®* Reserve Card
4.1
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus Value
$0
Annual Fee
$0
First Year Value
$347.33
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$659.8
Air Canada Aeroplan®
First Year Bonus Value
$0
Air Canada Aeroplan®
Annual Fee
$599
First Year Value
$60.8
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Extended Warranty
Up to a year
Purchase Protection
Up to 90 days
Mobile Device Insurance
$1000
Insurance Included*
Extended Warranty
1 yearsPurchase Protection
90 days
Lost or Stolen Baggage
$1K
Baggage Delay
$1K/person after 6 hours.svg)
Car Rental Damage & Theft
$85K Up to 48 consecutive rental days
Travel Accident
$500,000
Hotel Burglary Insurance
$1000
Emergency Out of province Medical
$5M/insured up to 15 days
Trip Cancellation
$1.5K/person, $3K/trip
Trip Interruption
$1.5K/person, $6K/tripFlight Delay
$1,000/person after 4 hours
Extra Benefits
N/A
Extra Benefits*
Companion Voucher
Annual Worldwide Companion Pass from $99 to a max of $599 After spending $25,000 on your card.svg)
Status lift
Reach Aeroplan Elite™ Status sooner by earning 1,000 Status Qualifying Miles and one (1) Status Qualifying Segment for every $5,000 of net purchasesStatus lift
Complimentary upgrade to Avis® President's ClubStatus lift
Primary Cardholders who also hold Aeroplan Elite Status can roll over up to 200,000 Status Qualifying Miles (SQM) beyond the status level for which they’ve qualified, from the prior qualification year to qualify for status the next year.Status lift
Primary Cardholders who also hold Aeroplan Elite Status will benefit from an extra 12 months to use eUpgrade credits, for a total of 24 months from issuance..svg)
Free first checked bag
First checked bag is free for primary cardholder on WestJet flight and up to 8 guests
Extra points
Earn points twice at over 150 Aeroplan partner brands and over 170 online retailers through the Aeroplan eStore
Free Extra Night at Hotels
Cardmembers can now get an extra night free for every 3 hotel nights redeemed with Aeroplan points. Enjoy even more at over 300,000 hotel properties worldwide
Nexus Program Rebate
$100 every 4 years
Priority Travel
At Toronto Pearson airport get benefits such as Priority Security lane, Complimentary valet, premium parking spots, priorioty taxi and limo lane and discount for parking and car care.Priority Travel
Get Priority Check-in, Priority Boarding and Priority Baggage Handling, Priority Airport Standby & Priority Airport Upgrades for you, your authorized users and up to 8 companions on the same flight (Only AirCanada)
Airport Lounge - Maple Leaf and AirCanada Cafes
Unlimited Access for you and one guestAirport Lounge - Priority Pass
Pass only. No Complimentary visits!
Amex Experiences™
Amex Experiences™ opens doors for you to access a number of special events, including special dining experiences, VIP parties, advance film screenings and more
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Balance Transfer:
22.49%
Interest Rates*
Purchase:
21.99%2
Cash Advance:
21.99%2
Annual Fee
$0
Annual Fee*
$599
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus
N/A
Welcome Bonus*
New American Express® Aeroplan®* Reserve Cardmembers can earn up to 130,000 Aeroplan points. Earn 60,000 points after you spend $7,500 on your Card in your first 3 months of Cardmembership. Plus, earn an additional 40,000 points after you spend a total of $45,000 on your Card in your first 12 months of Cardmembership. You can also earn 30,000 points when you make a purchase between 15 and– 17 months of Cardmembership. That’s up to $3,500 or more in value when you combine your bonus points and card benefits. Offer ends August 18, 2025.
Rewards Rate
- 3% cash back on Restaurants
- 3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
- 2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
- 1% on everything else
Rewards Rate*
- 3x Aeroplan® points per $1 spent on eligible Air Canada® and Air Canada Vacations® purchases
- 2x Aeroplan® points per $1 spent on eligible dining & food delivery purchases
- 1.25x Aeroplan® points per $1 spent on all other purchases
Loyalty Program
N/A
Loyalty Program*
Point Redemption Options
Not Applicable
Point Redemption Options*
Most Optimal
Aeroplan® Flights
2.1¢ / point
Car Rentals
0.9¢ / point
Travel
0.825¢ / point
Merchandise
0.75¢ / point
Gift Cards
0.72¢ / point
Is this card worth it?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Is this card worth it?
If you are a frequent Air Canada traveler, having an Aeroplan card for perks like free checked bags and priority service can be very beneficial. Many financial institutions offer Aeroplan cards, but I don't believe the American Express version is the best one. Opting for another option might be better. However, the Amex card does have a very large sign-up bonus, making it a great choice for those specifically seeking that.
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Pros
- Generous rewards rate with up to 3 Aeroplan points per $1 spent on purchases, particularly beneficial for frequent flyers.
- Enjoy free checked bags when flying with Air Canada, reducing travel costs.
- Access to preferred pricing on Aeroplan flight awards, maximizing the value of your points.
- Unlimited access to Maple Leaf lounges when flying with Air Canada, providing a more comfortable travel experience.
- Extensive insurance coverage, including 11 types of insurance, offering peace of mind during your travels.
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
Cons
- As an American Express card, it may have limited acceptance compared to other credit cards, potentially limiting its use in some places.
- The most valuable rewards are generally tied to Air Canada flights, which may not appeal to travelers who fly with other airlines.
- The card comes with a high annual fee of $599, which may be a consideration for budget-conscious users.
- The unlimited lounge access is limited to Maple Leaf Lounges and Air Canada Cafe lounges which don't have a great worldwide coverage.
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