CIBC Costco Mastercard vs American Express Platinum Card®: Which one is better?
CIBC Costco Mastercard
2.8
American Express Platinum Card®
4.7
Welcome Bonus
N/A
Welcome Bonus*
Experience Amex’s best offer this year on the Platinum Card®. New Platinum® Cardmembers can earn up to 180,000 Membership Rewards® points - that’s up to $1,800 towards a weekend away. Earn 100,000 points after you spend $10,000 on your Card in your first 3 months of Cardmembership. Earn an additional 50,000 points after you spend a total of $50,000 on your Card in your first 12 months of Cardmembership. Plus, earn 30,000 points when you make a purchase between months 15 and 17 of Cardmembership. Offer ends August 18, 2025.
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus Value
+
$0
Annual Fee
-
$0
First Year Value
$347.33
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is Up to 180,000 Membership Rewards® points, which we value at $3,780 when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.
Rewards Breakdown
Annual Rewards
$581.26
American Express Membership Rewards
First Year Bonus Value
+
$0
American Express Membership Rewards
Annual Fee
-
$799
First Year Value
-$217.74
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is Up to 180,000 Membership Rewards® points, which we value at $3,780 when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.
How to Earn Rewards
- 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
How to Earn Rewards*
- 2x points per $1 spent on eligible dining & food delivery purchases (restaurant, fast food, coffee shop, food delivery)
- 2x points per $1 spent on eligible travel purchases (flights, hotels, tours and more)
- 1x point per $1 spent for all other purchases
Insurance Included
Extended Warranty
Up to a year
Purchase Protection
Up to 90 days
Mobile Device Insurance
$1000
Insurance Included*
Extended Warranty
1 yearPurchase Protection
120 days
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000.svg)
Car Rental Damage & Theft
Yes
Travel Accident
$500,000
Hotel Burglary Insurance
$1000
Emergency Out of province Medical
15 days
Trip Cancellation
$2,500
Trip Interruption
$2,500Flight Delay
$1,000
Extra Benefits
N/A
Extra Benefits*
Trip and legal Assistance
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Concierge Services
American Express® Experiences
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Status lift
Upgrade to Hilton Honors Gold StatusStatus lift
Upgrade to Marriott BonvoyTM Gold Elite status
Extra points
Earn 2 points on Amex Travel Online purchases and extra points on American Express offers.svg)
Travel Credit
$200
Dining Credit
$200 at Select Restaurants
Nexus Program Rebate
$100 statement credit every 4 years
Airport Lounge - American Express Global Lounge
Take full advantage of The American Express Global Lounge Collection™ which unlocks access to over 1,400 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
Complimentary Hotel Benefits
Enjoy complimentary benefits that offer an average value of $550 USD at over 1,600 extraordinary properties worldwide when you book Fine Hotels + Resorts
Priority Travel
At Toronto Pearson Airport get Priority Security lane, Complimentary valet and 15% discount at the Express Park and daily park
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Balance Transfer:
22.49%
Interest Rates*
Purchase:
21.99% - 30%2
Cash Advance:
N/A2
Annual Fee
$0
Annual Fee*
$799
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Loyalty Program
N/A
Loyalty Program*
Point Redemption Options
Not Applicable
Point Redemption Options*
Most Optimal
Transfer to Airline Partners
2.1¢ / point
Fixed Point Travel Program
1.66¢ / pointTransfer to Hotel Partners
1.66¢ / point
Statement Credits (Cash)
1¢ / point
Gift Cards
0.91¢ / point
Amazon.ca
0.7¢ / point
Merchandise
0.63¢ / 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're a frequent traveler, the Platinum card is an excellent choice. It's highly recommended for its extensive travel benefits, including unlimited lounge access for you and a guest at the American Express Lounge collection, making it the best card for lounge access in Canada. The card also offers unique perks not commonly found with other Canadian cards, such as status upgrades at Marriott Bonvoy and Hilton, dining and travel credits, concierge service, airport benefits, Nexus application reimbursement, and more. These benefits can more than offset the annual fee. However, if you don't travel often or are mainly looking for a card that maximizes rewards, this card may not be the best option for you.
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
- Offers more perks than any other credit card in Canada, catering to premium users who value extensive benefits.
- Enjoy $400 in annual travel and dining credits, which can offset some of the card's cost.
- Gain unlimited access to over 1,400 airport lounges worldwide, enhancing your travel experience.
- Multiple options for redeeming points for high value, giving you flexibility in how you use your rewards.
- Includes 11 types of insurance coverage, offering comprehensive protection for cardholders.
- It's a metal card, who doesn't love a metal credit card?
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
Cons
- As with other American Express cards, it may have lower acceptance in some locations compared to other networks.
- The high annual fee of $799 may be a barrier for some users, especially those who do not fully utilize the card's benefits.
- Some benefits are limited to specific airports and hotels.
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